# Iceland to Belgium HS 640391 new corridor signal

This page reviews a reported new-corridor signal for footwear: n.e.s. in heading no. 6403, covering the ankle, outer soles of rubber, plastics or composition leather, uppers of leather. It separates reported trade observations from calculated indicators and access context.

## Signal summary

- Signal type: New corridor
- Signal strength: 56/100
- Reported period: 2024
- Buyer market imports: $305.8M
- Buyer market growth: +8.4%
- Current exporter share: 0.0%
- Share gap: 38.7%

## What the signal means

The signal points to a newly observed exporter-to-buyer relationship in the available reporting. It is a prompt for market research, not a forecast, order, or guarantee of commercial access. Compare demand, suppliers, access, and route history together before acting.

## Market opportunity

- Latest buyer imports: $305.8M
- Three-year buyer-import projection: $343.7M
- Supplier countries observed: 79
- Average buyer imports: $201.8M
- Historical buyer-import peak: $305.8M
- Full-history buyer-import CAGR: +4.0%
- Latest buyer-import annual change: +8.4%

## Competition landscape

- Top supplier: Former Republic of Vietnam
- Top supplier share: 38.7%
- Market concentration: 2,082
- Exporter share: 0.0%
- Share gap to peer benchmark: 38.7%

## Access profile

- Applied tariff: Not reported
- MFN tariff: Not reported
- Preferential tariff: Not reported
- Approximate distance: 2,133 km
- Trade agreement: Reported yes
- Business entry time: 5 days
- Shared spoken language score: 0

## Buyer economy

- GDP per person: $51.8K
- GDP per-person growth: +2.0%
- Population: 11,588k
- GDP: $599.9B
- GDP five-year CAGR: Not reported
- Investment rate: 23.7%
- Savings rate: 24.9%

## Product-level history

| Year | Product exports | Year-on-year |
| ---: | ---: | ---: |
| 2024 | $600.4 | +0.0% |

## Broader route context

Broader Iceland to Belgium route exports provide route context only; they are not presented as HS 640391 product-level trade.

| Year | Route exports | Year-on-year |
| ---: | ---: | ---: |
| 1999 | $25.8M | +0.0% |
| 2000 | $29.2M | +13.1% |
| 2001 | $30.9M | +5.8% |
| 2002 | $36.8M | +19.1% |
| 2003 | $45.4M | +23.4% |
| 2004 | $61.9M | +36.4% |
| 2005 | $74.7M | +20.7% |
| 2006 | $78.7M | +5.3% |
| 2007 | $90.7M | +15.2% |
| 2008 | $84.0M | -7.4% |
| 2009 | $81.3M | -3.2% |
| 2010 | $71.1M | -12.6% |
| 2011 | $73.4M | +3.3% |
| 2012 | $78.1M | +6.3% |
| 2013 | $79.9M | +2.3% |
| 2014 | $94.9M | +18.8% |
| 2015 | $85.3M | -10.1% |
| 2016 | $82.4M | -3.3% |
| 2017 | $77.0M | -6.6% |
| 2018 | $317.6M | +312.7% |
| 2019 | $68.2M | -78.5% |
| 2020 | $67.3M | -1.3% |
| 2021 | $78.1M | +16.0% |
| 2022 | $68.4M | -12.4% |
| 2023 | $56.0M | -18.1% |
| 2024 | $52.0M | -7.2% |

## Related new-corridor signals

| Exporter to buyer | Product | Signal type | Buyer imports | Page |
| --- | --- | --- | ---: | --- |
| Iceland to Belgium | HS 870380 | New corridor | $10.1B | [Review this signal](https://www.yugalinks.com/trade/signal/new-corridor/isl-bel-870380) |
| Iceland to Malaysia | HS 847150 | New corridor | $5.5B | [Review this signal](https://www.yugalinks.com/trade/signal/new-corridor/isl-mys-847150) |
| Iceland to PAN | HS 999999 | New corridor | $5.4B | [Review this signal](https://www.yugalinks.com/trade/signal/new-corridor/isl-pan-999999) |
| Iceland to USA, Puerto Rico and US Virgin Islands | HS 391810 | New corridor | $4.0B | [Review this signal](https://www.yugalinks.com/trade/signal/new-corridor/isl-usa-391810) |
| Iceland to Indonesia + Timor-Leste | HS 851712 | New corridor | $3.6B | [Review this signal](https://www.yugalinks.com/trade/signal/new-corridor/isl-idn-851712) |
| Iceland to SGP | HS 880240 | New corridor | $2.5B | [Review this signal](https://www.yugalinks.com/trade/signal/new-corridor/isl-sgp-880240) |
| Iceland to KOR | HS 854430 | New corridor | $2.5B | [Review this signal](https://www.yugalinks.com/trade/signal/new-corridor/isl-kor-854430) |
| Iceland to MMR | HS 271019 | New corridor | $2.2B | [Review this signal](https://www.yugalinks.com/trade/signal/new-corridor/isl-mmr-271019) |

## Frequently asked questions

### What does a new corridor signal mean?

It identifies an exporter, buyer market, and HS6 combination included in the available new-corridor signal set for 2024. It is a research prompt, not a guarantee of demand or sales.

### Is the market opportunity reported trade?

Reported buyer imports and exporter share are observations. Any projection or share-gap measure is calculated from the available data and should not be treated as an order or forecast.

### What should exporters check next?

Validate product fit, buyers, tariffs, standards, logistics, pricing, competition, and the depth of product-level history before pursuing the route.

## Method

The signal is a calculated research indicator based on available reported trade observations. It is not a confirmed order, sales forecast, or guarantee of market entry. Validate buyers, tariffs, standards, logistics, pricing, and competition before acting.

## Data sources

- Primary trade series: OECD (2025), Balanced international merchandise trade statistics (BIMTS) - HS2017-6D, OECD Data Explorer (accessed on 2026-09-02). [OECD Data Explorer](https://data-explorer.oecd.org/) - [OECD Terms & Conditions](https://www.oecd.org/termsandconditions/)
- CEPII BACI bilateral trade flows (202601): [dataset page](https://www.cepii.fr/CEPII/en/bdd_modele/bdd_modele_item.asp?id=37) - [BACI documentation](https://www.cepii.fr/DATA_DOWNLOAD/baci/doc/baci_webpage.html) - [Etalab 2.0 Open Licence](https://www.etalab.gouv.fr/wp-content/uploads/2018/11/open-licence.pdf)

This page presents derived Yugalinks views of reported observations and calculated indicators.