Trade Profiles
2021 Trade in commercial services
Transport
Travel Other commercial services
Industrial property
Merchandise trade Agricultural products Nonagricultural products
Iceland
Iceland
GDP (million current US$, 2020) GDP per capita (US$, 2018-2020) Current account balance (% GDP, 2020) Trade per capita (US$, 2018-2020) Trade (% GDP, 2018-2020)
21 715 68 079 1.1 27 796 40.8
Rank in world trade, 2020 Merchandise excluding intra-EU trade Commercial services excluding intra-EU trade
Exports
111 87 87 61
Imports
116 91 102 76
MERCHANDISE TRADE Value
Million US$ Merchandise exports, f.o.b. Merchandise imports, c.i.f.
Annual percentage change
2020 4 586 5 698
2010-2020 0 4
2020 0.03
Share in world total imports (%)
Share in world total exports (%)
2019 -6 -14
2020 -12 -13 2020 0.03
Breakdown in economy's total exports
Breakdown in economy's total imports
By main commodity group, % (2019)
By main commodity group, % (2019)
Agricultural products: 47.3
Fuels and mining products: 36.7
Agricultural products: 12.4
Fuels and mining products: 23.6
Manufactures: 15.3
Other: 0.6
Manufactures: 64.1
Other: 0
By main destination, % (2020)
By main origin, % (2020)
European Union: 65.3 United States of America: 7.6 China: 2
United Kingdom: 11.1 Norway: 4.2 Other: 9.9
European Union: 49 China: 8.4 United Kingdom: 6.5
Norway: 8.8 United States of America: 6.7 Other: 20.5
Agricultural Products Value
Top exported products (Million US$) HS2201 HS0101 HS0511 HS0204 HS1517
2020 . 20 11 10 9 7
Waters, natural or artificial Live horses, asses, mules, hinnies Other animal products Meat of sheep or goats, fresh Margarine; edible mixtures oil
Value
Top imported products (Million US$) HS2309 HS1905 HS2106 HS2202 HS2204
2020
Preparations of a kind used in animal feeding Bread, pastry, other bakers' wares Other food preparations Waters containing added sugar Wine of fresh grapes
108 37 36 36 31
Share in economy's trade in agricultural products Exports 0%
10%
Imports 20%
0%
HS2201
HS2309
HS0101
HS1905
HS0511
HS2106
HS0204
HS2202
HS1517
HS2204
10%
20%
Million US$ Exports Imports
Value
2020 109 680
Annual percentage change
2010-2020 3 7
2019 -20 0
2020 -1 5
Non-Agricultural Products Value
Top exported products (Million US$) HS7601 HS0304 HS0302 HS0305 HS0303
2020
Unwrought aluminium Fish fillets and other fish meat Fish, fresh, chilled Fish, dried, salted or in brine Fish, frozen, excluding fish fillet
1 341 977 329 311 266
Value
Top imported products (Million US$) HS2818 HS8703 HS2710 HS8545 HS8471
2020
Artificial corundum Motor cars for transport of persons Petroleum oils, other than crude Articles of graphite/other carbon Automatic data-processing machines
456 338 337 288 177
Share in economy's trade in non-agricultural products Exports 0%
168
20%
Imports 40%
0%
HS7601
HS2818
HS0304
HS8703
HS0302
HS2710
HS0305
HS8545
HS0303
HS8471
5%
10%
Million US$ Exports Imports
Value
2020 4 424 4 989
Annual percentage change
2010-2020 0 3
2019 -5 -16
2020 -13 -16
World Trade Organization – Trade Profiles 2021
Iceland TRADE IN COMMERCIAL SERVICES Value
Million US$ Commercial services exports Commercial services imports
Annual percentage change
2020
2010-2020
2 765 2 227 2020 0.06
Share in world total exports (%) Breakdown in economy's total exports
-1 0
2019
2020
-14 -15
-51 -38 2020 0.05
Share in world total imports (%) Breakdown in economy's total imports
By main services item, % (2020)
By main services item, % (2020)
Transport: 24.8 Other commercial services: 49.6
Travel: 23.8 Goods-related services: 1.8
Transport: 20.4 Other commercial services: 52.3
By main destination, % (2020)
Travel: 23.5 Goods-related services: 3.8
By main origin, % (2020)
European Union: 42.5 United Kingdom: 13.1 Switzerland: 2.8
United States of America: 20.6 Canada: 2.9 Other: 18.1
European Union: 53.4 United Kingdom: 12.6 Canada: 1.2
Value
FATS sales Inward (million US$) Outward (million US$)
United States of America: 14 Switzerland: 3 Other: 15.8
Annual percentage change
2020 na na
2010-2020 na na
2019 na na
2020 na na
Transport Iceland
200
World
100 0
2010
2013
2016
Value
Million US$ Exports Imports
2020 685 453
Exports By sea (2019) By air (2019) By other (2019)
2020
Transport exports (Index 2010=100)
2010-2020 -5 -2
Value
Share (%)
173 1 400 19
10.8 87.2 1.2
Annual percentage change 2019 -27 -8
Imports By sea (2019) By air (2019) By other (2019)
2020 -57 -33
Value 286 334 56
Share (%) 42.0 49.1 8.3
Travel Iceland
600 500 400 300 200 100 0
World
Value
Million US$ Exports Imports
2010
2013
2016
2020 659 524
2010-2020 2 -2
Annual percentage change 2019 -14 -14
2020 -75 -67
2020
Travel exports (Index 2010=100)
Other Commercial Services and Goods-related Services Million US$
Exports of OCS by main item (2020)
15.1
33.0
25.1 26.8
Value
2020
2010-2020
Other commercial services Exports 1 372 Imports 1 165
Other business services Intellectual property ICTs
Goods-related services Exports Imports
Other
Annual percentage change
5 3
2019
2020
12 -20
6 -3
2020
2010-2020
2019
2020
50 85
-20 -4
-13 -19
-12 -47
INDUSTRIAL PROPERTY Patent applications, 2019 Residents
47
Non-residents
15
Trademark applications, 2019 Total
62
World Trade Organization – Trade Profiles 2021
Residents
638
Non-residents
3 083
Industrial design applications, 2019 Total
3 721
Residents
16
Non-residents
120
Total
136
169