Iceland (ISL)

Annual exports and imports in 2024 (USD).

Source: UN Comtrade. Warehouse 1: partner = World totals by HS4 and year.

Exports

$6.95B

Imports

$9.84B

Total trade

$16.78B

Trade balance

-$2.89B

Loading partners sankey...

Loading composition sunburst...

Iceland - trade dependency by partner, 2024 (USD)

Share of exports, imports, and total trade attributed to each partner.

Year: 2024 | Unit: USD | Snapshot: 20251222 | Source: UN Comtrade

YearSortTopSearch

Showing top 10 partners by total dependency.

Rank #1

Netherlands (NLD)

Total

17.2%

Exports

32.8%

$2.28B

Imports

6.2%

$609.23M

Total

17.2%

$2.89B

Rank #2

USA (USA)

Total

9.8%

Exports

11.5%

$800.50M

Imports

8.6%

$846.12M

Total

9.8%

$1.65B

Rank #3

Norway (NOR)

Total

8.6%

Exports

5.4%

$376.42M

Imports

10.8%

$1.07B

Total

8.6%

$1.44B

Rank #4

China (CHN)

Total

7.2%

Exports

2.1%

$144.03M

Imports

10.8%

$1.06B

Total

7.2%

$1.21B

Rank #5

Germany (DEU)

Total

6.8%

Exports

5.0%

$345.50M

Imports

8.0%

$788.20M

Total

6.8%

$1.13B

Rank #6

United Kingdom (GBR)

Total

6.2%

Exports

9.6%

$667.35M

Imports

3.9%

$378.85M

Total

6.2%

$1.05B

Rank #7

Denmark (DNK)

Total

4.7%

Exports

2.4%

$168.94M

Imports

6.4%

$626.95M

Total

4.7%

$795.88M

Rank #8

France (FRA)

Total

4.4%

Exports

7.1%

$490.32M

Imports

2.6%

$256.45M

Total

4.4%

$746.76M

Rank #9

Spain (ESP)

Total

3.0%

Exports

4.6%

$317.71M

Imports

1.9%

$188.99M

Total

3.0%

$506.70M

Rank #10

Sweden (SWE)

Total

2.9%

Exports

1.2%

$83.75M

Imports

4.1%

$406.98M

Total

2.9%

$490.72M

Rank	Partner	Export dependency	Import dependency	Total dependency
1	Netherlands (NLD)	32.8% $2.28B	6.2% $609.23M	17.2% $2.89B
2	USA (USA)	11.5% $800.50M	8.6% $846.12M	9.8% $1.65B
3	Norway (NOR)	5.4% $376.42M	10.8% $1.07B	8.6% $1.44B
4	China (CHN)	2.1% $144.03M	10.8% $1.06B	7.2% $1.21B
5	Germany (DEU)	5.0% $345.50M	8.0% $788.20M	6.8% $1.13B
6	United Kingdom (GBR)	9.6% $667.35M	3.9% $378.85M	6.2% $1.05B
7	Denmark (DNK)	2.4% $168.94M	6.4% $626.95M	4.7% $795.88M
8	France (FRA)	7.1% $490.32M	2.6% $256.45M	4.4% $746.76M
9	Spain (ESP)	4.6% $317.71M	1.9% $188.99M	3.0% $506.70M
10	Sweden (SWE)	1.2% $83.75M	4.1% $406.98M	2.9% $490.72M

Generated by TradeVedia.comSource: UN Comtrade

In 2024, Iceland's total trade was $16.8B, with exports of $6.9B and imports of $9.8B, leading to a trade deficit of -$2.9B.
The country ranked 92nd for exports and 95th for imports globally in 2024.
The top export destination was the Netherlands, which received 32.8% of Iceland's exports, valued at $2.3B.
Fish and crustaceans, molluscs and other aquatic invertebrates was the leading export product, with a total value of $2.4B, representing 34.2% of all exports.
Top import partners included Norway and China, each accounting for 10.8% of total imports with a value of $1.1B each.
The most significant import category was Machinery and mechanical appliances, boilers, nuclear reactors; parts thereof, valued at $1.5B.

Iceland's Trade Landscape in 2024

In 2024, Iceland's economy recorded a total trade volume of $16.8B, ranking 97th worldwide. Exports totaled $6.9B while imports stood at $9.8B, creating a trade balance of -$2.9B. The export profile is dominated by two main product categories: Aluminium and articles thereof and Fish and crustaceans, molluscs and other aquatic invertebrates, which together comprise a significant portion of the nation's export revenues.

Top Trading Partners

Iceland's export trade is significantly directed towards Europe, with the Netherlands being the top partner, absorbing $2.3B (32.8%) of exports. Other key export destinations include the United States and the United Kingdom. On the import side, Norway and China were the leading sources of goods, each supplying $1.1B, which translates to a 10.8% share for each country.

Exports

Iceland - exports over time (Exports), 2015-2024 (USD)

Annual reported export values across available years.

Flow: Exports | Years: 2015-2024 | Unit: USD | Source: UN Comtrade

Generated by TradeVedia.comSource: UN Comtrade

Top export categories

Largest HS2 categories by export value in the selected year.

#1 • HS 03

Fish and crustaceans, molluscs and other aquatic invertebrates

$2.38B

34.2% share

#2 • HS 76

Aluminium and articles thereof

$2.33B

33.5% share

#3 • HS 90

Optical, photographic, cinematographic, measuring, checking, medical or surgical instruments and apparatus; parts and accessories

$471.80M

6.8% share

#4 • HS 15

Animal, vegetable or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes

$254.04M

3.7% share

#5 • HS 23

Food industries, residues and wastes thereof; prepared animal fodder

$218.84M

3.2% share

#6 • HS 72

Iron and steel

$215.83M

3.1% share

#7 • HS 84

Machinery and mechanical appliances, boilers, nuclear reactors; parts thereof

$136.00M

2.0% share

#8 • HS 27

Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

$135.65M

2.0% share

#9 • HS 30

Pharmaceutical products

$128.88M

1.9% share

#10 • HS 16

Meat, fish, crustaceans, molluscs or other aquatic invertebrates, or insects; preparations thereof

$102.65M

1.5% share

#11 • HS 28

Inorganic chemicals; organic and inorganic compounds of precious metals; of rare earth metals, of radio-active elements and of isotopes

$81.32M

1.2% share

#12 • HS 99

Commodities not specified according to kind

$74.79M

1.1% share

#13 • HS 85

Electrical machinery and equipment and parts thereof; sound recorders and reproducers; television image and sound recorders and reproducers, parts and accessories of such articles

$56.82M

0.8% share

#14 • HS 89

Ships, boats and floating structures

$55.80M

0.8% share

#15 • HS 88

Aircraft, spacecraft, and parts thereof

$33.56M

0.5% share

Rank	Category	Value	Share
1	Fish and crustaceans, molluscs and other aquatic invertebrates	$2.38B	34.2%
2	Aluminium and articles thereof	$2.33B	33.5%
3	Optical, photographic, cinematographic, measuring, checking, medical or surgical instruments and apparatus; parts and accessories	$471.80M	6.8%
4	Animal, vegetable or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	$254.04M	3.7%
5	Food industries, residues and wastes thereof; prepared animal fodder	$218.84M	3.2%
6	Iron and steel	$215.83M	3.1%
7	Machinery and mechanical appliances, boilers, nuclear reactors; parts thereof	$136.00M	2.0%
8	Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	$135.65M	2.0%
9	Pharmaceutical products	$128.88M	1.9%
10	Meat, fish, crustaceans, molluscs or other aquatic invertebrates, or insects; preparations thereof	$102.65M	1.5%
11	Inorganic chemicals; organic and inorganic compounds of precious metals; of rare earth metals, of radio-active elements and of isotopes	$81.32M	1.2%
12	Commodities not specified according to kind	$74.79M	1.1%
13	Electrical machinery and equipment and parts thereof; sound recorders and reproducers; television image and sound recorders and reproducers, parts and accessories of such articles	$56.82M	0.8%
14	Ships, boats and floating structures	$55.80M	0.8%
15	Aircraft, spacecraft, and parts thereof	$33.56M	0.5%

Labels hide HS codes by default — hover a category to reveal the code.

Iceland - export composition by product categories (Exports), 2024 (USD)

Largest product categories by export value in the selected year.

Flow: Exports | Year: 2024 | Unit: USD | Source: UN Comtrade

Generated by TradeVedia.comSource: UN Comtrade

Iceland - export composition by 4-digit product groups (Exports), 2024 (USD)

Area reflects share within the displayed list; hover for product codes.

Flow: Exports | Year: 2024 | Unit: USD | Source: UN Comtrade

Generated by TradeVedia.comSource: UN Comtrade

Imports

Iceland - imports over time (Imports), 2015-2024 (USD)

Annual reported import values across available years.

Flow: Imports | Years: 2015-2024 | Unit: USD | Source: UN Comtrade

Generated by TradeVedia.comSource: UN Comtrade

Top import categories

Largest HS2 categories by import value in the selected year.

#1 • HS 84

Machinery and mechanical appliances, boilers, nuclear reactors; parts thereof

$1.46B

14.8% share

#2 • HS 27

Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

$1.13B

11.5% share

#3 • HS 85

Electrical machinery and equipment and parts thereof; sound recorders and reproducers; television image and sound recorders and reproducers, parts and accessories of such articles

$1.13B

11.5% share

#4 • HS 28

Inorganic chemicals; organic and inorganic compounds of precious metals; of rare earth metals, of radio-active elements and of isotopes

$789.61M

8.0% share

#5 • HS 87

Vehicles; other than railway or tramway rolling stock, and parts and accessories thereof

$752.30M

7.6% share

#6 • HS 94

Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, n.e.c.; illuminated signs, illuminated name-plates and the like; prefabricated buildings

$287.32M

2.9% share

#7 • HS 30

Pharmaceutical products

$266.74M

2.7% share

#8 • HS 39

Plastics and articles thereof

$265.71M

2.7% share

#9 • HS 90

Optical, photographic, cinematographic, measuring, checking, medical or surgical instruments and apparatus; parts and accessories

$234.06M

2.4% share

#10 • HS 73

Iron or steel articles

$229.96M

2.3% share

#11 • HS 23

Food industries, residues and wastes thereof; prepared animal fodder

$206.66M

2.1% share

#12 • HS 89

Ships, boats and floating structures

$183.03M

1.9% share

#13 • HS 44

Wood and articles of wood; wood charcoal

$182.91M

1.9% share

#14 • HS 76

Aluminium and articles thereof

$145.96M

1.5% share

#15 • HS 88

Aircraft, spacecraft, and parts thereof

$141.94M

1.4% share

Rank	Category	Value	Share
1	Machinery and mechanical appliances, boilers, nuclear reactors; parts thereof	$1.46B	14.8%
2	Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	$1.13B	11.5%
3	Electrical machinery and equipment and parts thereof; sound recorders and reproducers; television image and sound recorders and reproducers, parts and accessories of such articles	$1.13B	11.5%
4	Inorganic chemicals; organic and inorganic compounds of precious metals; of rare earth metals, of radio-active elements and of isotopes	$789.61M	8.0%
5	Vehicles; other than railway or tramway rolling stock, and parts and accessories thereof	$752.30M	7.6%
6	Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, n.e.c.; illuminated signs, illuminated name-plates and the like; prefabricated buildings	$287.32M	2.9%
7	Pharmaceutical products	$266.74M	2.7%
8	Plastics and articles thereof	$265.71M	2.7%
9	Optical, photographic, cinematographic, measuring, checking, medical or surgical instruments and apparatus; parts and accessories	$234.06M	2.4%
10	Iron or steel articles	$229.96M	2.3%
11	Food industries, residues and wastes thereof; prepared animal fodder	$206.66M	2.1%
12	Ships, boats and floating structures	$183.03M	1.9%
13	Wood and articles of wood; wood charcoal	$182.91M	1.9%
14	Aluminium and articles thereof	$145.96M	1.5%
15	Aircraft, spacecraft, and parts thereof	$141.94M	1.4%

Labels hide HS codes by default — hover a category to reveal the code.

Iceland - import composition by product categories (Imports), 2024 (USD)

Largest product categories by import value in the selected year.

Flow: Imports | Year: 2024 | Unit: USD | Source: UN Comtrade

Generated by TradeVedia.comSource: UN Comtrade

Iceland - import composition by 4-digit product groups (Imports), 2024 (USD)

Area reflects share within the displayed list; hover for product codes.

Flow: Imports | Year: 2024 | Unit: USD | Source: UN Comtrade

Generated by TradeVedia.comSource: UN Comtrade