Iceland Trade, Exports & Imports

May 10, 2010Icelandby EW Content Team

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When it comes to foreign trade, Iceland depends on this more than any other country in the world.  One of the first things tourists to this part of the world notice after its beauty is the incredible variety of foreign merchandise.  Whether wanting to shop for a new car, clothing items, electronics, and even food, Iceland has it all.  In addition, when it comes to a high standard of living, it is hard to beat Iceland.

When it comes to foreign trade, Iceland depends on this more than any other country in the world.  One of the first things tourists to this part of the world notice after its beauty is the incredible variety of foreign merchandise.  Whether wanting to shop for a new car, clothing items, electronics, and even food, Iceland has it all.  In addition, when it comes to a high standard of living, it is hard to beat Iceland.

Regarding Iceland Trade, Iceland Exports, Iceland Imports, in addition to boosting the amount of consumer goods coming in from other countries, this has helped improved educational opportunities, as well as the overall state of welfare for this country.  In fact, statistics released recently show that for consumer power per person, the people of Iceland rank at number six.  However, for quality of index specific to Iceland Imports and Iceland Exports, the country holds the number four slot.

While Iceland imports exist, the primary strength comes from Iceland exports.  Interestingly, the economy of Iceland is among only a few found in the Western world based primarily on renewable and natural resources.  These resources include hydroelectric energy, which is energy powered by the beautiful streams and rivers, and fish that come from various fishing grounds located all around the island of Iceland.  In addition, Iceland exports include a variety of companies that specialize in exportation for products such as IT, pharmaceuticals, medical equipment, and food processing equipment, biomedical engineering, and biotechnology.

While the above are the major exports involved with Iceland trade, an increase in tourism has been recognized, along with other service industries.  However, marine products remain number one for Iceland exports.  As an example, approximately 43% of foreign currency earnings come from this industry.  Just seven years ago, the volume of marine products exported was worth 113,000 million ISK, making this country the 12th in the world in relation to fishing.

Another area of exportation for Iceland trade is fishing and fish processing, which accounts for approximately 10% of foreign currency.  In addition to fish being of high quality, one of the things that makes Iceland’s fishing industry unique is the variety of fish.  Because of this, Iceland exports for fish includes shipments going to countries all over the world to meet demands of the local people.  For instance, fish from Iceland are shipped to the Far East, European countries, and the United States.

For a long time, the leading item for Iceland exports has been marine products and financial experts, as well as economists believe this will not change for a long time.  Even so, supplies from the manufacturing industry are also starting to become a more viable Iceland trade, with close to 34% of the country’s total revenue for exported goods being various manufacturing products to include ferrosilicon and aluminum.

With such vast natural resources, Iceland trade has been and will continue to be strong.  Unlike other countries that have no natural resources, the export business for this country is incredible, being capable of meeting demands around the globe in a number of different sectors.
 

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