That dollar amount results from a 51.2% acceleration compared to $4.6 billion in international sales during 2020.
Year over year, the value of Iceland’s exported goods slowed to a 4.7% gain from $6.63 billion in 2023.
Based on the average exchange rate for 2024, the Icelandic króna depreciated by -0.1% from 2023 to 2024. Iceland’s slightly weaker local currency made its exports paid for in stronger US dollars modestly less expensive for international buyers starting with American currency.
Most Valuable International Customers for Iceland’s Exports
The latest available country-specific data shows that 86.5% of products exported from Iceland was bought by importers in: Netherlands (32.8% of the Icelandic total), United States of America (11.5%), United Kingdom (9.6%), France (7.1%), Norway (5.4%), Germany (5%), Spain (4.6%), Denmark (2.43%), Poland (2.38%), Portugal (2.2%), mainland China (2.1%) and Lithuania (1.4%).
From a continental perspective, four-fifths (80%) of Iceland exports by value was delivered to fellow European countries while 12.6% was sold to importers located in North America. Iceland shipped another 5.6% worth of goods to buyers in Asia.
Smaller percentages went to customers in Africa (1.1%), Latin America (0.4%) excluding Mexico but including the Caribbean, then Oceania (0.3%) led by Australia.
Given Iceland’s population of 384,000 people, its total $6.95 billion in 2024 exports translates to about $18,100 for every resident in the Nordic country. That dollar metric surpasses the average $17,100 per capita one year earlier during 2023.
Iceland’s Top 10 Exports
The following export product groups represent the highest dollar value in Icelandic global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Iceland.
- Fish: US$2.4 billion (34.2% of total exports)
- Aluminum: $2.3 billion (33.5%)
- Optical, technical, medical apparatus: $472 million (6.8%)
- Animal/vegetable fats, oils, waxes: $253.9 million (3.7%)
- Food industry waste, animal fodder: $218.6 million (3.1%)
- Iron, steel: $215.7 million (3.1%)
- Machinery including computers: $135.8 million (2%)
- Mineral fuels including oil: $135.8 million (2%)
- Pharmaceuticals: $128.9 million (1.9%)
- Meat/seafood preparations: $102.7 million (1.5%)
Iceland’s top 10 export product categories are concentrated, generating 91.6% of the overall value of Icelandic global shipments.
Pharmaceuticals was the fastest grower among the top 10 export categories, up by 127.1% since 2023.
In second place for improving export sales was optical, technical and medical apparatus which expanded by 35.1%.
Iceland’s shipments of machinery including computers posted the third-fastest gain in value, up by 26.1%.
The leading decliner among Iceland’s top 10 export categories was food industry waste and animal fodder which fell -23.3% year over year.
The above-listed product categories are at the 2-digit Harmonized Tariff System (HTS) code level.
At the more granular four-digit Harmonized Tariff System (HTS) code level, Iceland’s most valuable exported products in 2024 were unwrought aluminum (29.5% of total), fish fillets and other pieces (17%), whole fresh fish (7.3%), orthopedic appliances (5.8%), whole frozen fish (5.2%), miscellaneous dried, salted or smoked fish (4.1%), fish or marine mammal fats and oils (3.4%), inedible meat flour (3%), iron ferroalloys (2.7%), then aluminum wire (2.6%).
Products Resulting in Iceland’s Largest Trade Surpluses
The following types of Icelandic product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Fish: US$2.3 billion (Up by 11.8% since 2023)
- Aluminum: $2.2 billion (Down by -5%)
- Optical, technical, medical apparatus: $237.8 million (Up by 117.5%)
- Animal/vegetable fats, oils, waxes: $153.4 million (Up by 0.9%)
- Iron, steel: $145.8 million (Down by -15.2%)
- Meat/seafood preparations: $84.8 million (Down by -8.8%)
- Food industry waste, animal fodder: $11.8 million (Down by -89.9%)
- Live animals: $9.2 million (Down by -41.8%)
- Raw hides, skins not furskins, leather: $4.1 million (Up by 7.7%)
- Woodpulp: $1.8 million (Up by 74.1%)
Iceland has highly positive net exports in the international trade of fish and aluminum. In turn, these cashflows indicate Iceland’s strong competitive advantages under related product categories.
Products Causing Iceland’s Worst Trade Deficits
Iceland incurred an overall -US$2.9 billion trade deficit for 2024 expanding by 1.3% from -$2.85 billion in red ink one year earlier in 2023.
Below are exports from Iceland that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Iceland’s goods trail Icelandic importer spending on foreign products.
- Machinery including computers: -US$1.3 billion (Up by 44.6% since 2023)
- Electrical machinery, equipment: -$1.1 billion (Up by 2.6%)
- Mineral fuels including oil: -$993.5 million (Down by -8.4%)
- Vehicles: -$739.2 million (Down by -33.8%)
- Inorganic chemicals: -$708.5 million (Up by 12.4%)
- Furniture, bedding, lighting, signs, prefab buildings: -$284.8 million (Up by 3.6%)
- Plastics, plastic articles: -$238.8 million (Up by 4%)
- Articles of iron or steel: -$222.6 million (Down by -8.3%)
- Wood: -$182.2 million (Down by -0.9%)
- Pharmaceuticals: -$137.9 million (Down by -24.3%)
Iceland has highly negative net exports and therefore deep international trade deficits under the machinery-related product categories.
Icelandic Export Companies
Not one Icelandic corporation ranks among Forbes Global 2000.
Wikipedia lists export-related companies from Iceland. Selected examples are shown below.
- Arctic Trucks (commercial vehicles)
- Carbon Recycling International (methanol)
- Egill Skallagrímsson Brewery (alcoholic beverages)
- HB Grandi (fishery)
- Nói Síríus (chocolates)
- Promens (packaging, plastics)
- Sláturfélag Suðurlands (food producer co-op)
In macroeconomic terms, Iceland’s total exported goods represent 23% of its overall Gross Domestic Product for 2024 ($30.2 billion valued in Purchasing Power Parity US dollars). That 23% for exports to overall GDP in PPP for 2024 compares to 24.5% one year earlier. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Iceland’s total economic performance, albeit based on relatively short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Iceland’s unemployment rate averaged 3.79% for 2024, up from an average 3.383% in 2023 according to International Monetary Fund statistics.
Iceland’s capital city is Reykjavik.
See also Denmark’s Top Trading Partners, Norway’s Top Trading Partners, Frozen Fish Exports by Country and Top Salmon Exports & Imports by Country
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on April 9, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 9, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 9, 2025
International Trade Centre, Trade Map. Accessed on April 9, 2025
Investopedia, Net Exports Definition. Accessed on April 9, 2025
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on April 9, 2025
Wikipedia, Gross domestic product. Accessed on April 9, 2025
Wikipedia, Iceland. Accessed on April 9, 2025
Wikipedia, List of Companies of Iceland. Accessed on April 9, 2025
Wikipedia, Purchasing power parity. Accessed on April 9, 2025
X-rates.com, Exchange Rates: Icelandic króna to US Dollar (monthly average 2024)