Canada-Iceland Bilateral Trade Analysis 2023
Complete trade statistics: $115.10M total volume •Canada deficit: $115.10M
Canada → Iceland
$0
Exports (2023)
Iceland → Canada
$115.10M
Imports (2023)
Trade Balance
$115.10M
Deficit for Canada
Total Trade
$115.10M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Canada and Iceland. Green line shows exports from Canada, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Canada-Iceland commercial relationship and competitive positioning in global markets.
Canada → Iceland Exports
Export Market Intelligence
🎯 Strategic Export Focus
Canada's export portfolio to Iceland demonstrates strategic specialization, with petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils representing a key competitive advantage in this bilateral market.
Iceland → Canada Imports
Import Dependency Profile
📦 Import Strategy Analysis
Canada's import pattern from Iceland reveals significant dependencyin fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Canada demonstrates competitive strength in exportingpetroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils to Iceland, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $115.10M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Canada-Iceland Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $115.10 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Canada maintains a deficit of $115.10 million
- Export Focus: Canada's primary exports include petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, crustaceans: frozen, cold-water shrimps and prawns (pandalus spp., crangon crangon), in shell or not, smoked, cooked or not before or during smoking: in shell, cooked by steaming or by boiling in water, wood: for fuel, in chips or particles, coniferous, whether or not agglomerated
- Import Dependencies: Key imports from Iceland include fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99, blood, human or animal, antisera, other blood fractions and immunological products: immunological products, put up in measured doses or in forms or packings for retail sale, fish fillets: fresh or chilled, of the families bregmacerotidae, euclichthyidae, gadidae, macrouridae, melanonidae, merlucciidae, moridae, and muraenolepididae
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents an important regional trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $115.10M represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Canada leveraging its comparative advantages in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Canada's specialization in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oilscomplements Iceland's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $115.10M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $115.10M bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $115.10 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils and fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99 demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Canada's trade deficit of $115.10 million impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Canada and Iceland represents a total trade volume of $115.10 million in 2023. This partnership demonstrates an unfavorable trade balance for Canada, with imports exceeding exportsby $115.10 million.
Export Strengths
Canada's exports to Iceland total $0.00, with competitive advantages in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, representing $11.40M orInfinity% of bilateral exports.
Import Dependencies
Imports from Iceland amount to $115.10 million, highlighting economic interdependence in fish: fresh or chilled, atlantic salmon (salmo salar) and danube salmon (hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99, with Fish: fresh or chilled, Atlantic salmon (Salmo salar) and Danube salmon (Hucho hucho), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99 comprising12.2% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Canada's strategic sourcing from Iceland. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Canada and Iceland in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023