Iceland-Lithuania Bilateral Trade Analysis 2023
Complete trade statistics: $135.89M total volume •Iceland deficit: $135.89M
Iceland → Lithuania
$0
Exports (2023)
Lithuania → Iceland
$135.89M
Imports (2023)
Trade Balance
$135.89M
Deficit for Iceland
Total Trade
$135.89M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Iceland and Lithuania. Green line shows exports from Iceland, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Iceland-Lithuania commercial relationship and competitive positioning in global markets.
Iceland → Lithuania Exports
Export Market Intelligence
🎯 Strategic Export Focus
Iceland's export portfolio to Lithuania demonstrates strategic specialization, with fish: frozen, mackerel (scomber scombrus, scomber australasicus, scomber japonicus), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99 representing a key competitive advantage in this bilateral market.
Lithuania → Iceland Imports
Import Dependency Profile
📦 Import Strategy Analysis
Iceland's import pattern from Lithuania reveals significant dependencyin buildings: prefabricated, of wood, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Iceland demonstrates competitive strength in exportingfish: frozen, mackerel (scomber scombrus, scomber australasicus, scomber japonicus), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99 to Lithuania, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $135.89M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Iceland-Lithuania Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $135.89 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Iceland maintains a deficit of $135.89 million
- Export Focus: Iceland's primary exports include fish: frozen, mackerel (scomber scombrus, scomber australasicus, scomber japonicus), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99, fish meat, excluding fillets, whether or not minced: frozen, n.e.c. in item no. 0304.9, fish: frozen, livers, roes and milt
- Import Dependencies: Key imports from Lithuania include buildings: prefabricated, of wood, iron or non-alloy steel: bars and rods, hot-rolled, hot-drawn or hot-extruded, containing indentations, ribs, grooves or other deformations produced during the rolling process or twisted after rolling, wood: windows, french-windows and their frames
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 $135.89M 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 Iceland leveraging its comparative advantages in fish: frozen, mackerel (scomber scombrus, scomber australasicus, scomber japonicus), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99.
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
Iceland's specialization in fish: frozen, mackerel (scomber scombrus, scomber australasicus, scomber japonicus), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99complements Lithuania's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in buildings: prefabricated, of wood.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $135.89M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $135.89M 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 $135.89 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in fish: frozen, mackerel (scomber scombrus, scomber australasicus, scomber japonicus), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99 and buildings: prefabricated, of wood demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Iceland's trade deficit of $135.89 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 Iceland and Lithuania represents a total trade volume of $135.89 million in 2023. This partnership demonstrates an unfavorable trade balance for Iceland, with imports exceeding exportsby $135.89 million.
Export Strengths
Iceland's exports to Lithuania total $0.00, with competitive advantages in fish: frozen, mackerel (scomber scombrus, scomber australasicus, scomber japonicus), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99, representing $6.00M orInfinity% of bilateral exports.
Import Dependencies
Imports from Lithuania amount to $135.89 million, highlighting economic interdependence in buildings: prefabricated, of wood, with Buildings: prefabricated, of wood comprising7.5% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Iceland's strategic sourcing from Lithuania. 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 Iceland and Lithuania in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023