Iceland-Norway Bilateral Trade Analysis 2023
Complete trade statistics: $1.52B total volume •Iceland deficit: $681.63M
Iceland → Norway
$419.51M
Exports (2023)
Norway → Iceland
$1.10B
Imports (2023)
Trade Balance
$681.63M
Deficit for Iceland
Total Trade
$1.52B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Iceland and Norway. 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-Norway commercial relationship and competitive positioning in global markets.
Iceland → Norway Exports
Export Market Intelligence
🎯 Strategic Export Focus
Iceland's export portfolio to Norway demonstrates strategic specialization, with flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates representing a key competitive advantage in this bilateral market.
Norway → Iceland Imports
Import Dependency Profile
📦 Import Strategy Analysis
Iceland's import pattern from Norway reveals significant dependencyin 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, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Iceland demonstrates competitive strength in exportingflours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates to Norway, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $1.52B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Iceland-Norway Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.52 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Iceland maintains a deficit of $681.63 million
- Export Focus: Iceland's primary exports include flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates, fats and oils and their fractions: of fish, (excluding liver-oils), carbon: lamp carbons, battery carbons and other articles of graphite or other carbon, with or without metal, of a kind used for electrical purposes
- Import Dependencies: Key imports from Norway 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, carbon electrodes: with or without metal, of a kind used for other than furnaces, dog or cat food: (not put up for retail sale), used in animal feeding
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 $1.52B 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 flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates.
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 flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebratescomplements Norway's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly 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.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $1.52B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $1.52B 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 $1.52 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates and 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 demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Iceland's trade deficit of $681.63 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 Norway represents a total trade volume of $1.52 billion in 2023. This partnership demonstrates an unfavorable trade balance for Iceland, with imports exceeding exportsby $681.63 million.
Export Strengths
Iceland's exports to Norway total $419.51 million, with competitive advantages in flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates, representing $155.83M or37.1% of bilateral exports.
Import Dependencies
Imports from Norway amount to $1.10 billion, highlighting economic interdependence 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, 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 comprising49.8% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Iceland's strategic sourcing from Norway. 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 Norway in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023