Iceland-Portugal Bilateral Trade Analysis 2023
Complete trade statistics: $76.23M total volume •Iceland surplus: $76.23M
Iceland → Portugal
$76.23M
Exports (2023)
Portugal → Iceland
$0
Imports (2023)
Trade Balance
$76.23M
Surplus for Iceland
Total Trade
$76.23M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Iceland and Portugal. 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-Portugal commercial relationship and competitive positioning in global markets.
Iceland → Portugal Exports
Export Market Intelligence
🎯 Strategic Export Focus
Iceland's export portfolio to Portugal demonstrates strategic specialization, with aluminium: unwrought, (not alloyed) representing a key competitive advantage in this bilateral market.
Portugal → Iceland Imports
Import Dependency Profile
📦 Import Strategy Analysis
Iceland's import pattern from Portugal reveals significant dependencyin boards, panels, consoles, desks and other bases: for electric control or the distribution of electricity, (other than switching apparatus of heading no. 8517), for a voltage exceeding 1000 volts, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Iceland demonstrates competitive strength in exportingaluminium: unwrought, (not alloyed) to Portugal, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $76.23M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Iceland-Portugal Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $76.23 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Iceland maintains a surplus of $76.23 million
- Export Focus: Iceland's primary exports include aluminium: unwrought, (not alloyed), fish: salted or in brine, not dried or smoked, other than edible fish offal, cod (gadus morhua, gadus ogac, gadus macrocephalus), 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
- Import Dependencies: Key imports from Portugal include boards, panels, consoles, desks and other bases: for electric control or the distribution of electricity, (other than switching apparatus of heading no. 8517), for a voltage exceeding 1000 volts, vehicles: public transport type (carries 10 or more persons, including driver), with only compression-ignition internal combustion piston engine (diesel or semi-diesel), new or used, 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
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 $76.23M 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 aluminium: unwrought, (not alloyed).
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 aluminium: unwrought, (not alloyed)complements Portugal's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in boards, panels, consoles, desks and other bases: for electric control or the distribution of electricity, (other than switching apparatus of heading no. 8517), for a voltage exceeding 1000 volts.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $76.23M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $76.23M 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 $76.23 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in aluminium: unwrought, (not alloyed) and boards, panels, consoles, desks and other bases: for electric control or the distribution of electricity, (other than switching apparatus of heading no. 8517), for a voltage exceeding 1000 volts demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Iceland's trade surplus of $76.23 million strengthens 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 Portugal represents a total trade volume of $76.23 million in 2023. This partnership demonstrates a favorable trade balance for Iceland, with exports exceeding importsby $76.23 million.
Export Strengths
Iceland's exports to Portugal total $76.23 million, with competitive advantages in aluminium: unwrought, (not alloyed), representing $22.97M or30.1% of bilateral exports.
Import Dependencies
Imports from Portugal amount to $0.00, highlighting economic interdependence in boards, panels, consoles, desks and other bases: for electric control or the distribution of electricity, (other than switching apparatus of heading no. 8517), for a voltage exceeding 1000 volts, with Boards, panels, consoles, desks and other bases: for electric control or the distribution of electricity, (other than switching apparatus of heading no. 8517), for a voltage exceeding 1000 volts comprisingInfinity% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade surplus indicates Iceland's competitive position in this bilateral relationship. 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 Portugal in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023