Norway-Iceland Bilateral Trade Analysis 2023
Complete trade statistics: $1.52B total volume •Norway surplus: $681.63M
Norway → Iceland
$1.10B
Exports (2023)
Iceland → Norway
$419.51M
Imports (2023)
Trade Balance
$681.63M
Surplus for Norway
Total Trade
$1.52B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Norway and Iceland. Green line shows exports from Norway, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Norway-Iceland commercial relationship and competitive positioning in global markets.
Norway → Iceland Exports
Export Market Intelligence
🎯 Strategic Export Focus
Norway'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 → Norway Imports
Import Dependency Profile
📦 Import Strategy Analysis
Norway's import pattern from Iceland reveals significant dependencyin flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Norway 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 $1.52B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Norway-Iceland Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.52 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Norway maintains a surplus of $681.63 million
- Export Focus: Norway'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, 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
- Import Dependencies: Key imports from Iceland 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
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 Norway 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
Norway'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 flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates.
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 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 flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Norway's trade surplus of $681.63 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 Norway and Iceland represents a total trade volume of $1.52 billion in 2023. This partnership demonstrates a favorable trade balance for Norway, with exports exceeding importsby $681.63 million.
Export Strengths
Norway's exports to Iceland total $1.10 billion, 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 $548.17M or49.8% of bilateral exports.
Import Dependencies
Imports from Iceland amount to $419.51 million, highlighting economic interdependence in flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates, with Flours, meals and pellets: of fish or of crustaceans, molluscs or other aquatic invertebrates comprising37.1% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade surplus indicates Norway'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 Norway and Iceland in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023