Portugal-Iceland Bilateral Trade Analysis 2023
Complete trade statistics: $76.23M total volume •Portugal deficit: $76.23M
Portugal → Iceland
$0
Exports (2023)
Iceland → Portugal
$76.23M
Imports (2023)
Trade Balance
$76.23M
Deficit for Portugal
Total Trade
$76.23M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Portugal and Iceland. Green line shows exports from Portugal, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Portugal-Iceland commercial relationship and competitive positioning in global markets.
Portugal → Iceland Exports
Export Market Intelligence
🎯 Strategic Export Focus
Portugal's export portfolio to Iceland demonstrates strategic specialization, 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 representing a key competitive advantage in this bilateral market.
Iceland → Portugal Imports
Import Dependency Profile
📦 Import Strategy Analysis
Portugal's import pattern from Iceland reveals significant dependencyin aluminium: unwrought, (not alloyed), highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Portugal demonstrates competitive strength in exportingboards, 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 to Iceland, 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: Portugal-Iceland Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $76.23 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Portugal maintains a deficit of $76.23 million
- Export Focus: Portugal's primary exports 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
- Import Dependencies: Key imports from Iceland 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
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 Portugal leveraging its comparative advantages 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.
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
Portugal's specialization 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 voltscomplements Iceland's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in aluminium: unwrought, (not alloyed).
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 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 and aluminium: unwrought, (not alloyed) demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Portugal's trade deficit of $76.23 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 Portugal and Iceland represents a total trade volume of $76.23 million in 2023. This partnership demonstrates an unfavorable trade balance for Portugal, with imports exceeding exportsby $76.23 million.
Export Strengths
Portugal's exports to Iceland total $0.00, with competitive advantages 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, representing $4.29M orInfinity% of bilateral exports.
Import Dependencies
Imports from Iceland amount to $76.23 million, highlighting economic interdependence in aluminium: unwrought, (not alloyed), with Aluminium: unwrought, (not alloyed) comprising30.1% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Portugal'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 Portugal and Iceland in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023