Exporting advice
Strong economic conditions
Iceland’s GDP per capita is among the highest in Europe and it has shown continuous growth. The population has great spending power meaning Iceland is a serious option for UK exporters.
Agreement on trade in goods between Iceland, Norway and the UK
The UK has signed a trade agreement with Iceland and Norway. Read our latest updates for more information on the status of this agreement and how it may benefit your business.
Top five UK goods exported to Iceland , in the four quarters to the end of Q2 2024
| Goods | Value (£ million ) |
|---|---|
| Crude oil | |
| Animal feeding stuffs | |
| Cars | |
| Cereals | |
| Coal, coke & briquettes |
Source:
ONS Trade in goods: country-by-commodity exports
Last updated: September 2024
Download the latest trade and investment factsheet for Iceland.
Top five UK services exported to Iceland , in the four quarters to the end of Q1 2024
| Service | Value (£ million ) |
|---|---|
| Transportation | |
| Travel | |
| Financial | |
| Intellectual property | |
| Other Business Services |
Source:
ONS UK trade in services: service type by partner country, non-seasonally adjusted
Last updated: July 2024
Download the latest trade and investment factsheet for Iceland.
Total import value (into the UK from Iceland) and export value (from the UK into Iceland) over time
| Year | Imports (£ billion ) | Exports (£ billion ) | Total trade (£ billion ) |
|---|---|---|---|
| 2016 | 0.9 | 0.9 | 1.8 |
| 2017 | 1.2 | 0.9 | 2.1 |
| 2018 | 0.8 | 0.8 | 1.6 |
| 2019 | 0.9 | 0.7 | 1.6 |
| 2020 | 0.6 | 0.5 | 1.1 |
| 2021 | 0.6 | 0.5 | 1.2 |
| 2022 | 0.9 | 0.6 | 1.6 |
| 2023 | 1.0 | 1.0 | 2.0 |
Source:
ONS UK total trade: all countries, seasonally adjusted
Last updated: July 2024
Total trade is the sum of all exports and imports over the same time period.
Download the latest trade and investment factsheet for Iceland.
Iceland: at a glance
Economic growth
7.2%
Actual figure (IMF, 2022)
The UK is 4.1% (IMF, 2022, actual figure)
GDP per capita
$74,591
Actual figure (IMF, 2022)
The UK is $45,461 (IMF, 2022, projected figure)
Currency
Icelandic króna
Business language
English, Icelandic
Time zone
GMT +0
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