Exporting to Iceland
Strong import market
Iceland has a strong import market that has grown every year from 2014 to 2018. Apart from a dip in 2019, the import market is projected to grow until at least 2024 (IMF, 2019).
Demand for UK imports
UK exports to Iceland increased by 6% in the year up until March 2019 (ONS, 2019), with UK goods as well as services being popular. Although the market is varied, most popular exports from the UK include machinery, cars and manufacturing, as well as travel and transportation services (ONS, 2019). If you're a UK business that specialises in these areas, Iceland may offer opportunities.
Strong economic conditions
GDP growth has been positive in Iceland for the last five years and is expected to continue (IMF, 2019). GDP per capita is among the highest in Europe, so the population has great spending power. Iceland is a serious option for UK exporters.
Ease of doing business
26th
out of 190 countries (World Bank, 2019)
Currency
Icelandic króna
Business language
English, Icelandic
GDP per capita
$74,515
UK is $41,030 (IMF, 2019)
Economic growth
4.8%
(IMF, 2019)
Time zone
GMT +0
Next steps
DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.
