Exporting guide to Iceland

Overview

An island country in the North Atlantic Iceland is about 840 km north-west of the UK and about 460 km south-east of Greenland's coast. Although it is one of the least densely populated countries in Europe, it has a strong import market where UK goods and services are popular.

Trade statistics

£488.0 million total UK exports to Iceland for the four quarters to the end of Q2 2022

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2022)

79th largest UK export market

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2022)

0.1% of total UK exports for the four quarters to the end of Q2 2022

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2022)

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 2022

Goods Value (£million)
Office machinery (capital) 36.7
Animal feeding stuffs 18.1
Cereals 15.0
Cars 14.8
Other manufactures (consumer) 13.5

Source: ONS Trade in goods: country-by-commodity exports
Last updated: November 2022
Download the latest trade and investment factsheet for Iceland.

Top five UK services exported to Iceland, in the four quarters to the end of Q2 2022

Service Value (£million)
Travel 57.0
Transportation 37.0
Telecommunications, computer and information services 15.0
Intellectual property 14.0
Other Business Services 5.0

Source: ONS UK trade in services: service type by partner country, non-seasonally adjusted
Last updated: October 2022
Download the latest trade and investment factsheet for Iceland.

Iceland: at a glance

Economic growth

-6.8%

Actual figure (IMF, 2020)
The UK is -9.3% (IMF, 2020, actual figure)

GDP per capita

$75,374

Actual figure (IMF, 2018)
The UK is $43,719 (IMF, 2018, actual figure)

Currency

Icelandic króna

Business language

English, Icelandic

Time zone

GMT +0

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Check for trade barriers

Trade barriers, such as tariffs or taxes, can raise costs, cause delays, or even stop you from exporting. Check for any issues that may impact your business when exporting.

See current trade barriers

See resolved trade barriers

Check duties and customs

Find information on how to export goods from the UK. View the duties, rules, restrictions, and the documents you need for your products.

See current duties and customs procedures

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.