Exporting guide 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.
Iceland: at a glance
Currency
Icelandic króna
Business language
English, Icelandic
GDP per capita
$68,844
UK is $46,200 (IMF, 2021, projected figures)
Economic growth
3.7%
(IMF, 2021, projected figure)
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.
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.
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.
