Exporting guide to Iceland

Overview

Iceland is an island country in the North Atlantic, with a population of over 360,000. In the year up to March 2019, total UK exports to Iceland amounted to £604 million, making it the UK's 76th largest export market.

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.

Street sign in Iceland

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.

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.