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

£992.0 million total UK exports to Iceland for the four quarters to the end of Q3 2023

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: January 2024)

70th largest UK export market

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: January 2024)

0.1% of total UK exports for the four quarters to the end of Q3 2023

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: January 2024)

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 Q3 2023

Goods Value (£ million )
Crude oil 194.0
Aircraft 93.2
Mechanical power generators (intermediate) 31.1
Coal, coke & briquettes 29.5
Cars 22.1

Source: ONS Trade in goods: country-by-commodity exports
Last updated: February 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 Q2 2023

Service Value (£ million )
Transportation 118.0
Travel 70.0
Intellectual property [Note 5] 21.0
Telecommunications, computer and information services 17.0
Other Business Services 16.0

Source: ONS UK trade in services: service type by partner country, non-seasonally adjusted
Last updated: January 2024
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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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.

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Check duties and customs

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