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Iceland Trade (% GDP)

Iceland's trade (% GDP) fell to 84.32% in 2024, down from 86.73% in 2023, according to World Bank. This represents a decrease of 2.41% from the previous year. Iceland has trade (% GDP) higher than the global median (84.32% vs median 84.49%). Compared with the median in Europe, Iceland is lower (84.32% vs regional median 111.00%) and ranks 32nd out of 44 countries in Europe.

Yearly Historical Data (1970-2024)

(in %)
Year Trade (% GDP)
2024 84.32%
2023 86.73%
2022 92.08%
2021 76.65%
2020 67.98%
2019 82.86%
2018 88.64%
2017 86.98%
2016 88.33%
2015 95.82%
2014 96.67%
2013 98.79%
2012 104.09%
2011 101.41%
2010 93.65%
2009 89.39%
2008 82.69%
2007 74.67%
2006 77.54%
2005 72.45%
2004 70.43%
2003 68.2%
2002 69.43%
2001 74.73%
2000 71.14%
1999 69.43%
1998 71.88%
1997 70.61%
1996 71.11%
1995 66.55%
1994 65.5%
1993 61.56%
1992 59.88%
1991 63%
1990 65.11%
1989 63.95%
1988 63.56%
1987 68.68%
1986 72.34%
1985 79.26%
1984 75.05%
1983 76.19%
1982 68.17%
1981 69.77%
1980 70.03%
1979 73.73%
1978 69.14%
1977 65.73%
1976 67.78%
1975 73.95%
1974 71.58%
1973 72.2%
1972 70.87%
1971 80.23%
1970 87.07%
Iceland Trade (% GDP) : Definition
Trade (% GDP) measures the sum of exports and imports for Iceland divided by its total economic output, shown as a percentage.
Indicator Last Value Prior Value Period
Annual Exports $6.95B $6.81B 2024
Annual Imports $9.84B $9.47B 2024
Exports (% GDP) 41.59% 43.44% 2024
FDI Inflows (% GDP) 1.56% 5.19% 2024
Imports (% GDP) 42.73% 43.29% 2024
Net Trade (Goods & Services, BoP) -$382.28M $71.7M 2024
Tariff Rate 1.32% 1.53% 2022