That dollar amount results from a 20.3% increase compared to $5.98 billion in international sales during 2021.
Year over year, the value of Iceland’s exported goods grew by 3.4% from $6.95 billion in 2024.
Based on the average exchange rate for 2025, the Icelandic króna depreciated by -7.7% from 2024 to 2025. Iceland’s weaker local currency made its exports paid for in stronger US dollars less expensive for international buyers starting with American currency.
Most Valuable International Customers for Iceland’s Exports
The latest available country-specific data shows that 87.3% of products exported from Iceland was bought by importers in: Netherlands (34.3% of the Icelandic total), United Kingdom (10%), United States of America (9.3%), France (7.3%), Spain (5.2%), Germany (4.4%), Norway (3.6%), Poland (3%), mainland China (2.78%), Lithuania (2.7%), Portugal (2.6%) and Denmark (2.2%).
From a continental perspective, 82.5% of Iceland exports by value was delivered to fellow European countries while 10.3% was sold to importers located in North America. Iceland shipped another 5.2% worth of goods to buyers in Asia.
Smaller percentages went to customers in Africa (1.1%), Oceania (0.5%) led by Australia then Latin America (0.3%) excluding Mexico but including the Caribbean.
Given Iceland’s population of 391,000 people, its total US$7.2 billion in 2025 exports translates to about $18,400 for every resident in the Nordic country. That dollar metric exceeds the average $18,100 per capita one year earlier during 2024.
Iceland’s Top 10 Exports
The following export product groups represent the highest dollar value in Icelandic global shipments during 2025. Also shown is the percentage share each export category represents in terms of overall exports from Iceland.
- Fish: US$2.8 billion (39.5% of total exports)
- Aluminum: $2.5 billion (35.5%)
- Optical, technical, medical apparatus: $334.8 million (4.7%)
- Food industry waste, animal fodder: $185.2 million (2.6%)
- Iron, steel: $175.2 million (2.4%)
- Animal/vegetable fats, oils, waxes: $135.7 million (1.9%)
- Machinery including computers: $132.8 million (1.8%)
- Pharmaceuticals: $129.6 million (1.8%)
- Meat/seafood preparations: $110.2 million (1.5%)
- Mineral fuels including oil: $106.9 million (1.5%)
Iceland’s top 10 export product categories are concentrated, generating 91.2% of the overall value of Icelandic global shipments.
The island country’s number one export commodity, fish was the fastest grower among the top 10 export categories via by 19.4% year-over-year gain since 2024.
In second place for improving export sales was aluminum which rose 9.5%.
Iceland’s shipments of meat or seafood preparations posted the third-fastest gain in value, up by 6.8% year over year.
The leading decliner among Iceland’s top 10 export categories was animal or vegetable fats, oils and waxes which slipped -46.6%.
The above-listed product categories are at the 2-digit Harmonized Tariff System (HTS) code level.
At the more granular four-digit Harmonized Tariff System (HTS) code level, Iceland’s most valuable exported products in 2025 were unwrought aluminum (30.9% of total), fish fillets and other pieces (19.8%), whole fresh fish (7.8%), whole frozen fish (6.7%), miscellaneous dried, salted or smoked fish (4.8%), orthopedic appliances (3.7%), aluminum wire (3.5%), inedible meat flour (2.5%), iron ferroalloys (2.2%), then fish or marine mammal fats and oils (1.6%).
Products Resulting in Iceland’s Largest Trade Surpluses
The following types of Icelandic product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Fish: US$2.8 billion (Up by 19.7% since 2024)
- Aluminum: $2.4 billion (Up by 11%)
- Iron, steel: $106.3 million (Down by -27.1%)
- Meat/seafood preparations: $91.2 million (Up by 7.1%)
- Optical, technical, medical apparatus: $89.6 million (Down by -62.4%)
- Animal/vegetable fats, oils, waxes: $72.9 million (Down by -52.6%)
- Live animals: $10.8 million (Up by 18.2%)
- Raw hides, skins not furskins, leather: $4.6 million (Up by 12.5%)
- Oil seeds: $2.3 million (Up by 7724.1%)
- Woodpulp: $870,000 (Down by -51.5%)
Iceland has highly positive net exports in the international trade of fish and aluminum. In turn, these cashflows indicate Iceland’s strong competitive advantages under related product categories.
Products Causing Iceland’s Worst Trade Deficits
Iceland incurred an overall -US$3.8 billion trade deficit for 2025 expanding by 30.9% from -$2.9 billion in red ink one year earlier in 2024.
Below are exports from Iceland that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Iceland’s goods trail Icelandic importer spending on foreign products.
- Machinery including computers: -US$1.9 billion (Up by 45.5% since 2024)
- Electrical machinery, equipment: -$1.18 billion (Up by 10.3%)
- Vehicles: -$1.13 billion (Up by 52.9%)
- Mineral fuels including oil: -$879.2 million (Down by -11.5%)
- Inorganic chemicals: -$772.5 million (Up by 9.1%)
- Furniture, bedding, lighting, signs, prefab buildings: -$341.3 million (Up by 19.9%)
- Plastics, plastic articles: -$278.5 million (Up by 16.6%)
- Articles of iron or steel: -$255 million (Up by 14.6%)
- Wood: -$168.7 million (Down by -7.5%)
- Pharmaceuticals: -$153.5 million (Up by 11.3%)
Iceland has highly negative net exports and therefore deep international trade deficits under the machinery-related product categories.
Icelandic Export Companies
Not one Icelandic corporation ranks among Forbes Global 2000.
Wikipedia lists export-related companies from Iceland. Selected examples are shown below.
- Arctic Trucks (commercial vehicles)
- Carbon Recycling International (methanol)
- Egill Skallagrímsson Brewery (alcoholic beverages)
- HB Grandi (fishery)
- Nói Síríus (chocolates)
- Promens (packaging, plastics)
- Sláturfélag Suðurlands (food producer co-op)
In macroeconomic terms, Iceland’s total exported goods represent 22.6% of its overall Gross Domestic Product for 2025 ($31.8 billion valued in Purchasing Power Parity US dollars). That 22.6% for exports to overall GDP in PPP for 2025 compares to 23% one year earlier. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Iceland’s total economic performance, albeit based on relatively short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Iceland’s unemployment rate averaged 3.964% for 2025, up from an average 3.367% in 2024 according to International Monetary Fund statistics.
Iceland’s capital city is Reykjavik.
See also Denmark’s Top Trading Partners, Norway’s Top Trading Partners, Frozen Fish Exports by Country and Top Salmon Exports & Imports by Country
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on February 22, 2026
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 22, 2026
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 22, 2026
International Trade Centre, Trade Map. Accessed on February 22, 2026
Investopedia, Net Exports Definition. Accessed on February 22, 2026
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on February 22, 2026
Wikipedia, Gross domestic product. Accessed on February 22, 2026
Wikipedia, Iceland. Accessed on February 22, 2026
Wikipedia, List of Companies of Iceland. Accessed on February 22, 2026
Wikipedia, Purchasing power parity. Accessed on February 22, 2026
X-rates.com, Exchange Rates: Icelandic króna to US Dollar (monthly average 2025)