Editing Economy of Iceland (section)

==External trade==
Iceland's economy is highly export-driven. Marine products account for the majority of goods exports. Other important exports include aluminium, ferro-silicon alloys, machinery and electronic equipment for the fishing industry, software, woollen goods. Most of Iceland's exports go to the [[European Union]] (EU) and [[European Free Trade Association]] (EFTA) countries, the [[Economy of the United States|United States]], and [[Economy of Japan|Japan]]. The 2020 value of Iceland's exports was $7.43 billion [[FOB (shipping)|FOB]].<ref name="factbook">{{Cite web|url=https://www.cia.gov/the-world-factbook/countries/iceland/|title=The World Factbook - Iceland - Economy|publisher=Central Intelligence Agency|access-date=2006-06-21}}</ref>

The main imports are machinery and equipment, [[petroleum]] products, foodstuffs and textiles. Cement is Iceland's most imported product. The total 2020 value of imports was $7.55 billion. In 2019, Iceland's primary import partner was [[Economy of Norway|Norway]]  (11%), followed by [[Economy of the Netherlands|the Netherlands]] (10%), [[Economy of Germany|Germany]] (8%), [[Economy of Denmark|Denmark]] (8%), [[Economy of the United States|United States]] (7%), [[Economy of the United Kingdom|United Kingdom]] (6%), [[Economy of China|PRC China]] (6%), and [[Economy of Sweden|Sweden]] (5%). Most agricultural products are subject to high [[tariffs]]; the import of some products, such as uncooked meat, is greatly restricted for phyto-sanitary reasons.<ref name="factbook"/><ref name="buyusa.gov">{{Cite web | url=http://www.buyusa.gov/iceland/en/86.html#_section4 | title=Country Commercial Guide - Iceland | publisher=[[United States Commercial Service]] | access-date = 2006-06-21 |archive-url = https://web.archive.org/web/20060615140041/http://www.buyusa.gov/iceland/en/86.html#_section4 <!-- Bot retrieved archive --> |archive-date = 2006-06-15}}</ref>

Iceland's relatively liberal trading policy has been strengthened by accession to the [[European Economic Area]] in 1993 and by the [[Uruguay Round]], which also brought significantly improved market access for Iceland's exports, particularly [[seafood]] products. However, the agricultural sector remains heavily subsidized and protected; some [[tariff]]s range as high as 700%.

The [[fishing]] industry is one of the most important industries. It provides 40% of [[export]] income and employs 7.0% of the workforce; therefore, the state of the economy remains sensitive to world prices for fish products.<ref name="factbook"/>

When corrected for the dramatic depreciation of the [[Icelandic króna]] in 2008 (approximately 50% against the euro and US dollar), imports since the 2007 peak have been negative.{{fact|date=September 2024}}
{{out of date|date=February 2025}}
{{col-begin}}
{{col-2}}
===Imports===
{{col-begin}}
{{col-2}}
{|class="wikitable" style="text-align: right;"
|-
!Year
!Millions (ISK)
!Change
|-
|1988
|68,723.2
|{{Steady}} 0.00%
|-
|1989
|80,599.4
|{{Increase}} 17.28%
|-
|1990
|96,620.7
|{{Increase}} 19.88%
|-
|1991
|104,129.1
|{{Increase}} 7.77%
|-
|1992
|96,895.3
|{{Decrease}} 6.95%
|-
|1993
|91,306.6
|{{Decrease}} 5.77%
|-
|1994
|102,541.3
|{{Increase}} 12.30%
|-
|1995
|113,613.6
|{{Increase}} 10.80%
|-
|1996
|135,994.5
|{{Increase}} 19.70%
|-
|1997
|143,226.6
|{{Increase}} 5.32%
|-
|1998
|176,072.1
|{{Increase}} 22.93%
|-
|1999
|182,321.5
|{{Increase}} 3.55%
|-
|2000
|203,222.1
|{{Increase}} 11.46%
|}
<small>Source: [[Statistics Iceland]] ([http://www.statice.is/?PageID=1260&src=/temp_en/Dialog/varval.asp?ma=UTA01202%26ti=Export+and+imports+by+months+1988-2011%26path=../Database/utanrikisverslun/Voruskipti/%26lang=1%26units=Fob%20and%20CIF%20million%20ISK statice.is])</small>
{{col-2}}
{|class="wikitable" style="text-align: right;"
|-
!Year
!Millions (ISK)
!Change
|-
|2001
|220,874.0
|{{Increase}} 8.69%
|-
|2002
|207,607.5
|{{Decrease}} 6.01%
|-
|2003
|216,525.1
|{{Increase}} 4.30%
|-
|2004
|260,430.8
|{{Increase}} 20.28%
|-
|2005
|313,854.6
|{{Increase}} 20.51%
|-
|2006
|437,086.3
|{{Increase}} 39.26%
|-
|2007
|429,468.9
|{{Decrease}} 1.74%
|-
|2008
|514,739.3
|{{Increase}} 19.86%
|-
|2009
|446,128.2
|{{Decrease}} 13.33%
|-
|2010
|477,222.3
|{{Increase}} 6.97%
|-
|2011
|561,626.1
|{{Increase}} 17.69%
|-
|2012
|597,262.2
|{{Increase}} 6.35%
|}
{{col-end}}
{{col-2}}
===Exports===
{{col-begin}}
{{col-2}}
{|class="wikitable" style="text-align: right;"
|-
!Year
!Millions (ISK)
!Change
|-
|1988
|61,600.0
|{{Steady}} 0.00%
|-
|1989
|80,071.7
|{{Increase}} 29.85%
|-
|1990
|92,625.1
|{{Increase}} 15.68%
|-
|1991
|91,560.4
|{{Decrease}} 1.15%
|-
|1992
|87,832.8
|{{Decrease}} 4.07%
|-
|1993
|94,657.6
|{{Increase}} 7.77%
|-
|1994
|112,653.8
|{{Increase}} 19.01%
|-
|1995
|116,606.7
|{{Increase}} 3.51%
|-
|1996
|126,303.8
|{{Increase}} 8.32%
|-
|1997
|131,213.2
|{{Increase}} 3.89%
|-
|1998
|136,592.0
|{{Increase}} 4.10%
|-
|1999
|144,928.1
|{{Increase}} 6.10%
|-
|2000
|149,272.8
|{{Increase}} 3.00%
|}
{{col-2}}
{|class="wikitable" style="text-align: right;"
|-
!Year
!Millions (ISK)
!Change
|-
|2001
|196,582.2
|{{Increase}} 31.69%
|-
|2002
|204,303.0
|{{Increase}} 3.93%
|-
|2003
|182,580.0
|{{Decrease}} 10.63%
|-
|2004
|202,373.0
|{{Increase}} 10.84%
|-
|2005
|194,355.3
|{{Decrease}} 3.96%
|-
|2006
|242,740.0
|{{Increase}} 24.90%
|-
|2007
|305,095.8
|{{Increase}} 25.69%
|-
|2008
|466,859.5
|{{Increase}} 53.02%
|-
|2009
|500,854.5
|{{Increase}} 7.28%
|-
|2010
|561,032.2
|{{Increase}} 12.02%
|-
|2011
|620,127.4
|{{Increase}} 10.53%
|-
|2012
|633,029.1
|{{Increase}} 2.08%
|}{{col-end}}{{col-end}}