Icelandic business and economy

Foreign trade increased in the year 2012, though not as much as the years before. It has now reached the same heights as before the crisis. Since 1992 exports of goods have increased by 2.5 times and exported services have increased by 5 times.

Exports from Iceland to Denmark were around 16.5 billion ISK in the year 2012 and are projected to be very similar in 2013. Denmark has always been a significant export market for Icelandic products although the proportional importance has gone down in recent years. Exports to Denmark in the year 2012 were 2.6% of total exports (compared with around 5% in the years around 2000). The main bulk of the exports were industrial goods like medicine and oil products, as well as marine products.

Iceland’s imports from Denmark are twice as much as the exports. The value of imports were a little less than 34 billion ISK in 2012 and is projected to increase about 9% in 2013. Imports from Denmark were 8% of total imports around the year 2000 but had gone down to 5.7% in 2012. The imports from Denmark cover a wide variety of chemical products, manufactured goods and food products.

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