Trade and Economy

In 2011 Icelandic import from Canada amounted to 6,530 million ISK and export to Canada amounted to 2,640 million ISK.

Iceland enjoyed a healthy and growing economy until the collapse of the financial sector in October 2008. Since then the Icelandic economy has gone through dramatic changes, most notably evident with the collapse of the countries three largest banks in 2008. Historically, Iceland has depended heavily on the fishing industry which provides annually more than 12% of it's total GDP, and employs around 7% of the work force. Although the country is therefore sensitive to declining fish stocks as well as fluctutations in world prices, the diversification of the country into aluminium, ferrosilicon, software production, biotechnology, and tourism means that the economy of the country has a more diverse source of income than ever before.

Despite substantial difficulties over the last few years, general economic activity is well functional and many Icelandic businesses remain strong and prosperous. With its low tax structure, high education levels and competitive costs for skilled labour, land and electricity, Iceland is a strong candidate for businesses to short-list when seeking new locations for international operations.

If you have any questions, please contact the Embassy. We are more the willing to assist you and answer your questions.

Link: Status Report on the Icelandic Economic Situation in April 2012 from the Icelandic Chamber of Commerce.

Overseas Business Service for North America

The Embassy runs an Overseas Business Service for North-America, located in New York.

Trade Section:
Icelandic Office
800 Third Avenue, 36th floor
New York, NY 10022
Tel: 1-212-593-2700
Fax: 1-212-593-6269

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