Products Imported from China to Iceland

In the calendar year of 2023, China exported goods worth US$644 million to Iceland. Among the main exports from China to Iceland were Carbon-based Electronics (US$136 million), Broadcasting Equipment (US$33.3 million), Computers (US$31.7 million), Hydrogen (US$25.61 million) and Cars (US$23.77 million). Over the span of 28 years, China’s exports to Iceland have grown steadily at an annualized rate of 13.4%, rising from US$21.8 million in 1995 to US$644 million in 2023.

List of All Products That Were Imported from China to Iceland

The table below presents a comprehensive list of all commodities that were exported from China to Iceland in 2023, categorized by product types, and ranked by their trade values in US dollars.

Tips to use this table

1. Identifying High-Demand Products: Analyze the top-ranked products to identify which items have the highest trade values. These products are likely to be in high demand in the Iceland market, presenting lucrative opportunities for importers and resellers.
2. Niche Market Exploration: Explore products with significant trade values that may not be commonly known. These niche products could represent untapped market segments with less competition, allowing resellers and importers to carve out a unique position in the market.

Last Updated: April, 2024

Note #1: The HS4 code, or Harmonized System 4-digit code, is part of the Harmonized Commodity Description and Coding System (HS). It’s an internationally standardized system for classifying goods in international trade.

Note #2: This table is regularly updated on an annual basis. Therefore, we encourage you to revisit frequently to access the latest information regarding trade between China and Iceland.

Trade Agreements between China and Iceland

China and Iceland have established a unique economic relationship, particularly notable for its focus on renewable energy and sustainable development. Their bilateral trade relations are underpinned by several key agreements:

1. Free Trade Agreement (FTA) (2013): This is the most significant trade agreement between China and Iceland. Signed in 2013, it was China’s first free trade agreement with a European country. The FTA eliminates tariffs on several goods and aims to enhance mutual investments and trade in services. The agreement covers various sectors, including marine products, which are a major export from Iceland to China, and other goods like machinery and electronics. It also addresses issues like intellectual property rights and promotes cooperation in sustainable development and environmental protection.
2. Geothermal Energy Cooperation: While not a formal trade agreement, cooperation in geothermal energy represents a significant aspect of the Sino-Icelandic economic relationship. Given Iceland’s expertise in geothermal energy and China’s interest in renewable energy sources, both countries have engaged in numerous collaborative projects aimed at developing geothermal resources. This partnership includes technology transfer, joint research, and direct investment in geothermal projects.
3. Bilateral Investment Treaties and Agreements: China and Iceland have entered into agreements to protect and promote investments between the two countries, providing a stable and predictable framework for investors, and addressing issues such as non-discrimination, expropriation, and compensation in the case of disputes.
4. Arctic Cooperation: While primarily strategic and research-focused, cooperation in the Arctic also has trade implications, particularly in the areas of shipping and natural resources. China’s status as an observer in the Arctic Council and its interests in the Arctic’s shipping routes and resources align with Iceland’s strategic position and expertise in Arctic issues.
5. Cultural and Educational Exchanges: These agreements, although not strictly trade-related, facilitate a deeper mutual understanding and collaboration that can lead to increased business and economic interactions. They include student exchanges, cultural programs, and joint academic research, which often open doors for economic collaborations.

These agreements collectively highlight a relationship that, while modest in scale compared to China’s trade with larger economies, is strategic and growing, particularly in the context of renewable energy and sustainable development.