Azerbaijan (AZE) and Iceland (ISL) Trade | The Observatory of Economic Complexity

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Azerbaijan-Iceland Trade: In 2022, Azerbaijan exported $11.6k to Iceland. The main products that Azerbaijan exported to Iceland were Refined Petroleum ($11.4k) and Other Nuts ($239). Over the past 5 years the exports of Azerbaijan to Iceland have decreased at an annualized rate of 16.2%, from $28.1k in 2017 to $11.6k in 2022.

In 2022, Azerbaijan did not export any services to Iceland.

Iceland-Azerbaijan Trade: In 2022, Iceland exported $1.34M to Azerbaijan. The main products that Iceland exported to Azerbaijan were Non-fillet Frozen Fish ($619k), Fish Fillets ($350k), and Orthopedic Appliances ($271k). Over the past 5 years the exports of Iceland to Azerbaijan have decreased at an annualized rate of 11.2%, from $2.43M in 2017 to $1.34M in 2022.

In 2022, Iceland did not export any services to Azerbaijan.

Comparison In 2022, Azerbaijan ranked 83 in the Economic Complexity Index (ECI -0.44), and 65 in total exports ($38.9B). That same year, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Azerbaijan exported $11.6k to Iceland. The main products exported from Azerbaijan to Iceland were Refined Petroleum ($11.4k) and Other Nuts ($239). During the last 5 years the exports of Azerbaijan to Iceland have decreased at an annualized rate of 16.2%, from $28.1k in 2017 to $11.6k in 2022.

In 2017, Iceland exported $1.34M to Azerbaijan. The main products exported from Iceland to Azerbaijan were Non-fillet Frozen Fish ($619k), Fish Fillets ($350k), and Orthopedic Appliances ($271k). During the last 5 years the exports of Iceland to Azerbaijan have decreased at an annualized rate of 11.2%, from $2.43M in 2022 to $1.34M in 2017.

Exports from Azerbaijan () to Iceland () (2022)

Exports from Iceland () to Azerbaijan () (2022)

Latest Data

Trade between Azerbaijan () and Iceland ()

Azerbaijan Exports

Date

Iceland Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Azerbaijan
Top DestinationItaly$18.3B

Iceland
Top DestinationNetherlands$1.97B

This map shows whether countries import more from Azerbaijan or Iceland. Each country is colored based on the difference in imports they receive from Azerbaijan and Iceland or the difference in the growth in imports.

In 2022, countries that imported more from Azerbaijan than Iceland included Italy ($18.3B), Turkey ($3.57B), and Israel ($1.68B).

In 2022, countries that imported more from Iceland than Azerbaijan included Netherlands ($1.97B), United States ($613M), and Norway ($459M).

Difference in imports from Iceland () and Azerbaijan () (2022)

Comparative Advantage Azerbaijan - Iceland

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between Azerbaijan and Iceland by product, considering products traded by both, Azerbaijan and Iceland.

During 2022, Azerbaijan had a large net trade with Iceland in the exports of Mineral Products ($11.4k) and Vegetable Products ($239).

During 2017, Iceland had a large net trade with Azerbaijan in the exports of Animal Products ($970k), Instruments ($272k), and Foodstuffs ($88.6k).

Potential Exports

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Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of Azerbaijan and Iceland. This means that a dot/product with the flag of Azerbaijan indicates it has a comparative advantage over Iceland. Similarly, a dot/product with the flag of Iceland indicates it has a comparative advantage over Azerbaijan.

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Historical Data

Bilateral Trade by Products

Exports from Azerbaijan () to Iceland () (2022)

Exports from Iceland () to Azerbaijan () (2022)

Latest Data

Trade between Azerbaijan () and Iceland ()

Azerbaijan Exports

Iceland Exports

Market Competitiveness

Difference in imports from Iceland () and Azerbaijan () (2022)

Comparative Advantage Azerbaijan - Iceland

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Azerbaijan () and Iceland () (2022)

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