Iceland (ISL) and Mexico (MEX) Trade | The Observatory of Economic Complexity

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Iceland-Mexico Trade: In 2022, Iceland exported $2.41M to Mexico. The main products that Iceland exported to Mexico were Fish oil ($1.63M), Non-fillet Frozen Fish ($410k), and Electrical Resistors ($174k). Over the past 5 years the exports of Iceland to Mexico have decreased at an annualized rate of 33.5%, from $18.5M in 2017 to $2.41M in 2022.

In 2019, Iceland exported services to Mexico worth $12.7M, with Travel ($12.3M) and Transportation ($336k) being the largest in terms of value.

Mexico-Iceland Trade: In 2022, Mexico exported $18.3M to Iceland. The main products that Mexico exported to Iceland were Broadcasting Equipment ($2.65M), Cars ($1.98M), and Orthopedic Appliances ($1.07M). Over the past 5 years the exports of Mexico to Iceland have decreased at an annualized rate of 4.47%, from $23M in 2017 to $18.3M in 2022.

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

Comparison In 2022, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index. That same year, Mexico ranked 25 in the Economic Complexity Index (ECI 1.08), and 10 in total exports ($549B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Iceland exported $2.41M to Mexico. The main products exported from Iceland to Mexico were Fish oil ($1.63M), Non-fillet Frozen Fish ($410k), and Electrical Resistors ($174k). During the last 5 years the exports of Iceland to Mexico have decreased at an annualized rate of 33.5%, from $18.5M in 2017 to $2.41M in 2022.

In 2017, Mexico exported $18.3M to Iceland. The main products exported from Mexico to Iceland were Broadcasting Equipment ($2.65M), Cars ($1.98M), and Orthopedic Appliances ($1.07M). During the last 5 years the exports of Mexico to Iceland have decreased at an annualized rate of 4.47%, from $23M in 2022 to $18.3M in 2017.

Exports from Iceland () to Mexico () (2022)

Exports from Mexico () to Iceland () (2022)

Latest Data

Trade between Iceland () and Mexico ()

Iceland Exports

Date

Mexico Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Iceland
Top DestinationNetherlands$1.97B

Mexico
Top DestinationUnited States$421B

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

In 2022, countries that imported more from Iceland than Mexico included Netherlands ($1.97B), Denmark ($257M), and Greenland ($28.2M).

In 2022, countries that imported more from Mexico than Iceland included United States ($421B), Canada ($22.2B), and China ($12.7B).

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

Comparative Advantage Iceland - Mexico

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Iceland had a large net trade with Mexico in the exports of Animal and Vegetable Bi-Products ($1.63M), Animal Products ($410k), and Machines ($307k).

During 2017, Mexico had a large net trade with Iceland in the exports of Machines ($8.03M), Transportation ($3.87M), and Instruments ($2.25M).

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 Iceland and Mexico. This means that a dot/product with the flag of Iceland indicates it has a comparative advantage over Mexico. Similarly, a dot/product with the flag of Mexico indicates it has a comparative advantage over Iceland.

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Historical Data

Bilateral Trade by Products

Exports from Iceland () to Mexico () (2022)

Exports from Mexico () to Iceland () (2022)

Latest Data

Trade between Iceland () and Mexico ()

Iceland Exports

Mexico Exports

Market Competitiveness

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

Comparative Advantage Iceland - Mexico

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

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

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