As a Nordic island nation, Iceland heavily relies on imports to meet its domestic needs and support its key industries. The major imports of Iceland include machinery and mechanical appliances, mineral fuels and oils, vehicles and automotive parts, electrical machinery and equipment, pharmaceuticals, plastics and plastic articles, iron and steel, organic chemicals, articles of clothing and accessories, and food products. The closest trading partners for each category vary, with Germany, Norway, and Denmark emerging as prominent trading partners across multiple sectors. Understanding these import trends and partnerships is crucial for analyzing Iceland's economic landscape, identifying areas of collaboration, and formulating effective trade policies.
Machinery and Mechanical Appliances:
Imported machinery and mechanical appliances hold the top position in Iceland's imports by volume. With a total import value of approximately $1.5 billion, Iceland heavily relies on these imports to support its industries and infrastructure. The primary trading partners for machinery and mechanical appliances are Germany, Norway, and the United States.
Mineral Fuels and Oils:
Mineral fuels and oils are crucial imports for Iceland's energy needs. The import volume for this category is valued at $1 billion. The primary trading partners for mineral fuels and oils are Norway, Russia, and the United Kingdom.
Vehicles and Automotive Parts:
Imported vehicles and automotive parts play a significant role in Iceland's transportation sector. The import volume for this category is valued at $800 million. The primary trading partners for vehicle and automotive parts imports are Germany, Sweden, and the United States.
Electrical Machinery and Equipment:
Imported electrical machinery and equipment are essential for meeting Iceland's technological needs. The import volume for this category stands at $700 million. The primary trading partners for electrical machinery and equipment are Germany, the United States, and China.
Pharmaceuticals:
Pharmaceutical products are essential for Iceland's healthcare sector. The import volume for this category stands at $600 million. The primary trading partners for pharmaceutical imports are Switzerland, Germany, and the United States.
Plastics and Plastic Articles:
Iceland imports a significant amount of plastics and plastic articles for various industries. This category accounts for an import volume of $500 million. The primary trading partners for plastics and plastic articles are Germany, Denmark, and the United Kingdom.
Iron and Steel:
Imported iron and steel are vital for Iceland's construction and manufacturing industries. This category's import volume is valued at $400 million. The primary trading partners for iron and steel imports are Norway, Germany, and Sweden.
Organic Chemicals:
Iceland imports organic chemicals for various industrial applications. The import volume for this category stands at $300 million. The primary trading partners for organic chemical imports are Germany, the Netherlands, and the United Kingdom.
Articles of Clothing and Accessories:
Iceland imports a considerable volume of clothing and accessories to meet its domestic market demands. The import value for this category is approximately $200 million. The primary trading partners for clothing and apparel imports are Denmark, the United Kingdom, and Germany.
Food Products:
Iceland imports a diverse range of food products to meet its domestic consumption needs. The import value for this category is approximately $150 million. The primary trading partners for food product imports are Denmark, Norway, and Germany.
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