Iceland: Merchandise trade (% of GDP)
In , Iceland's Merchandise trade (% of GDP) was 50.35.
That's down 1.8% from 2023, the highest value since .
The global average for this indicator in 2024 was 64.89 . Iceland ranks #111 globally out of 197 reporting countries. Within Europe & Central Asia, it ranks #40 of 50.
Source: World Bank Open Data (TG.VAL.TOTL.GD.ZS) • Data as of 2024
Trend (2005–2024)
- 2008 · Global financial crisis
- 2020 · COVID-19 pandemic
- 2014 · Oil price collapse
- 2022 · Russia–Ukraine war begins
Highlights
- Peak
- 66.18
- Trough
- 46.65
- 1-year change
- -1.8%
- 5-year change
- +6.7%
- +1.3% / yr
- 10-year change
- -12.8%
- -1.4% / yr
Historical Data — Last 10 Years
| Year | Merchandise trade (% of GDP) |
|---|---|
| 50.3531 | |
| 51.2944 | |
| 58.2183 | |
| 52.6170 | |
| 46.6492 | |
| 47.1870 | |
| 49.6108 | |
| 47.2584 | |
| 47.9327 | |
| 56.6708 |
About Merchandise trade (% of GDP)
General merchandise trade includes goods whose economic ownership is changed between a resident and a non-resident and that are not included in the following specific categories: goods under merchanting, non-monetary gold, and parts of travel, construction, and government goods and services n.i.e. It is the total of merchandise exports plus merchandise imports. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.
Indicator code: TG.VAL.TOTL.GD.ZS • Category: Trade & Finance
Frequently asked questions
- What was Iceland's Merchandise trade (% of GDP) in 2024?
- In 2024, Iceland's Merchandise trade (% of GDP) was 50.35, according to World Bank Open Data.
- Is Iceland's Merchandise trade (% of GDP) rising or falling?
- Iceland's Merchandise trade (% of GDP) fell 1.8% from 2023 to 2024.
- How does Iceland rank globally on Merchandise trade (% of GDP)?
- In 2024, Iceland ranked #111 out of 197 countries reporting Merchandise trade (% of GDP).
- How does Iceland's Merchandise trade (% of GDP) compare to the world average?
- The global average for Merchandise trade (% of GDP) in 2024 was 64.89, so Iceland is below the world average. Within Europe & Central Asia, it ranks #40 of 50.
- What is Merchandise trade (% of GDP) and how is it measured?
- General merchandise trade includes goods whose economic ownership is changed between a resident and a non-resident and that are not included in the following specific categories: goods under merchanting, non-monetary gold, and parts of travel, construction, and government goods and services n.i.e. It is the total of merchandise exports plus merchandise imports. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.
Source: World Bank Open Data (TG.VAL.TOTL.GD.ZS), CC BY 4.0.