This is a best prospect industry sector for this country. Includes a market overview and trade data.
Overview
The majority of Icelandic households are dual-income, and private consumption is high. American consumer products are popular in Iceland, and there is demand for the latest gadgets. The market for U.S. entertainment products remains bright, and exposure to American entertainment products appears to spur demand for other U.S. goods and services. American music and movies have always played a major role in Icelandic culture. Video games from the United States also have a strong fan base in Iceland.
Iceland is among the most computer-savvy countries in the world, and demand for the latest computer hardware and off-the-shelf software reflects this context. The Icelandic software market is sophisticated, with numerous startups and several established domestic software development companies, and a few global software companies. Icelandic customers are accomplished IT users looking for the latest solutions to increase customer service, cost savings, and enhance business processes. U.S. products are popular in Iceland.
| 2019 | 2020 | 2021 | 2022 estimated | |
|---|---|---|---|---|
| Total Local Production | N/A | N/A | N/A | N/A |
| Total Exports | $95 | $113 | $109 | N/A |
| Total Imports | $833 | $983 | $1,158 | N/A |
| Imports from the US | $47 | $52 | $62 | N/A |
| Total Market Size | N/A | N/A | N/A | N/A |
| Exchange Rates | $1 = 134.91 ISK | $1 = 134.91 ISK | $1 = 134.91 ISK | $1 = 134.91 ISK |
Units: $ millions
Source: Statistics Iceland, consumer goods.
Leading Sub-Sectors
Computer hardware and software; solutions for information management; gaming products; music products; high-tech gadgets.
Opportunities
Export computer hardware and software; high-tech appliances and gadgets to Iceland.
Resources
American-Icelandic Chamber of Commerce
Ministry of Higher Education, Science, and Innovation
Ministry of Culture and Business Affairs