The industry sector in Iceland has been through major changes over the past few years. Innovation has been stimulated, primarily by a more liberal business climate and rapid progress in science and technology, particularly information and communications technology. This has provided Icelandic industry with numerous opportunities to create a variety of jobs in new and demanding areas, and enabled it to play an active and profitable role in international trade.
Total Value of Export Goods from Iceland
The total value of export goods from Iceland, January-December 2003 amounted for ISK 182,600 million. Of total export; Marine products constituted 113,693 million or 62,3%, manufacturing products constituted 61,835 million or 33,9 and agricultural products and other products constituted 7,053 million or 3,9%.
In 2003, the largest exports within marine products were the export of demersal fish products or 36.4%. Largest commodity export within marine products was cod with ISK 43,900 million or 24.1% of total commodities exports from Iceland. After Cod came exports of shrimp with ISK 12,000 million, capelin with ISK 11,800 million and redfish with ISK 9,300 million.
Manufacturing products accounted for 33.9% of total export from Iceland. The largest commodity export within manufacturing products was aluminium with ISK 34,300 million or 18.8% of total commodities exports from Iceland followed by Ferro-silicon with ISK 6,000 million, medicinal products with ISK 5,200 million and Medical products with ISK 3,300 million.
In recent years, the proportion of exported manufacturing products has been increasing, from around 18% to around 34% while the proportion of exported marine products has been decreasing, from around 75% to 62%. Manufacturing industries in exception of aluminium production are primarily small-scale and geared to the domestic market, but greater numbers of people are working in industry than in agriculture and fishing combined.
Websites Related to Industry in Iceland
Invest in Iceland Agency
Invest in Iceland Agency is an independent agency of the Ministry of Industry and Commerce promoting foreign direct investment to Iceland. The Agency's advisors provide free of charge information and expert confidential service on all aspects of investments.
The Federation of Icelandic Industries
The Federation of Icelandic Industries is the main organization of Icelandic employers in manufacturing industries, crafts, software production and related services. Membership consists of close to fifteen hundred enterprises ranging from small family businesses to Iceland’s largest industrial companies.
The Ministry of Industry and Commerce
The Ministry of Industry and Commerce has broad and extensive responsibilities concerning both domestic and global issues. Its objectives are to broaden the economic base of the country and improve the competitiveness of Icelandic industries by increasing diversification and the level of productivity
Brochures Related to Industry in Iceland
Aluminium in Iceland (1,5 MB)
A brochure about aluminium in Iceland.
Seafood and Food Manufacturing in Iceland | Fish Processing and Fishing Gear in Iceland
Industry in Iceland | Medical, Cosmetic, Health Technology in Iceland
IT and Communication Technology in Iceland | Music, Filming and Design in Iceland
Commerce, Consulting and Services in Iceland | Transport in Iceland | Energy in Iceland
Travel and Turism in Iceland