Iceland: Terms of trade

The latest value from 2023 is 92.4 percent, a decline from 100 percent in 2022. In comparison, the world average is 103.42 percent, based on data from 188 countries. Historically, the average for Iceland from 2000 to 2023 is 100.65 percent. The minimum value, 86.6 percent, was reached in 2013 while the maximum of 117.5 percent was recorded in 2002. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

The terms of trade for Iceland are calculated as the value of its exports as percent of the value of its imports. An increase in the terms of trade means that the value of exports is increasing relative to the value of imports. The country can afford to buy more imports with the revenue from its exports. For example, an increase in the price of oil increases (improves) the terms of trade for the oil-exporting countries and lowers it for the other countries.

Definition: Net barter terms of trade index is calculated as the percentage ratio of the export unit value indexes to the import unit value indexes, measured relative to the base year 2015.