Iceland hopes to increase exports to China after FTA signed

Iceland’s imports from China are considerably higher than the country’s exports to China. After the Iceland-China Free Trade Agreement (FTA) was signed last week, Icelandic companies hope for increased opportunities for exports.

icelandexports_webCEO of SA the Federation of Icelandic Employers Þorsteinn Víglundsson says he expects that the FTA agreement will create increased opportunities for exports, especially seafood.

Last year, imports from China to Iceland totaled ISK 42.5 billion (USD 360 million, EUR 275 million). Only three countries export more goods to Iceland than China: Norway, Germany and the United States.

When it comes to exports, China is in 18th place following Poland, with China purchasing ISK 7.6 billion (USD 64,000, EUR 49,000) in Icelandic products, similar to the amount exported to the Faroe Islands.

The Netherlands is the largest importer of goods from Iceland, or ISK 190 billion, followed by Germany with ISK 81 billion. Þorsteinn says he believes exports to China could grow. “Hopefully we see more opportunities. There are large and new markets there,” he told ruv.is.

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