This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 7/11/2017
Overview
The majority of Icelandic households are dual-income, and there is demand for labor-saving devices and the latest gadgets.  This market is likely to remain attractive on both a category and niche basis regardless of economic conditions.

Table 4 – Iceland Consumer Goods and Entertainment Production Data
Year2014201520162017 (Estimated)
Total Local Production188,541 million ISK85,722 million ISKN/AN/A
Total Exports26,610 million ISK8,829 million ISK7,801 million ISK2,623 million ISK
Total Imports363,083 million ISK66,481 million ISK62,269 million ISK21,129 million ISK
Imports from the US4
 
1,940 million ISK2,584 million ISK2,231 million ISK695 million ISK
Total Market SizeN/AN/AN/AN/A
Exchange RatesN/AN/AN/AN/A
(Total market size = (total local production + imports) - exports)
1Total local production based on “gross output of motion picture, video, and television program production, sound recording and music publishing activities/arts, entertainment, and recreation”; data not available beyond 2015
2Total exports based on total exports of “electric machinery and appliances/photographic equipment and watches”, as research conducted specifically on consumer goods and entertainment is not available in Iceland
3Total imports based on total imports of “electric machinery and appliances/photographic equipment and watches”, as research conducted specifically on consumer goods and entertainment is not available in Iceland
4Imports from the US based on imports of “electric machinery and appliances/photographic equipment and watches”, as research conducted specifically on consumer goods and entertainment is not available in Iceland

Leading Sub-Sectors
Electrical appliances, computer software, computer hardware, gaming products, and music products.
Opportunities
American consumer products are popular in Iceland.  There are numerous examples of U.S. products that have a higher market penetration per capita in Iceland than anywhere else in Europe, such as breakfast cereals.  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. Computer games from the United States likewise have a strong fan base in Iceland.  Some companies, however, have limited their opportunity to reach the Icelandic market by failing to accept Icelandic credit cards and/or ship internationally.

Web Resources
Icelandic Trade Federation

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Iceland Consumer Goods Trade Development and Promotion