The economic and commercial relations between Turkey and Iceland arranged by the Turkey-EFTA Free Trade Agreement (1991) and  Double Taxation Prevention Treatment.

Exports

Iceland was Turkey’s 130th largest goods export market in 2011.

Turkish goods exports to Iceland in 2011 were 13.7 million $, up 84.6% (7.4 million $) from 2010, and down 416% from 2002.

The top export categories (2-digit sitc) for 2011 were: petroleum, petroleum products and related materials (4.2 million $); crude fertilizers (1.4 million $); road vehicles (including air-cushion vehicles) (0.99 million $); plastics in non-primary forms (0.87 million $); articles of apparel and clothing accessories (0.86 million $).

Imports

Iceland was Turkey’s 95th largest supplier of goods imports in 2011.

Turkish goods imports from Iceland totaled 27.9 million $ in 2011, up 54.4% (18 million $) from 2010, and up 767% from 2002.

The top 5 imports categories (2-digit sitc) for 2011 were: fish (not marine mammals) (10.6 million $); iron and steel (10.2 million $); machinery specialized for particular industries (2.9 million $); general industrial machinery and equipment and machine parts (1.9 million $); animal oils and fats (0.5 million $).
 
Trade Balance

The trade deficit of goods with Turkey was 14.1 million $ in 2011, a 33% increase (10.6 million $ deficit) over 2010.

Investment

There was no FDI flow from Turkey to Iceland until 2011. In 2011 Turkish FDI stock in Iceland is 1 million $.

There is no FDI flow from Iceland to Turkey.