Tariff rate, most favored nation, weighted mean, all products in Iceland
Iceland: Tariff rate, most favored nation, weighted mean, all products was 3.1% in 2022. ▼ Falling
Tariff rate, most favored nation, weighted mean, all products in Iceland, 1993–2022
Source: Staff estimates. Measured in %.
Analysis
The most recent figure for tariff rate, most favored nation, weighted mean, all products in Iceland is 3.1%, measured in 2022.
The figure is down 8.4% on the previous year and up 8.5% over ten years.
Over the whole period, tariff rate, most favored nation, weighted mean, all products in Iceland peaked at 5.5% in 1993 and was at its lowest, 2.3%, in 2017.
Iceland ranks 141st of 184 countries on this measure, in the bottom quarter.
The long-run direction has been consistently falling across the 24 years of available data.
Tariff rate, most favored nation, weighted mean, all products in Iceland, year by year
| Year | % | Change |
|---|---|---|
| 1993 | 5.5% | — |
| 1996 | 3.6% | -33.5% |
| 1998 | 4.6% | +26.4% |
| 1999 | 3.7% | -18.7% |
| 2000 | 4.8% | +28.6% |
| 2001 | 3.8% | -21.8% |
| 2003 | 4.4% | +16.2% |
| 2004 | 4.6% | +5.5% |
| 2005 | 4.3% | -6.5% |
| 2006 | 3.1% | -27.6% |
| 2007 | 3.9% | +25.0% |
| 2008 | 3.4% | -13.3% |
| 2009 | 3.3% | -3.6% |
| 2010 | 3.0% | -8.6% |
| 2011 | 3.0% | +0.3% |
| 2012 | 2.8% | -5.7% |
| 2013 | 3.2% | +13.8% |
| 2014 | 3.3% | +3.4% |
| 2015 | 3.3% | -1.2% |
| 2016 | 3.1% | -5.5% |
| 2017 | 2.3% | -25.5% |
| 2019 | 2.9% | +26.8% |
| 2021 | 3.3% | +14.0% |
| 2022 | 3.1% | -8.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 4.4% | 3.6% | 5.5% | 4 |
| 2000s | 3.9% | 3.1% | 4.8% | 9 |
| 2010s | 3.0% | 2.3% | 3.3% | 9 |
| 2020s | 3.2% | 3.1% | 3.3% | 2 |
Countries ranked near Iceland
More private sector data for Iceland
- Merchandise trade 46.9% (2025)
- Food imports 11.1% (2025)
- Manufactures imports 71.1% (2025)
- Merchandise imports 10.94 billion current US$ (2025)
- Food exports 46.9% (2025)
- Manufactures exports 14.0% (2025)
- Merchandise exports 7.17 billion current US$ (2025)
- Merchandise exports (current US$), per capita 18,264 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.1858 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 3.33 % change on previous year (2025)
Frequently asked questions
- What is tariff rate, most favored nation, weighted mean, all products in Iceland?
- Tariff rate, most favored nation, weighted mean, all products in Iceland was 3.1% in 2022, according to Staff estimates.
- What is the highest tariff rate, most favored nation, weighted mean, all products recorded in Iceland?
- The highest recorded value was 5.5% in 1993.
- What is the lowest tariff rate, most favored nation, weighted mean, all products recorded in Iceland?
- The lowest recorded value was 2.3% in 2017.
- How does Iceland rank for tariff rate, most favored nation, weighted mean, all products?
- Iceland ranks 141st out of 184 countries with data for 2022.
- Is tariff rate, most favored nation, weighted mean, all products rising or falling in Iceland?
- Over the last ten years it is up 8.5%. The long-run trend across the full record is falling.
- Where does this Iceland data come from?
- The figures come from Staff estimates, published as part of Tariff rate, most favored nation, weighted mean, all products (%). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 24 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Weighted mean most favored nations tariff is the average of most favored nation rates weighted by the product import shares corresponding to each partner country. Data are classified using the Harmonized System of trade at the six- or eight-digit level. Tariff line data were matched to Standard International Trade Classification (SITC) revision 3 codes to define commodity groups and import weights. Import weights were calculated using the United Nations Statistics Division's Commodity Trade (Comtrade) database.