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China has been among top 10 markets for Iceland since 2018 and the biggest Asian market since 2017 as an emerging distant market with a rather low level since late 1990s. 

In line with its industral structure, the most important Icelandic export to China has been seafood, mostly to China for processing and re-export. There has also been rather limited product range, making the total export dependent on the changes of few export items. The sharp drop in 2013 and 2014, as an example, was resulted from the big decrease of two wild-caught species in those years, in spite of the overall growth of other export items.
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In 2019, China ranked the 4th among the top 10 countries of the overnight stays in Icelandic hotels. The overnight stays of Chinese nationals in Icelandic hotels reached 313,362, about 7.68% of the total in 2019. It should be noted that China is also contributing to the fast growth of Icelandic tourism industry, which has been the now the biggest source of foreign currency earning in the past yeras.

99,513 Chinese mainland passengers passing through the Keflavik Airports in 2019, in addition to 24,935 from China Taiwan and 14,799 from China Hongkong.  China is the only country among the top 13 countries of foreign travellers to Iceland that has no direct flight yet. Huge increase in Chinese travellers to Iceland can be expected once the direct flight between the countries starts.
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On July 1, 2014, the Free Trade Agreement with China came into effect as the first FTA China has had with European countries. This FTA greatly improved bilateral trade structure, enlarged the product range and laid solid ground for further cooperation between the companies. Icelandic export to China almost doubled in 2015, and in 2017, China overtook Japan to become the biggest market in Asia. 

Icelandic exports to China amounted to ISK 15,914 million in 2019, the latest new historical height, making China the No. 9 market for Iceland in the world. In addition to slight increase in export value over 2018, there are notable positive developments in the exports, including continuous increase in both the value and variety of exports, decrease of the share of processing trade in the export and China as an increasingly important consuming market.  While the traditional products remain at high level, including lumpfish, sea cucumber, Greenland Halibut and food processing equipment, such new expots as fishing and fish processing equipment, software, medicare and medical products also sees great potential in China. 
Liang Ma Qiao Bei Xiao Jie Chaoyang District, Beijing Tel: 86-10-8531 6900 Fax: 86-10-6590 7801