Last Updated on March 6, 2021 by Oddmund Groette
Iceland like other Nordic countries has a mixed economy, but it is more volatile than others. The economy involves heavy government involvement and great levels of free trade. But still, compared to other Nordic countries, government consumption is still less.
In terms of trading, marine goods take up the majority of goods exports, with other significant exports like software, ferrosilicon alloys, woolen goods, aluminum, machinery, and electronic equipment meant for the fishing industry. The majority of Iceland’s export goods deals with the European Union and European Free Trade Association (EFTA) countries. One of the most significant industries in Iceland is fishing which constitutes 40% of its export income and employs 7% of the workforce. Hence, the global prices of fish products contribute to the sensitivity of the economy.
Iceland’s major imports are dealt with foodstuffs, machinery, and equipment, textiles, and petroleum products with cement being its highest imported product. Its primary import partner is Germany right before the United States, Denmark, and Norway. It is also observed that imports of products like uncooked meat is vastly restricted for phytosanitary reasons, while agricultural products face relatively high tariffs.
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American Depositary Receipt (ADR) is a debatable tool for securities given by a US bank or an intermediary, representing a specific measure of share in a global association. However, it is listed and can be exchanged in the USA. With ADRs delivering profit in US dollars, and it is exchanged like typical stocks, organizations presently have the advantage of purchasing unfamiliar stocks in bounty with the freedom of utilizing them on the US trades.
ADRs can be discovered trading on Nasdaq, NYSE, Amex and can be additionally exchanged on OTC ( Over-the-Counter). Before the emergence of ADRs, American Investors had no option and were limited to purchase shares on a foreign exchange, which included additional cost over money trade and contrasts in unfamiliar purview and guideline. Without a US presence, it was less secure for financial specialists to put their cash on unfamiliar organizations.
No listed Iceland ADRs on NYSE/Nasdaq