Sep 3 (LTIT) –The economy of Iceland is small and subject to high volatility. After a period of robust growth, Iceland's economy is slowing down according to an economic outlook for the years 2018–2020 published by Arion Research in April 2018. Iceland has a mixed economy with high levels of free trade and government intervention. Tourism, aluminium smelting, and fishing are the pillars of the economy. For decades the Icelandic economy depended heavily on fisheries, but tourism has now surpassed fishing and aluminium as Iceland's main export industry.

Iceland’s import of aluminium cans during 2017-19 has showcased constant growth, as the export volume recorded during the phase was 3003 tonnes with the expenditures occurred remained at $18.65 million. The projected import for 2020 has been marked at 1553 tonnes and expenditures to stand at $7 million. However, when the 2020 import volume and expenditure gets summed with the previous three years it reflects 4556 tonnes and $25.65 million respectively.

In 2017, the importation of aluminium cans for Iceland has been recorded at 459 tonnes and expenditures stood at $3.42 million, whereas in 2018 the aluminium cans import grew by 125.27%, as the import volume surged to 1034 tonnes and expenditures also stood high at $7.78 million.

The Nordic island nation’s importation of aluminium cans in 2019 was also recorded with growth by 46.03%, as the import volume stood at 1510 tonnes, while expenditures reduced to $7.45 million.

Aluminium cans import for 2020 has been estimated with a marginal growth of 2.76%, as the import volume to extend at 1553 tonnes and expenditures again to further drop and remain at $7 million.

Iceland’s major trading nations for the importation of aluminium cans are Denmark, Germany, Poland, Netherlands, UK, Sweden, etc.