Viðskipti

Viðskipti is the Icelandic term for trade or commerce, referring to the activities involved in the exchange of goods and services between individuals, firms, and countries. It encompasses buying and selling, wholesale and retail distribution, and the arrangements of logistics, finance, and information that enable markets to operate.

The word viðskipti is formed from the prefix við- and the verb skipta, meaning to exchange or to divide. In everyday Icelandic, it is used in legal, economic, and business contexts to denote commercial activity and transactions.

Domestic viðskipti covers local markets, supply chains, consumer transactions, and business-to-business activities within Iceland. International viðskipti refers to cross-border trade, import and export, currency exchange, and the policies and agreements that govern such exchanges, including customs and trade agreements. E-commerce and digital platforms are now central to both domestic and international trade.

Trade activity is influenced by government policy, competition law, consumer protection, taxation, and infrastructure. Globalization has increased the scale and complexity of viðskipti, with multinational supply chains, financial markets, and online marketplaces connecting Iceland with other economies.

Historically, Iceland's geography and resources shaped its trade patterns, with fishing products and energy-intensive industries playing a significant role in exports and imports. Today, services, tourism, and digital commerce are important complements to traditional goods.