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Period: to
Denmark bought Icelandic fish at low price
The Danish king maintained a monopoly in trade with Iceland from 1602 until 1855, which made the price of fish artificially low. -
Denmark Trade Monopoly in Fisheries ended
Although the trade monopoly ended in 1787, Icelanders could not trade freely with other countries until 1855. Following trade liberalisation, there was a substantial increase in fish exports. -
Fisheries sector started to develop
The fisheries sector in Iceland grew with the expansion of Icelandic sailing smacks, which provided an intermediate stage between the traditional and modern technology. -
Mechanization of the Fisheries
The first motorised fishing vessel was invented. Though few engines have been installed before, mechanization of the fisheries got under way about 1905. -
Fishing replaced agriculture as Iceland's main industry
Iceland exported fresh fish to Britain and salted cod to southern Europe, with Portugal an important export market. Fishing replaced agriculture as the country’s main industry. These developments set the stage for the urbanisation that was to follow in the twentieth century. -
Fisheries takes up 42% of total export
Fisheries was an overwhelming share of the value of Iceland's exports in the early 20th century. -
Iceland became a leading fishing nation
Iceland is in the 19th place among leading fishing nations in
the world, with 1.2 % of the total world's catch. -
The fishing seafood industry contributed 11% to the GDP
The Fishing industry become one of the key industries in Iceland,
and directly employs around 9000 people, or approx. 5.3% of
the total workforce.