Due to the free trade agreement between Iceland and China which became active last summer prices for imported Chinese fireworks will remain the same as last year despite higher prices in China as well as higher transport expenses.

Hundreds of tons of fireworks are used on New Year's Eve in Iceland each year to celebrate the new year and say farewell to the old one. The fireworks are being sold by Search and Rescue teams in Iceland for fund raising as well as private companies and bought by families and individuals. Large groups of foreign tourists visit Iceland every year around New Year's Eve to watch first hand the amazing show when fireworks lid the entire sky over the capital city of Reykjavík and nearby towns.

The Iceland-China free trade agreement was singed in 2013 and became formally active last summer. It is the first free trade deal between China and a European country.