US trade (export - import) with Iceland in 2018

Published or Updated: Jun 10, 2019

The report on US foreign trade in goods with Iceland in 2018: exports, imports, balance, product types and groups, dynamics.

US Trade with Iceland

In 2018, US trade with Iceland totaled $1,129.0 million, up 34.91% ($292.2 million) from 2017.

US exports to Iceland in 2018 totaled $668.0 million, up 68.36% ($271.2 million) from 2017.

US imports from Iceland in 2018 totaled $461.0 million, up 4.76% ($20.9 million) from 2017.

US trade balance with Iceland went from a deficit of $43.3 million in 2017, to a surplus of $207.0 million in 2018.

Iceland was the US 95th largest trading partner in 2018 (up from 102nd in 2017), accounting for 0.0264% of US total trade (up from 0.0212% in 2017).

Iceland was the US 88th largest export market in 2018 (up from 102nd in 2017), accounting for 0.0401% of US total exports (up from 0.0257% in 2017).

Iceland was the US 97th largest supplier in 2018 (down from 95th in 2017), accounting for 0.0176% of US total imports (down from 0.0183% in 2017).

US Exports to Iceland

The major share of US exports to Iceland in 2018 (and in 2017) was accounted for the following product types:

  • Machinery, equipment and vehicles (HS codes 84-90) - 42.93% of US total exports to Iceland (26.17% in 2017);
  • Mineral products (HS codes 25-27) - 28.36% of US total exports to Iceland (21.57% in 2017);
  • Food products and agricultural raw materials (HS codes 01-24) - 4.04% of US total exports to Iceland (6.71% in 2017);
  • Chemical products (HS codes 28-40) - 3.24% of US total exports to Iceland (10.73% in 2017);
  • Metals and products from them (HS codes 72-83) - 0.84% of US total exports to Iceland (1.16% in 2017);
  • Wood and wood products (HS codes 44-49) - 0.45% of US total exports to Iceland (1.10% in 2017).

The largest gains in US exports to Iceland in 2018 over 2017 were recorded for the following product groups:

  • Aircraft, spacecraft, and parts thereof (HS code 88) - an increase of $170.3 million;
  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - an increase of $103.8 million;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - an increase of $6.8 million;
  • Commodities not specified according to kind (HS code 99) - an increase of $5.4 million;
  • Vehicles other than railway or tramway rolling stock, and parts and accessories thereof (HS code 87) - an increase of $4.4 million;
  • Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles (HS code 85) - an increase of $3.3 million;
  • Prepared feathers and down and articles made of feathers or of down; artificial flowers; articles of human hair (HS code 67) - an increase of $2.0 million.

The largest declines in US exports to Iceland in 2018 over 2017 were recorded for the following product groups:

  • Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes (HS code 28) - a decrease of $20.5 million;
  • Ships, boats and floating structures (HS code 89) - a decrease of $2.2 million;
  • Toys, games and sports requisites; parts and accessories thereof (HS code 95) - a decrease of $2.2 million.
US exports to Iceland in 2018 by product groups
HS
code
Name of product group Value
of exports
in 2018
(USD thousand)
Share
in total export
(%)
Value
of exports
in 2017
(USD thousand)
Change
in 2018
over 2017
(%)
01 Live animals 0.0 0.00 2.6-100.00
02 Meat and edible meat offal 856.8 0.13 887.9-3.51
03 Fish and crustaceans, molluscs and other aquatic invertebrates 1,509.8 0.23 495.1204.97
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 111.4 0.02 54.7103.86
07 Edible vegetables and certain roots and tubers 1,279.4 0.19 1,434.7-10.83
08 Edible fruit and nuts; peel of citrus fruit or melons 5,029.0 0.75 5,434.5-7.46
09 Coffee, tea, maté and spices 258.7 0.04 462.5-44.07
10 Cereals 726.9 0.11 546.333.07
11 Products of the milling industry; malt; starches; inulin; wheat gluten 142.2 0.02 156.5-9.11
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 205.4 0.03 248.3-17.28
13 Lac; gums, resins and other vegetable saps and extracts 0.0 0.00 30.8-100.00
14 Vegetable plaiting materials; vegetable products not elsewhere specified or included 0.0 0.00 4.4-100.00
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 710.8 0.11 356.299.54
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 100.2 0.02 98.12.24
17 Sugars and sugar confectionery 486.6 0.07 455.66.81
18 Cocoa and cocoa preparations 907.9 0.14 897.21.20
19 Preparations of cereals, flour, starch or milk; bakers’ wares 3,184.6 0.48 2,865.711.13
20 Preparations of vegetables, fruit, nuts or other parts of plants 2,201.4 0.33 1,968.611.82
21 Miscellaneous edible preparations 7,717.4 1.16 8,691.5-11.21
22 Beverages, spirits and vinegar 1,248.5 0.19 1,273.8-1.99
23 Residues and waste from the food industries; prepared animal feed 290.3 0.04 243.519.22
24 Tobacco and manufactured tobacco substitutes 7.9 0.00 10.7-26.31
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 80.2 0.01 58.237.78
26 Ores, slag and ash 7.1 0.00 3.3112.63
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 189,376.8 28.35 85,532.0121.41
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 83.7 0.01 20,540.5-99.59
29 Organic chemicals 1,506.8 0.23 2,276.6-33.81
30 Pharmaceutical products 1,464.1 0.22 1,189.223.12
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 642.1 0.10 189.1239.56
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 2,338.0 0.35 2,757.1-15.20
34 Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modeling pastes, "dental waxes" and dental preparations with a basis of plaster 1,018.0 0.15 1,331.7-23.55
35 Albuminoidal substances; modified starches; glues; enzymes 853.5 0.13 123.7589.91
36 Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations 19.2 0.00 25.6-25.00
37 Photographic or cinematographic goods 4.5 0.00 3.240.99
38 Miscellaneous chemical products 4,149.7 0.62 4,292.8-3.33
39 Plastics and articles thereof 6,298.7 0.94 6,032.34.42
40 Rubber and articles thereof 3,249.2 0.49 3,825.4-15.06
41 Raw hides and skins (other than furskins) and leather 5.7 0.00 2.6120.09
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 169.6 0.03 174.8-2.94
43 Furskins and artificial fur; manufactures thereof 6.3 0.00 0.0
44 Wood and articles of wood; wood charcoal 673.0 0.10 722.1-6.80
46 Manufactures of straw, of esparto or of other plaiting materials; basketware and wickerwork 0.0 0.00 4.4-100.00
47 Pulp of wood or of other fibrous cellulosic material; waste and scrap of paper or paperboard 46.3 0.01 44.44.37
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 1,820.5 0.27 2,886.3-36.93
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 471.9 0.07 696.2-32.21
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 3.1 0.00 9.8-68.00
52 Cotton 8.3 0.00 32.4-74.49
54 Man-made filaments 0.0 0.00 15.0-100.00
55 Man-made staple fibers 58.2 0.01 66.4-12.41
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 396.0 0.06 401.8-1.44
57 Carpets and other textile floor coverings 41.0 0.01 56.5-27.47
58 Special woven fabrics; tufted textile fabrics; lace, tapestries; trimmings; embroidery 6.8 0.00 6.80.21
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 115.9 0.02 264.9-56.26
60 Knitted or crocheted fabrics 9.9 0.00 4.999.78
61 Articles of apparel and clothing accessories, knitted or crocheted 309.6 0.05 435.8-28.96
62 Articles of apparel and clothing accessories, not knitted or crocheted 251.8 0.04 276.9-9.06
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 139.1 0.02 164.8-15.59
64 Footwear, gaiters and the like; parts of such articles 412.8 0.06 756.8-45.46
65 Headgear and parts thereof 17.5 0.00 47.3-62.99
67 Prepared feathers and down and articles made of feathers or of down; artificial flowers; articles of human hair 2,036.8 0.30 24.88,122.54
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 1,075.1 0.16 880.422.12
69 Ceramic products 98.7 0.01 74.432.67
70 Glass and glassware 801.9 0.12 1,214.9-33.99
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 158.8 0.02 459.4-65.44
72 Iron and steel 721.5 0.11 342.7110.55
73 Articles of iron or steel 2,128.2 0.32 1,815.717.21
74 Copper and articles thereof 50.6 0.01 153.8-67.07
75 Nickel and articles thereof 137.3 0.02 157.2-12.63
76 Aluminum and articles thereof 1,120.5 0.17 694.961.25
79 Zinc and articles thereof 0.0 0.00 21.2-100.00
80 Tin and articles thereof 0.0 0.00 3.0-100.00
81 Other base metals; cermets; articles thereof 110.1 0.02 39.4179.77
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 607.9 0.09 722.3-15.84
83 Miscellaneous articles of base metal 729.8 0.11 672.18.59
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 21,458.9 3.21 21,081.21.79
85 Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles 20,993.2 3.14 17,721.018.47
86 Railway or tramway locomotives, rolling-stock and parts thereof; railway or tramway track fixtures and fittings and parts thereof; mechanical (including electro-mechanical) traffic signalling equipment of all kinds 29.1 0.00 41.4-29.62
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 16,302.0 2.44 11,901.236.98
88 Aircraft, spacecraft, and parts thereof 199,041.8 29.80 28,714.8593.17
89 Ships, boats and floating structures 500.2 0.07 2,722.3-81.62
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 28,452.2 4.26 21,659.231.36
91 Clocks and watches and parts thereof 97.2 0.01 88.210.11
92 Musical instruments; parts and accessories of such articles 1,019.8 0.15 390.1161.39
93 Arms and ammunition; parts and accessories thereof 457.3 0.07 364.425.50
94 Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated sign illuminated nameplates and the like; prefabricated buildings 2,343.5 0.35 1,931.021.37
95 Toys, games and sports requisites; parts and accessories thereof 3,221.8 0.48 5,379.7-40.11
96 Miscellaneous manufactured articles 156.0 0.02 218.1-28.47
97 Works of art, collectors’ pieces and antiques 3,132.5 0.47 2,767.313.20
99 Commodities not specified according to kind 118,007.0 17.67 112,656.54.75

US Imports from Iceland

The major share of US imports from Iceland in 2018 (and in 2017) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 67.80% of US total imports from Iceland (61.08% in 2017);
  • Machinery, equipment and vehicles (HS codes 84-90) - 20.91% of US total imports from Iceland (21.99% in 2017);
  • Metals and products from them (HS codes 72-83) - 3.98% of US total imports from Iceland (5.69% in 2017);
  • Chemical products (HS codes 28-40) - 2.02% of US total imports from Iceland (1.81% in 2017).

The largest gains in US imports from Iceland in 2018 over 2017 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $34.4 million;
  • Beverages, spirits and vinegar (HS code 22) - an increase of $7.4 million;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - an increase of $4.3 million.

The largest declines in US imports from Iceland in 2018 over the 2017 were recorded for the following product groups:

  • Commodities not specified according to kind (HS code 99) - a decrease of $16.7 million;
  • Iron and steel (HS code 72) - a decrease of $7.2 million;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - a decrease of $2.8 million;
  • Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles (HS code 85) - a decrease of $1.8 million.
US imports from Iceland in 2018 by product groups
HS
code
Name of product group Value
of imports
in 2018
(USD thousand)
Share
in total import
(%)
Value
of imports
in 2017
USD thousand)
Change
in 2018
over 2017
(%)
01 Live animals 174.3 0.04 316.8-45.00
02 Meat and edible meat offal 3,600.7 0.78 3,115.815.56
03 Fish and crustaceans, molluscs and other aquatic invertebrates 248,302.3 53.86 213,854.216.11
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 73.9 0.02 337.8-78.12
05 Products of animal origin, not elsewhere specified or included 6,284.9 1.36 7,364.5-14.66
06 Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage 0.0 0.00 46.9-100.00
09 Coffee, tea, maté and spices 0.0 0.00 4.9-100.00
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 3,982.6 0.86 3,402.017.07
13 Lac; gums, resins and other vegetable saps and extracts 36.9 0.01 0.0
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 13,653.6 2.96 12,531.88.95
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 6,362.0 1.38 5,461.416.49
17 Sugars and sugar confectionery 0.0 0.00 50.1-100.00
18 Cocoa and cocoa preparations 906.8 0.20 767.018.22
20 Preparations of vegetables, fruit, nuts or other parts of plants 0.0 0.00 17.0-100.00
21 Miscellaneous edible preparations 288.3 0.06 199.944.25
22 Beverages, spirits and vinegar 28,305.3 6.14 20,952.335.09
23 Residues and waste from the food industries; prepared animal feed 565.5 0.12 348.662.22
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 982.1 0.21 1,031.1-4.75
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 51.8 0.01 0.0
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 3,577.7 0.78 3,329.77.45
29 Organic chemicals 79.8 0.02 289.0-72.40
30 Pharmaceutical products 139.3 0.03 229.2-39.25
31 Fertilizers 0.0 0.00 6.5-100.00
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 1,438.1 0.31 294.3388.65
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 1,018.9 0.22 470.6116.49
34 Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modeling pastes, "dental waxes" and dental preparations with a basis of plaster 9.6 0.00 10.2-5.17
35 Albuminoidal substances; modified starches; glues; enzymes 380.0 0.08 8.04,628.99
38 Miscellaneous chemical products 165.4 0.04 642.4-74.25
39 Plastics and articles thereof 2,491.1 0.54 2,647.2-5.89
40 Rubber and articles thereof 34.3 0.01 37.1-7.47
41 Raw hides and skins (other than furskins) and leather 74.9 0.02 45.166.24
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 41.2 0.01 52.7-21.79
43 Furskins and artificial fur; manufactures thereof 69.8 0.02 47.746.23
44 Wood and articles of wood; wood charcoal 3.9 0.00 0.0
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 44.2 0.01 75.9-41.75
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 283.8 0.06 509.3-44.29
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 172.4 0.04 156.610.08
53 Other vegetable textile fibers; paper yarn and woven fabric of paper yarn 0.0 0.00 1.9-100.00
55 Man-made staple fibers 1.0 0.00 1.3-25.83
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 301.1 0.07 126.6137.81
58 Special woven fabrics; tufted textile fabrics; lace, tapestries; trimmings; embroidery 2.9 0.00 0.0
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 2.2 0.00 3.6-37.19
61 Articles of apparel and clothing accessories, knitted or crocheted 31.4 0.01 63.4-50.50
62 Articles of apparel and clothing accessories, not knitted or crocheted 27.6 0.01 11.5140.38
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 295.3 0.06 451.2-34.56
64 Footwear, gaiters and the like; parts of such articles 58.8 0.01 18.0227.30
65 Headgear and parts thereof 6.9 0.00 9.2-24.97
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 55.8 0.01 15.3263.53
69 Ceramic products 50.2 0.01 8.8469.07
70 Glass and glassware 34.3 0.01 57.8-40.62
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 211.4 0.05 823.5-74.32
72 Iron and steel 15,371.6 3.33 22,590.6-31.96
73 Articles of iron or steel 139.0 0.03 154.7-10.12
76 Aluminum and articles thereof 2,810.9 0.61 1,945.244.51
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 33.2 0.01 70.8-53.13
83 Miscellaneous articles of base metal 4.6 0.00 271.5-98.30
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 17,710.1 3.84 20,530.2-13.74
85 Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles 3,616.5 0.78 5,459.5-33.76
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 231.9 0.05 182.227.25
88 Aircraft, spacecraft, and parts thereof 43.3 0.01 59.2-26.92
89 Ships, boats and floating structures 1,081.7 0.23 1,170.0-7.55
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 73,706.1 15.99 69,375.96.24
91 Clocks and watches and parts thereof 43.1 0.01 45.3-4.76
92 Musical instruments; parts and accessories of such articles 0.0 0.00 5.1-100.00
94 Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated sign illuminated nameplates and the like; prefabricated buildings 351.0 0.08 262.833.56
95 Toys, games and sports requisites; parts and accessories thereof 217.3 0.05 131.065.86
96 Miscellaneous manufactured articles 15.6 0.00 0.0
97 Works of art, collectors’ pieces and antiques 1,415.7 0.31 1,381.82.45
99 Commodities not specified according to kind 19,516.5 4.23 36,172.2-46.05
td
Compiled by «US-EXPORT–IMPORT» based on the statistics of the US Department of Commerce