US trade with Iceland in the 1st quarter of 2017

Published or Updated: Jul 27, 2017

The report on US foreign trade in goods with Iceland in the 1st quarter of 2017: exports, imports, balance, product types and groups, dynamics.

US Trade with Iceland

In the 1st quarter of 2017, US trade with Iceland was $144.1 million, down 22.83% ($42.6 million) from the 1st quarter of 2016.

US exports to Iceland in the 1st quarter of 2017 were $57.2 million, down 38.17% ($35.3 million) from the 1st quarter of 2016.

US imports from Iceland in the 1st quarter of 2017 were $86.8 million, down 7.76% ($7.3 million) from the 1st quarter of 2016.

US trade deficit with Iceland in the 1st quarter of 2017 was $29.6 million, a 1,764.37% increase ($28.0 million) over the 1st quarter of 2016.

Iceland was the US 106th largest trading partner in the 1st quarter of 2017 (down from 102nd in the 1st quarter of 2016), accounting for 0.0154% of US total trade (down from 0.0213% in the 1st quarter of 2016).

Iceland was the US 117th largest export market in the 1st quarter of 2017 (down from 99th in the 1st quarter of 2016), accounting for 0.0154% of US total exports (down from 0.0266% in the 1st quarter of 2016).

Iceland was the US 95th largest supplier in the 1st quarter of 2017 (down from 91st in the 1st quarter of 2016), accounting for 0.0154% of US total imports (down from 0.0178% in the 1st quarter of 2016).

US Exports to Iceland

The major share of US exports to Iceland in the 1st quarter of 2017 (and in the 1st quarter of 2016) was accounted for the following product types:

  • Machinery, equipment and vehicles (HS codes 84-90) - 42.28% of US total exports to Iceland (26.53% in the 1st quarter of 2016);
  • Chemical products (HS codes 28-40) - 8.96% of US total exports to Iceland (32.52% in the 1st quarter of 2016);
  • Food products and agricultural raw materials (HS codes 01-24) - 7.84% of US total exports to Iceland (5.38% in the 1st quarter of 2016);
  • Mineral products (HS codes 25-27) - 7.14% of US total exports to Iceland (5.30% in the 1st quarter of 2016);
  • Metals and products from them (HS codes 72-83) - 2.78% of US total exports to Iceland (1.85% in the 1st quarter of 2016);
  • Wood and wood products (HS codes 44-49) - 1.88% of US total exports to Iceland (1.47% in the 1st quarter of 2016);
  • Textiles, textile products and footwear (HS codes 50-67) - 1.24% of US total exports to Iceland (0.48% in the 1st quarter of 2016).

The largest gains in US exports to Iceland in the 1st quarter of 2017 over the 1st quarter of 2016 were recorded for the following product groups:

  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $5.1 million;
  • Vehicles other than railway or tramway rolling stock, and parts and accessories thereof (HS code 87) - an increase of $2.9 million;
  • Rubber and articles thereof (HS code 40) - an increase of $0.6 million;
  • Plastics and articles thereof (HS code 39) - an increase of $0.3 million;
  • Organic chemicals (HS code 29) - an increase of $0.3 million;
  • Miscellaneous articles of base metal (HS code 83) - an increase of $0.3 million;
  • Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof (HS code 56) - an increase of $0.2 million.

The largest declines in US exports to Iceland in the 1st quarter of 2017 over the 1st quarter of 2016 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 $26.3 million;
  • Aircraft, spacecraft, and parts thereof (HS code 88) - a decrease of $7.1 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 $1.2 million;
  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - a decrease of $0.8 million;
  • Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal (HS code 82) - a decrease of $0.6 million;
  • Arms and ammunition; parts and accessories thereof (HS code 93) - a decrease of $0.5 million;
  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - a decrease of $0.4 million;
  • Works of art, collectors’ pieces and antiques (HS code 97) - a decrease of $0.3 million;
  • Miscellaneous edible preparations (HS code 21) - a decrease of $0.2 million;
  • 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 (HS code 94) - a decrease of $0.2 million;
  • Wood and articles of wood; wood charcoal (HS code 44) - a decrease of $0.2 million;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - a decrease of $0.2 million;
  • Articles of iron or steel (HS code 73) - a decrease of $0.2 million.
US exports to Iceland in the 1st quarter of 2017 by product groups
HS
code
Name of product group Value
of exports
in Q1 2017
(USD thousand)
Share
in total export
(%)
Value
of exports
in Q1 2016
(USD thousand)
Change
in Q1 2017
over Q1 2016
(%)
01 Live animals 0.0 0.00 4.9-100.00
02 Meat and edible meat offal 135.3 0.24 59.1129.07
03 Fish and crustaceans, molluscs and other aquatic invertebrates 10.5 0.02 445.3-97.64
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 16.6 0.03 27.9-40.31
07 Edible vegetables and certain roots and tubers 353.4 0.62 384.6-8.12
08 Edible fruit and nuts; peel of citrus fruit or melons 309.9 0.54 278.411.31
09 Coffee, tea, maté and spices 66.9 0.12 43.055.45
10 Cereals 63.3 0.11 52.420.79
11 Products of the milling industry; malt; starches; inulin; wheat gluten 45.0 0.08 11.9278.67
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 91.4 0.16 2.73,247.07
13 Lac; gums, resins and other vegetable saps and extracts 9.1 0.02 0.0
14 Vegetable plaiting materials; vegetable products not elsewhere specified or included 4.4 0.01 0.0
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 57.2 0.10 129.8-55.96
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 15.7 0.03 0.0
17 Sugars and sugar confectionery 85.2 0.15 64.033.00
18 Cocoa and cocoa preparations 190.9 0.33 191.6-0.39
19 Preparations of cereals, flour, starch or milk; bakers’ wares 698.2 1.22 598.616.64
20 Preparations of vegetables, fruit, nuts or other parts of plants 313.6 0.55 412.5-23.97
21 Miscellaneous edible preparations 1,545.7 2.70 1,772.7-12.81
22 Beverages, spirits and vinegar 475.4 0.83 449.65.75
23 Residues and waste from the food industries; prepared animal feed 0.0 0.00 47.6-100.00
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 20.4 0.04 17.615.89
26 Ores, slag and ash 3.3 0.01 0.0
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 4,062.0 7.10 4,892.6-16.98
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 20.8 0.04 26,326.2-99.92
29 Organic chemicals 536.9 0.94 239.0124.65
30 Pharmaceutical products 179.9 0.31 205.0-12.21
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 72.8 0.13 39.684.17
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 454.9 0.79 458.3-0.74
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 255.6 0.45 132.892.52
35 Albuminoidal substances; modified starches; glues; enzymes 35.7 0.06 32.410.32
36 Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations 0.0 0.00 43.2-100.00
38 Miscellaneous chemical products 184.0 0.32 132.139.30
39 Plastics and articles thereof 2,114.6 3.69 1,805.717.11
40 Rubber and articles thereof 1,273.6 2.23 692.583.92
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 10.7 0.02 31.0-65.55
44 Wood and articles of wood; wood charcoal 124.5 0.22 336.0-62.94
46 Manufactures of straw, of esparto or of other plaiting materials; basketware and wickerwork 4.4 0.01 0.0
47 Pulp of wood or of other fibrous cellulosic material; waste and scrap of paper or paperboard 44.4 0.08 0.0
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 696.0 1.22 907.3-23.28
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 207.1 0.36 117.875.85
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 9.8 0.02 0.0
52 Cotton 7.0 0.01 10.6-33.91
54 Man-made filaments 0.0 0.00 9.1-100.00
55 Man-made staple fibers 19.7 0.03 22.8-13.58
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 190.6 0.33 7.62,395.76
57 Carpets and other textile floor coverings 37.4 0.07 10.1270.69
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 15.5 0.03 12.325.98
60 Knitted or crocheted fabrics 0.0 0.00 10.4-100.00
61 Articles of apparel and clothing accessories, knitted or crocheted 110.2 0.19 73.949.02
62 Articles of apparel and clothing accessories, not knitted or crocheted 89.9 0.16 46.393.96
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 51.2 0.09 8.3517.31
64 Footwear, gaiters and the like; parts of such articles 169.6 0.30 216.9-21.79
65 Headgear and parts thereof 7.4 0.01 14.2-47.98
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 153.1 0.27 96.059.45
69 Ceramic products 30.9 0.05 23.929.19
70 Glass and glassware 45.3 0.08 28.558.68
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 10.8 0.02 55.2-80.51
72 Iron and steel 80.2 0.14 9.8717.14
73 Articles of iron or steel 602.7 1.05 812.6-25.83
74 Copper and articles thereof 50.5 0.09 0.0
75 Nickel and articles thereof 99.4 0.17 0.0
76 Aluminum and articles thereof 217.4 0.38 61.6252.70
81 Other base metals; cermets; articles thereof 20.8 0.04 0.0
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 227.5 0.40 800.2-71.58
83 Miscellaneous articles of base metal 295.5 0.52 30.6866.38
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 7,333.6 12.81 2,234.9228.14
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 2,315.0 4.04 3,499.3-33.84
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 3,683.9 6.44 768.1379.64
88 Aircraft, spacecraft, and parts thereof 8,305.3 14.51 15,444.4-46.22
89 Ships, boats and floating structures 10.0 0.02 0.0
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 2,550.9 4.46 2,609.9-2.26
91 Clocks and watches and parts thereof 14.2 0.02 31.0-54.13
92 Musical instruments; parts and accessories of such articles 48.6 0.08 29.763.72
93 Arms and ammunition; parts and accessories thereof 54.9 0.10 568.6-90.34
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 338.0 0.59 549.7-38.52
95 Toys, games and sports requisites; parts and accessories thereof 434.0 0.76 526.0-17.49
96 Miscellaneous manufactured articles 76.4 0.13 74.03.20
97 Works of art, collectors’ pieces and antiques 194.3 0.34 462.1-57.95

US Imports from Iceland

The major share of US imports from Iceland in the 1st quarter of 2017 (and in the 1st quarter of 2016) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 64.01% of US total imports from Iceland (71.05% in the 1st quarter of 2016);
  • Machinery, equipment and vehicles (HS codes 84-90) - 23.97% of US total imports from Iceland (18.10% in the 1st quarter of 2016);
  • Metals and products from them (HS codes 72-83) - 6.68% of US total imports from Iceland (5.15% in the 1st quarter of 2016);
  • Chemical products (HS codes 28-40) - 1.53% of US total imports from Iceland (1.34% in the 1st quarter of 2016).

The largest gains in US imports from Iceland in the 1st quarter of 2017 over the 1st quarter of 2016 were recorded for the following product groups:

  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - an increase of $2.9 million;
  • Iron and steel (HS code 72) - an increase of $0.9 million;
  • Beverages, spirits and vinegar (HS code 22) - an increase of $0.7 million;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $0.6 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 $0.3 million.

The largest declines in US imports from Iceland in the 1st quarter of 2017 over the 1st quarter of 2016 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - a decrease of $10.9 million;
  • Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder (HS code 12) - a decrease of $0.5 million;
  • Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes (HS code 15) - a decrease of $0.5 million;
  • Pharmaceutical products (HS code 30) - a decrease of $0.4 million.
US imports from Iceland in the 1st quarter of 2017 by product groups
HS
code
Name of product group Value
of imports
in Q1 2017
(USD thousand)
Share
in total import
(%)
Value
of imports
in Q1 2016
(USD thousand)
Change
in Q1 2017
over Q1 2016
(%)
01 Live animals 90.3 0.10 0.0
02 Meat and edible meat offal 73.5 0.08 10.1625.22
03 Fish and crustaceans, molluscs and other aquatic invertebrates 45,169.7 52.01 56,114.0-19.50
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 300.9 0.35 156.891.93
05 Products of animal origin, not elsewhere specified or included 792.0 0.91 1,006.5-21.31
06 Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage 12.0 0.01 0.0
07 Edible vegetables and certain roots and tubers 0.0 0.00 36.6-100.00
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 144.4 0.17 669.2-78.43
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 3,055.4 3.52 3,541.4-13.72
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 1,350.3 1.55 1,351.7-0.10
18 Cocoa and cocoa preparations 17.5 0.02 155.3-88.76
19 Preparations of cereals, flour, starch or milk; bakers’ wares 0.0 0.00 34.9-100.00
20 Preparations of vegetables, fruit, nuts or other parts of plants 17.0 0.02 0.0
22 Beverages, spirits and vinegar 4,510.8 5.19 3,770.419.64
23 Residues and waste from the food industries; prepared animal feed 58.3 0.07 49.817.21
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 40.6 0.05 9.7318.68
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 451.6 0.52 262.372.17
29 Organic chemicals 4.5 0.01 0.0
30 Pharmaceutical products 11.7 0.01 459.7-97.45
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 189.1 0.22 0.0
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 81.5 0.09 26.5207.28
38 Miscellaneous chemical products 0.0 0.00 5.2-100.00
39 Plastics and articles thereof 587.6 0.68 505.516.23
40 Rubber and articles thereof 0.0 0.00 1.2-100.00
41 Raw hides and skins (other than furskins) and leather 0.0 0.00 1.7-100.00
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 4.6 0.01 3.053.26
43 Furskins and artificial fur; manufactures thereof 17.6 0.02 1.41,179.17
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 11.9 0.01 13.3-10.47
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 146.8 0.17 37.2294.51
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 22.1 0.03 25.4-12.73
53 Other vegetable textile fibers; paper yarn and woven fabric of paper yarn 1.9 0.00 0.0
55 Man-made staple fibers 0.9 0.00 0.0
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 30.7 0.04 24.326.06
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 0.0 0.00 15.4-100.00
61 Articles of apparel and clothing accessories, knitted or crocheted 0.4 0.00 0.0
62 Articles of apparel and clothing accessories, not knitted or crocheted 0.4 0.00 1.3-68.33
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 5.6 0.01 1.0474.16
64 Footwear, gaiters and the like; parts of such articles 1.9 0.00 13.9-86.16
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 0.0 0.00 15.7-100.00
69 Ceramic products 0.0 0.00 8.1-100.00
70 Glass and glassware 0.0 0.00 5.5-100.00
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 101.2 0.12 6.51,454.69
72 Iron and steel 5,514.9 6.35 4,622.219.32
73 Articles of iron or steel 24.1 0.03 141.8-83.00
76 Aluminum and articles thereof 11.2 0.01 65.6-82.87
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 7.6 0.01 6.320.21
83 Miscellaneous articles of base metal 244.8 0.28 16.31,404.07
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 3,191.5 3.67 2,555.624.88
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 1,194.5 1.38 930.828.34
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 16.3 0.02 0.0
88 Aircraft, spacecraft, and parts thereof 0.0 0.00 93.9-100.00
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 16,413.0 18.90 13,465.821.89
91 Clocks and watches and parts thereof 12.2 0.01 6.684.22
92 Musical instruments; parts and accessories of such articles 0.0 0.00 107.1-100.00
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 31.9 0.04 62.4-48.83
95 Toys, games and sports requisites; parts and accessories thereof 10.8 0.01 9.019.42
97 Works of art, collectors’ pieces and antiques 683.6 0.79 456.749.71
Compiled by «US-EXPORT–IMPORT» based on the statistics of the US Department of Commerce