US trade with Iceland in the 2nd quarter of 2017

Published or Updated: Sep 12, 2017

The report on US foreign trade in goods with Iceland in the 2nd quarter of 2017: exports, imports, balance, product types and groups, dynamics.

US Trade with Iceland

In the 2nd quarter of 2017, US trade with Iceland was $226.4 million, down 14.02% ($36.9 million) from the 2nd quarter of 2016.

US exports to Iceland in the 2nd quarter of 2017 were $115.9 million, down 28.96% ($47.2 million) from the 2nd quarter of 2016.

US imports from Iceland in the 2nd quarter of 2017 totaled $110.6 million, up 10.29% ($10.3 million) from the 2nd quarter of 2016.

US trade surplus with Iceland in the 2nd quarter of 2017 was $5.3 million, a 91.59% decrease ($57.5 million) over the 2nd quarter of 2016.

Iceland was the US 98th largest trading partner in the 2nd quarter of 2017 (down from 94th in the 2nd quarter of 2016), accounting for 0.0230% of US total trade (down from 0.0285% in the 2nd quarter of 2016).

Iceland was the US 99th largest export market in the 2nd quarter of 2017 (down from 87th in the 2nd quarter of 2016), accounting for 0.0301% of US total exports (down from 0.0449% in the 2nd quarter of 2016).

Iceland was the US 92nd largest supplier in the 2nd quarter of 2017 (up from 93rd in the 2nd quarter of 2016), accounting for 0.0184% of US total imports (up from 0.0178% in the 2nd quarter of 2016).

US Exports to Iceland

The major share of US exports to Iceland in the 2nd quarter of 2017 (and in the 2nd quarter of 2016) was accounted for the following product types:

  • Machinery, equipment and vehicles (HS codes 84-90) - 21.84% of US total exports to Iceland (24.00% in the 2nd quarter of 2016);
  • Mineral products (HS codes 25-27) - 21.51% of US total exports to Iceland (15.18% in the 2nd quarter of 2016);
  • Chemical products (HS codes 28-40) - 12.60% of US total exports to Iceland (32.84% in the 2nd quarter of 2016);
  • Food products and agricultural raw materials (HS codes 01-24) - 6.63% of US total exports to Iceland (4.12% in the 2nd quarter of 2016);
  • Metals and products from them (HS codes 72-83) - 1.11% of US total exports to Iceland (0.68% in the 2nd quarter of 2016).

The largest gains in US exports to Iceland in the 2nd quarter of 2017 over the 2nd quarter of 2016 were recorded for the following product groups:

  • Ships, boats and floating structures (HS code 89) - an increase of $2.6 million;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $1.1 million;
  • Edible fruit and nuts; peel of citrus fruit or melons (HS code 08) - an increase of $0.8 million;
  • Miscellaneous chemical products (HS code 38) - an increase of $0.7 million.

The largest declines in US exports to Iceland in the 2nd quarter of 2017 over the 2nd 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 $19.7 million;
  • Pharmaceutical products (HS code 30) - a decrease of $19.6 million;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - a decrease of $9.5 million;
  • Aircraft, spacecraft, and parts thereof (HS code 88) - a decrease of $7.6 million;
  • Plastics and articles thereof (HS code 39) - a decrease of $0.8 million;
  • Vehicles other than railway or tramway rolling stock, and parts and accessories thereof (HS code 87) - a decrease of $0.5 million.
US exports to Iceland in the 2nd quarter of 2017 by product groups
HS
code
Name of product group Value
of exports
in Q2 2017
(USD thousand)
Share
in total export
(%)
Value
of exports
in Q2 2016
(USD thousand)
Change
in Q2 2017
over Q2 2016
(%)
01 Live animals 0.0 0.00 2.6-100.00
02 Meat and edible meat offal 352.3 0.30 134.3162.43
03 Fish and crustaceans, molluscs and other aquatic invertebrates 123.1 0.11 43.6182.08
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 15.3 0.01 12.819.69
07 Edible vegetables and certain roots and tubers 371.1 0.32 542.7-31.62
08 Edible fruit and nuts; peel of citrus fruit or melons 1,247.5 1.08 452.7175.54
09 Coffee, tea, maté and spices 315.9 0.27 105.2200.31
10 Cereals 157.5 0.14 104.950.05
11 Products of the milling industry; malt; starches; inulin; wheat gluten 29.7 0.03 44.2-32.89
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 85.9 0.07 13.4543.34
13 Lac; gums, resins and other vegetable saps and extracts 7.2 0.01 3.0140.34
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 67.7 0.06 101.0-32.93
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 71.5 0.06 0.0
17 Sugars and sugar confectionery 106.9 0.09 193.2-44.64
18 Cocoa and cocoa preparations 181.8 0.16 278.2-34.66
19 Preparations of cereals, flour, starch or milk; bakers’ wares 898.6 0.78 811.810.69
20 Preparations of vegetables, fruit, nuts or other parts of plants 551.4 0.48 662.4-16.76
21 Miscellaneous edible preparations 2,760.5 2.38 3,022.1-8.66
22 Beverages, spirits and vinegar 242.7 0.21 171.541.54
23 Residues and waste from the food industries; prepared animal feed 91.4 0.08 11.4703.14
24 Tobacco and manufactured tobacco substitutes 0.0 0.00 5.0-100.00
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 8.5 0.01 10.2-17.00
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 24,909.1 21.50 24,746.20.66
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 9,616.8 8.30 29,312.8-67.19
29 Organic chemicals 537.9 0.46 413.030.23
30 Pharmaceutical products 564.3 0.49 20,141.6-97.20
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 58.9 0.05 23.8147.57
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 730.2 0.63 531.237.46
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 328.9 0.28 260.326.37
35 Albuminoidal substances; modified starches; glues; enzymes 31.1 0.03 16.588.78
36 Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations 0.0 0.00 6.9-100.00
37 Photographic or cinematographic goods 3.2 0.00 0.0
38 Miscellaneous chemical products 793.4 0.68 68.61,056.15
39 Plastics and articles thereof 1,419.4 1.23 2,229.6-36.34
40 Rubber and articles thereof 511.7 0.44 555.8-7.94
41 Raw hides and skins (other than furskins) and leather 2.6 0.00 0.0
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 42.7 0.04 21.797.27
43 Furskins and artificial fur; manufactures thereof 0.0 0.00 4.2-100.00
44 Wood and articles of wood; wood charcoal 178.2 0.15 174.22.31
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 858.0 0.74 735.316.69
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 113.4 0.10 156.8-27.71
52 Cotton 4.5 0.00 15.8-71.33
55 Man-made staple fibers 22.9 0.02 16.737.51
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 147.6 0.13 113.230.35
57 Carpets and other textile floor coverings 3.6 0.00 13.9-73.77
58 Special woven fabrics; tufted textile fabrics; lace, tapestries; trimmings; embroidery 6.8 0.01 0.0
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 39.5 0.03 11.6242.04
60 Knitted or crocheted fabrics 0.0 0.00 5.4-100.00
61 Articles of apparel and clothing accessories, knitted or crocheted 57.7 0.05 101.3-43.01
62 Articles of apparel and clothing accessories, not knitted or crocheted 66.0 0.06 63.63.82
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 33.3 0.03 31.55.77
64 Footwear, gaiters and the like; parts of such articles 74.0 0.06 6.21,088.01
65 Headgear and parts thereof 18.1 0.02 15.517.34
67 Prepared feathers and down and articles made of feathers or of down; artificial flowers; articles of human hair 0.0 0.00 3.2-100.00
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 268.0 0.23 191.040.30
69 Ceramic products 10.2 0.01 9.92.71
70 Glass and glassware 52.7 0.05 47.510.93
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 165.8 0.14 149.410.98
72 Iron and steel 102.7 0.09 74.338.21
73 Articles of iron or steel 541.2 0.47 471.914.69
74 Copper and articles thereof 12.2 0.01 0.0
75 Nickel and articles thereof 36.0 0.03 26.337.28
76 Aluminum and articles thereof 252.0 0.22 250.60.57
79 Zinc and articles thereof 17.9 0.02 0.0
81 Other base metals; cermets; articles thereof 0.0 0.00 7.9-100.00
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 233.7 0.20 239.3-2.34
83 Miscellaneous articles of base metal 95.2 0.08 42.8122.51
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 3,923.0 3.39 2,815.839.32
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 2,509.4 2.17 2,374.65.68
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 0.0 0.00 3.6-100.00
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 2,930.3 2.53 3,462.9-15.38
88 Aircraft, spacecraft, and parts thereof 7,676.6 6.63 15,319.9-49.89
89 Ships, boats and floating structures 2,685.7 2.32 59.34,432.42
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 5,573.7 4.81 15,098.3-63.08
91 Clocks and watches and parts thereof 36.7 0.03 0.0
92 Musical instruments; parts and accessories of such articles 140.1 0.12 104.933.56
93 Arms and ammunition; parts and accessories thereof 212.4 0.18 33.0544.63
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 452.1 0.39 230.795.97
95 Toys, games and sports requisites; parts and accessories thereof 615.6 0.53 757.6-18.74
96 Miscellaneous manufactured articles 40.9 0.04 167.5-75.60
97 Works of art, collectors’ pieces and antiques 451.9 0.39 558.6-19.11

US Imports from Iceland

The major share of US imports from Iceland in the 2nd quarter of 2017 (and in the 2nd quarter of 2016) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 65.37% of US total imports from Iceland (65.13% in the 2nd quarter of 2016);
  • Machinery, equipment and vehicles (HS codes 84-90) - 23.28% of US total imports from Iceland (21.10% in the 2nd quarter of 2016);
  • Metals and products from them (HS codes 72-83) - 4.84% of US total imports from Iceland (4.68% in the 2nd quarter of 2016);
  • Chemical products (HS codes 28-40) - 2.14% of US total imports from Iceland (1.04% in the 2nd quarter of 2016).

The largest gains in US imports from Iceland in the 2nd quarter of 2017 over the 2nd quarter of 2016 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $4.8 million;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $3.9 million;
  • Iron and steel (HS code 72) - an increase of $1.4 million;
  • Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes (HS code 15) - an increase of $1.1 million;
  • Products of animal origin, not elsewhere specified or included (HS code 05) - an increase of $1.0 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 $0.9 million;
  • Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes (HS code 28) - an increase of $0.6 million;
  • Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates (HS code 16) - an increase of $0.5 million;
  • Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder (HS code 12) - an increase of $0.3 million.

The largest declines in US imports from Iceland in the 2nd quarter of 2017 over the 2nd quarter of 2016 were recorded for the following product groups:

  • Beverages, spirits and vinegar (HS code 22) - a decrease of $0.9 million;
  • Aluminum and articles thereof (HS code 76) - a decrease of $0.8 million;
  • Arms and ammunition; parts and accessories thereof (HS code 93) - a decrease of $0.5 million.
US imports from Iceland in the 2nd quarter of 2017 by product groups
HS
code
Name of product group Value
of imports
in Q2 2017
(USD thousand)
Share
in total import
(%)
Value
of imports
in Q2 2016
(USD thousand)
Change
in Q2 2017
over Q2 2016
(%)
01 Live animals 5.6 0.01 30.7-81.73
02 Meat and edible meat offal 323.2 0.29 0.0
03 Fish and crustaceans, molluscs and other aquatic invertebrates 56,905.4 51.46 52,150.09.12
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 0.0 0.00 265.3-100.00
05 Products of animal origin, not elsewhere specified or included 2,645.5 2.39 1,668.258.59
06 Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage 34.9 0.03 0.0
09 Coffee, tea, maté and spices 4.9 0.00 0.0
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 931.3 0.84 585.659.05
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 3,540.1 3.20 2,452.344.36
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 1,242.3 1.12 763.362.74
17 Sugars and sugar confectionery 50.1 0.05 0.0
18 Cocoa and cocoa preparations 181.3 0.16 119.951.19
21 Miscellaneous edible preparations 5.8 0.01 0.0
22 Beverages, spirits and vinegar 6,291.5 5.69 7,155.8-12.08
23 Residues and waste from the food industries; prepared animal feed 116.3 0.11 103.312.49
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 110.4 0.10 13.2734.38
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 989.7 0.90 380.5160.14
29 Organic chemicals 0.0 0.00 5.2-100.00
30 Pharmaceutical products 36.8 0.03 13.3176.21
31 Fertilizers 6.5 0.01 0.0
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 106.4 0.10 16.5543.86
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 10.2 0.01 0.0
35 Albuminoidal substances; modified starches; glues; enzymes 4.8 0.00 0.0
36 Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations 0.0 0.00 26.6-100.00
38 Miscellaneous chemical products 307.5 0.28 6.64,556.83
39 Plastics and articles thereof 900.7 0.81 584.454.11
40 Rubber and articles thereof 6.8 0.01 9.4-27.23
41 Raw hides and skins (other than furskins) and leather 7.4 0.01 3.4115.85
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 0.5 0.00 4.4-88.29
43 Furskins and artificial fur; manufactures thereof 8.1 0.01 24.5-66.77
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 34.7 0.03 221.0-84.31
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 113.9 0.10 72.656.90
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 49.9 0.05 60.4-17.37
53 Other vegetable textile fibers; paper yarn and woven fabric of paper yarn 0.0 0.00 2.0-100.00
55 Man-made staple fibers 0.0 0.00 1.1-100.00
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 1.0 0.00 184.3-99.46
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 3.3 0.00 16.9-80.50
61 Articles of apparel and clothing accessories, knitted or crocheted 39.5 0.04 0.0
62 Articles of apparel and clothing accessories, not knitted or crocheted 0.4 0.00 0.0
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 16.2 0.01 0.0
64 Footwear, gaiters and the like; parts of such articles 0.0 0.00 4.7-100.00
65 Headgear and parts thereof 8.8 0.01 0.0
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 15.3 0.01 2.1630.86
70 Glass and glassware 11.7 0.01 4.8145.20
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 60.3 0.05 67.3-10.49
72 Iron and steel 5,243.6 4.74 3,823.637.14
73 Articles of iron or steel 34.6 0.03 61.4-43.65
76 Aluminum and articles thereof 24.3 0.02 799.6-96.96
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 25.9 0.02 3.4659.50
83 Miscellaneous articles of base metal 19.4 0.02 0.0
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 7,725.9 6.99 3,861.8100.06
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 2,012.8 1.82 1,106.781.88
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 29.9 0.03 12.1147.65
88 Aircraft, spacecraft, and parts thereof 27.5 0.02 5.9366.45
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 15,945.3 14.42 16,169.4-1.39
91 Clocks and watches and parts thereof 27.6 0.02 12.5120.42
92 Musical instruments; parts and accessories of such articles 5.1 0.00 0.0
93 Arms and ammunition; parts and accessories thereof 0.0 0.00 539.0-100.00
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 62.8 0.06 38.662.99
95 Toys, games and sports requisites; parts and accessories thereof 93.1 0.08 68.436.14
97 Works of art, collectors’ pieces and antiques 292.5 0.26 423.7-30.96
Compiled by «US-EXPORT–IMPORT» based on the statistics of the US Department of Commerce