US trade with Iceland in the 4th quarter of 2017

Published or Updated: May 21, 2018

The report on US foreign trade in goods with Iceland in the 4th quarter of 2017: exports, imports, balance, product types and groups, dynamics.

US Trade with Iceland

In the 4th quarter of 2017, US trade with Iceland totaled $285.7 million, up 68.46% ($116.1 million) from the 4th quarter of 2016.

US exports to Iceland in the 4th quarter of 2017 totaled $149.8 million, up 105.74% ($77.0 million) from the 4th quarter of 2016.

US imports from Iceland in the 4th quarter of 2017 totaled $135.9 million, up 40.41% ($39.1 million) from the 4th quarter of 2016.

US trade balance with Iceland went from a deficit of $24.0 million in the 4th quarter of 2016, to a surplus of $13.9 million in the 4th quarter of 2017.

Iceland was the US 92nd largest trading partner in the 4th quarter of 2017 (up from 103rd in the 4th quarter of 2016), accounting for 0.0274% of US total trade (up from 0.0176% in the 4th quarter of 2016).

Iceland was the US 89th largest export market in the 4th quarter of 2017 (up from 115th in the 4th quarter of 2016), accounting for 0.0368% of US total exports (up from 0.0192% in the 4th quarter of 2016).

Iceland was the US 90th largest supplier in the 4th quarter of 2017 (just as in the 4th quarter of 2016), accounting for 0.0214% of US total imports (up from 0.0166% in the 4th quarter of 2016).

US Exports to Iceland

The major share of US exports to Iceland in the 4th quarter of 2017 (and in the 4th quarter of 2016) was accounted for the following product types:

  • Mineral products (HS codes 25-27) - 36.52% of US total exports to Iceland (3.33% in the 4th quarter of 2016);
  • Machinery, equipment and vehicles (HS codes 84-90) - 17.63% of US total exports to Iceland (40.00% in the 4th quarter of 2016);
  • Chemical products (HS codes 28-40) - 12.30% of US total exports to Iceland (14.19% in the 4th quarter of 2016);
  • Food products and agricultural raw materials (HS codes 01-24) - 4.53% of US total exports to Iceland (9.69% in the 4th quarter of 2016);
  • Wood and wood products (HS codes 44-49) - 0.74% of US total exports to Iceland (1.94% in the 4th quarter of 2016);
  • Metals and products from them (HS codes 72-83) - 0.57% of US total exports to Iceland (1.45% in the 4th quarter of 2016).

The largest gains in US exports to Iceland in the 4th quarter of 2017 over the 4th quarter of 2016 were recorded for the following product groups:

  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - an increase of $52.3 million;
  • Commodities not specified according to kind (HS code 99) - an increase of $18.6 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 $10.9 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 $3.2 million;
  • Works of art, collectors’ pieces and antiques (HS code 97) - an increase of $1.8 million;
  • Vehicles other than railway or tramway rolling stock, and parts and accessories thereof (HS code 87) - an increase of $0.8 million;
  • Glass and glassware (HS code 70) - an increase of $0.8 million;
  • Aircraft, spacecraft, and parts thereof (HS code 88) - an increase of $0.6 million.

The largest declines in US exports to Iceland in the 4th quarter of 2017 over the 4th 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) - a decrease of $5.7 million;
  • Miscellaneous chemical products (HS code 38) - a decrease of $2.9 million;
  • Ships, boats and floating structures (HS code 89) - a decrease of $2.0 million;
  • Toys, games and sports requisites; parts and accessories thereof (HS code 95) - a decrease of $1.8 million;
  • Plastics and articles thereof (HS code 39) - a decrease of $0.5 million;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - a decrease of $0.5 million.
US exports to Iceland in the 4th quarter of 2017 by product groups
HS
code
Name of product group Value
of exports
in Q4 2017
(USD thousand)
Share
in total export
(%)
Value
of exports
in Q4 2016
(USD thousand)
Change
in Q4 2017
over Q4 2016
(%)
02 Meat and edible meat offal 106.6 0.07 216.4-50.74
03 Fish and crustaceans, molluscs and other aquatic invertebrates 195.3 0.13 85.9127.26
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 12.7 0.01 22.2-43.02
07 Edible vegetables and certain roots and tubers 370.1 0.25 493.1-24.95
08 Edible fruit and nuts; peel of citrus fruit or melons 1,270.1 0.85 1,148.910.55
09 Coffee, tea, maté and spices 30.8 0.02 80.1-61.55
10 Cereals 168.2 0.11 76.9118.85
11 Products of the milling industry; malt; starches; inulin; wheat gluten 46.3 0.03 37.124.71
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 22.2 0.01 15.147.34
13 Lac; gums, resins and other vegetable saps and extracts 3.1 0.00 8.1-61.46
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 93.9 0.06 70.533.18
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 4.5 0.00 0.0
17 Sugars and sugar confectionery 178.3 0.12 158.912.18
18 Cocoa and cocoa preparations 243.4 0.16 218.411.48
19 Preparations of cereals, flour, starch or milk; bakers’ wares 674.5 0.45 965.0-30.10
20 Preparations of vegetables, fruit, nuts or other parts of plants 584.1 0.39 663.8-12.01
21 Miscellaneous edible preparations 2,374.0 1.58 2,374.6-0.02
22 Beverages, spirits and vinegar 250.7 0.17 382.2-34.40
23 Residues and waste from the food industries; prepared animal feed 152.1 0.10 35.5328.50
24 Tobacco and manufactured tobacco substitutes 6.4 0.00 0.0
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 13.9 0.01 35.7-60.98
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 54,692.3 36.51 2,391.52,186.98
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 10,894.6 7.27 6.9158,160.02
29 Organic chemicals 705.9 0.47 387.782.07
30 Pharmaceutical products 278.2 0.19 189.746.66
31 Fertilizers 0.0 0.00 6.2-100.00
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 22.5 0.01 10.8107.34
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 694.1 0.46 641.88.15
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 297.1 0.20 198.050.03
35 Albuminoidal substances; modified starches; glues; enzymes 36.1 0.02 124.9-71.07
38 Miscellaneous chemical products 3,214.3 2.15 6,137.0-47.62
39 Plastics and articles thereof 1,333.8 0.89 1,848.7-27.85
40 Rubber and articles thereof 940.5 0.63 778.620.79
41 Raw hides and skins (other than furskins) and leather 0.0 0.00 8.4-100.00
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 57.7 0.04 33.174.28
44 Wood and articles of wood; wood charcoal 257.9 0.17 153.967.54
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 610.4 0.41 1,093.9-44.20
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 244.6 0.16 162.250.75
52 Cotton 2.8 0.00 13.9-79.99
54 Man-made filaments 7.2 0.00 21.7-66.69
55 Man-made staple fibers 14.2 0.01 6.3124.97
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 14.1 0.01 3.4309.14
57 Carpets and other textile floor coverings 15.5 0.01 3.0416.93
58 Special woven fabrics; tufted textile fabrics; lace, tapestries; trimmings; embroidery 0.0 0.00 7.1-100.00
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 198.0 0.13 153.329.20
60 Knitted or crocheted fabrics 0.0 0.00 14.1-100.00
61 Articles of apparel and clothing accessories, knitted or crocheted 133.3 0.09 71.287.21
62 Articles of apparel and clothing accessories, not knitted or crocheted 72.1 0.05 34.2111.07
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 36.5 0.02 21.768.46
64 Footwear, gaiters and the like; parts of such articles 398.0 0.27 313.626.91
67 Prepared feathers and down and articles made of feathers or of down; artificial flowers; articles of human hair 11.4 0.01 8.730.76
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 282.5 0.19 87.0224.88
69 Ceramic products 2.7 0.00 87.7-96.98
70 Glass and glassware 819.2 0.55 53.81,422.27
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 50.1 0.03 45.98.95
72 Iron and steel 96.4 0.06 70.037.81
73 Articles of iron or steel 332.3 0.22 514.5-35.42
74 Copper and articles thereof 83.9 0.06 0.0
75 Nickel and articles thereof 5.3 0.00 50.4-89.52
76 Aluminum and articles thereof 65.3 0.04 127.8-48.91
78 Lead and articles thereof 0.0 0.00 3.3-100.00
81 Other base metals; cermets; articles thereof 9.6 0.01 19.6-50.90
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 137.8 0.09 140.9-2.22
83 Miscellaneous articles of base metal 118.9 0.08 131.0-9.20
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 4,989.3 3.33 4,674.66.73
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 5,959.7 3.98 2,760.0115.93
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 32.0 0.02 0.0
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 3,522.1 2.35 2,740.228.54
88 Aircraft, spacecraft, and parts thereof 6,919.5 4.62 6,318.09.52
89 Ships, boats and floating structures 12.5 0.01 1,991.0-99.37
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 4,973.8 3.32 10,636.2-53.24
91 Clocks and watches and parts thereof 13.4 0.01 15.8-15.10
92 Musical instruments; parts and accessories of such articles 129.2 0.09 86.649.16
93 Arms and ammunition; parts and accessories thereof 24.9 0.02 56.2-55.68
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 558.8 0.37 296.588.47
95 Toys, games and sports requisites; parts and accessories thereof 596.3 0.40 2,388.3-75.03
96 Miscellaneous manufactured articles 53.0 0.04 32.861.75
97 Works of art, collectors’ pieces and antiques 1,921.8 1.28 79.02,333.50
99 Commodities not specified according to kind 36,093.5 24.10 17,462.2106.69

US Imports from Iceland

The major share of US imports from Iceland in the 4th quarter of 2017 (and in the 4th quarter of 2016) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 53.85% of US total imports from Iceland (59.36% in the 4th quarter of 2016);
  • Machinery, equipment and vehicles (HS codes 84-90) - 20.06% of US total imports from Iceland (25.82% in the 4th quarter of 2016);
  • Metals and products from them (HS codes 72-83) - 4.60% of US total imports from Iceland (5.14% in the 4th quarter of 2016);
  • Chemical products (HS codes 28-40) - 1.76% of US total imports from Iceland (1.00% in the 4th quarter of 2016).

The largest gains in US imports from Iceland in the 4th quarter of 2017 over the 4th quarter of 2016 were recorded for the following product groups:

  • Commodities not specified according to kind (HS code 99) - an increase of $19.0 million;
  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $14.3 million;
  • Iron and steel (HS code 72) - an increase of $1.4 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 $1.1 million;
  • Products of animal origin, not elsewhere specified or included (HS code 05) - an increase of $1.0 million;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $0.9 million;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - an increase of $0.9 million;
  • Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes (HS code 15) - an increase of $0.6 million;
  • Beverages, spirits and vinegar (HS code 22) - an increase of $0.5 million;
  • Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates (HS code 16) - an increase of $0.4 million.

The largest declines in US imports from Iceland in the 4th quarter of 2017 over the 4th quarter of 2016 were recorded for the following product groups:

  • Arms and ammunition; parts and accessories thereof (HS code 93) - a decrease of $1.0 million;
  • Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included (HS code 04) - a decrease of $0.4 million.
US imports from Iceland in the 4th quarter of 2017 by product groups
HS
code
Name of product group Value
of imports
in Q4 2017
(USD thousand)
Share
in total import
(%)
Value
of imports
in Q4 2016
(USD thousand)
Change
in Q4 2017
over Q4 2016
(%)
01 Live animals 142.8 0.11 115.024.17
02 Meat and edible meat offal 253.9 0.19 547.1-53.58
03 Fish and crustaceans, molluscs and other aquatic invertebrates 59,110.0 43.50 44,828.831.86
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 0.0 0.00 435.7-100.00
05 Products of animal origin, not elsewhere specified or included 2,120.4 1.56 1,164.482.10
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 440.1 0.32 532.7-17.38
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 3,481.2 2.56 2,897.520.15
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 1,482.0 1.09 1,066.938.91
18 Cocoa and cocoa preparations 201.4 0.15 315.9-36.25
21 Miscellaneous edible preparations 43.9 0.03 78.0-43.78
22 Beverages, spirits and vinegar 5,793.3 4.26 5,313.39.03
23 Residues and waste from the food industries; prepared animal feed 112.7 0.08 158.8-29.04
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 26.4 0.02 9.2188.15
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 1,158.3 0.85 13.48,553.28
29 Organic chemicals 284.5 0.21 31.1814.95
30 Pharmaceutical products 48.8 0.04 0.0
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 72.7 0.05 0.0
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 107.5 0.08 120.7-10.90
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 0.0 0.00 9.5-100.00
36 Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations 0.0 0.00 60.5-100.00
38 Miscellaneous chemical products 12.1 0.01 0.0
39 Plastics and articles thereof 676.3 0.50 694.5-2.62
40 Rubber and articles thereof 30.3 0.02 33.6-10.06
41 Raw hides and skins (other than furskins) and leather 36.7 0.03 0.0
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 16.3 0.01 2.0715.95
43 Furskins and artificial fur; manufactures thereof 22.0 0.02 10.1117.08
44 Wood and articles of wood; wood charcoal 0.0 0.00 8.2-100.00
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 2.8 0.00 0.0
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 133.8 0.10 88.651.01
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 46.6 0.03 33.539.36
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 16.0 0.01 144.4-88.95
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 0.3 0.00 0.0
60 Knitted or crocheted fabrics 0.0 0.00 0.4-100.00
61 Articles of apparel and clothing accessories, knitted or crocheted 11.4 0.01 8.436.03
62 Articles of apparel and clothing accessories, not knitted or crocheted 0.0 0.00 8.2-100.00
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 187.9 0.14 7.62,366.40
64 Footwear, gaiters and the like; parts of such articles 16.1 0.01 0.81,976.33
65 Headgear and parts thereof 0.0 0.00 0.6-100.00
69 Ceramic products 3.9 0.00 5.8-31.93
70 Glass and glassware 9.5 0.01 0.0
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 13.5 0.01 22.7-40.63
72 Iron and steel 5,454.6 4.01 4,088.433.42
73 Articles of iron or steel 66.1 0.05 59.111.75
75 Nickel and articles thereof 0.0 0.00 20.5-100.00
76 Aluminum and articles thereof 719.6 0.53 786.4-8.50
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 12.9 0.01 0.0
83 Miscellaneous articles of base metal 0.0 0.00 16.6-100.00
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 5,404.8 3.98 4,461.721.14
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 1,153.9 0.85 808.942.65
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 103.4 0.08 25.7302.14
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 20,603.1 15.16 19,691.84.63
91 Clocks and watches and parts thereof 0.0 0.00 17.6-100.00
93 Arms and ammunition; parts and accessories thereof 0.0 0.00 957.0-100.00
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 134.8 0.10 39.0245.75
95 Toys, games and sports requisites; parts and accessories thereof 17.8 0.01 9.684.34
97 Works of art, collectors’ pieces and antiques 319.2 0.23 290.49.92
99 Commodities not specified according to kind 25,786.0 18.98 6,740.5282.56
Compiled by «US-EXPORT–IMPORT» based on the statistics of the US Department of Commerce