US trade with Iceland in the first half of 2017

Published or Updated: Oct 22, 2017

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

US Trade with Iceland

In the first half of 2017, US trade with Iceland was $370.5 million, down 17.67% ($79.5 million) from the first half of 2016.

US exports to Iceland in the first half of 2017 were $173.1 million, down 32.29% ($82.6 million) from the first half of 2016.

US imports from Iceland in the first half of 2017 totaled $197.4 million, up 1.55% ($3.0 million) from the first half of 2016.

US trade balance with Iceland went from a surplus of $61.2 million in the first half of 2016, to a deficit of $24.3 million in the first half of 2017.

Iceland was the US 104th largest trading partner in the first half of 2017 (down from 98th in the first half of 2016), accounting for 0.0193% of US total trade (down from 0.0250% in the first half of 2016).

Iceland was the US 107th largest export market in the first half of 2017 (down from 93rd in the first half of 2016), accounting for 0.0229% of US total exports (down from 0.0360% in the first half of 2016).

Iceland was the US 94th largest supplier in the first half of 2017 (down from 93rd in the first half of 2016), accounting for 0.0169% of US total imports (down from 0.0178% in the first half of 2016).

US Exports to Iceland

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

  • Machinery, equipment and vehicles (HS codes 84-90) - 28.60% of US total exports to Iceland (24.91% in the first half of 2016);
  • Mineral products (HS codes 25-27) - 16.76% of US total exports to Iceland (11.60% in the first half of 2016);
  • Chemical products (HS codes 28-40) - 11.40% of US total exports to Iceland (32.73% in the first half of 2016);
  • Food products and agricultural raw materials (HS codes 01-24) - 7.03% of US total exports to Iceland (4.57% in the first half of 2016);
  • Metals and products from them (HS codes 72-83) - 1.67% of US total exports to Iceland (1.11% in the first half of 2016);
  • Wood and wood products (HS codes 44-49) - 1.29% of US total exports to Iceland (0.95% in the first half of 2016).

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

  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $6.2 million;
  • Ships, boats and floating structures (HS code 89) - an increase of $2.6 million;
  • Vehicles other than railway or tramway rolling stock, and parts and accessories thereof (HS code 87) - an increase of $2.4 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 $0.8 million;
  • Rubber and articles thereof (HS code 40) - an increase of $0.5 million.

The largest declines in US exports to Iceland in the first half of 2017 over the first half 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 $46.0 million;
  • Pharmaceutical products (HS code 30) - a decrease of $19.6 million;
  • Aircraft, spacecraft, and parts thereof (HS code 88) - a decrease of $14.8 million;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - a decrease of $9.6 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) - a decrease of $1.0 million;
  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - a decrease of $0.7 million;
  • Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal (HS code 82) - a decrease of $0.6 million.
US exports to Iceland in the first half of 2017 by product groups
HS
code
Name of product group Value
of exports
in first-half 2017
(USD thousand)
Share
in total export
(%)
Value
of exports
in first-half 2016
(USD thousand)
Change
in first-half 2017
over first-half 2016
(%)
01 Live animals 0.0 0.00 7.5-100.00
02 Meat and edible meat offal 487.6 0.28 193.3152.24
03 Fish and crustaceans, molluscs and other aquatic invertebrates 133.6 0.08 488.9-72.68
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 32.0 0.02 40.7-21.43
07 Edible vegetables and certain roots and tubers 724.4 0.42 927.3-21.87
08 Edible fruit and nuts; peel of citrus fruit or melons 1,557.3 0.90 731.1113.01
09 Coffee, tea, maté and spices 382.8 0.22 148.2158.26
10 Cereals 220.8 0.13 157.440.31
11 Products of the milling industry; malt; starches; inulin; wheat gluten 74.7 0.04 56.133.11
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 177.3 0.10 16.11,002.14
13 Lac; gums, resins and other vegetable saps and extracts 16.3 0.01 3.0446.81
14 Vegetable plaiting materials; vegetable products not elsewhere specified or included 4.4 0.00 0.0
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 124.9 0.07 230.8-45.89
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 87.2 0.05 0.0
17 Sugars and sugar confectionery 192.1 0.11 257.2-25.31
18 Cocoa and cocoa preparations 372.6 0.22 469.8-20.69
19 Preparations of cereals, flour, starch or milk; bakers’ wares 1,596.8 0.92 1,410.413.21
20 Preparations of vegetables, fruit, nuts or other parts of plants 865.0 0.50 1,074.9-19.53
21 Miscellaneous edible preparations 4,306.2 2.49 4,794.8-10.19
22 Beverages, spirits and vinegar 718.1 0.41 621.015.63
23 Residues and waste from the food industries; prepared animal feed 91.4 0.05 59.055.08
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 28.9 0.02 27.83.80
26 Ores, slag and ash 3.3 0.00 0.0
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 28,971.0 16.74 29,638.8-2.25
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 9,637.6 5.57 55,638.9-82.68
29 Organic chemicals 1,074.8 0.62 652.164.84
30 Pharmaceutical products 744.3 0.43 20,346.6-96.34
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 131.7 0.08 63.3107.98
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 1,185.1 0.68 989.519.77
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 584.6 0.34 393.148.72
35 Albuminoidal substances; modified starches; glues; enzymes 66.8 0.04 48.836.77
36 Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations 0.0 0.00 50.2-100.00
37 Photographic or cinematographic goods 3.2 0.00 0.0
38 Miscellaneous chemical products 977.4 0.56 200.7386.94
39 Plastics and articles thereof 3,534.0 2.04 4,035.3-12.42
40 Rubber and articles thereof 1,785.2 1.03 1,248.343.02
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) 53.4 0.03 52.61.43
43 Furskins and artificial fur; manufactures thereof 0.0 0.00 4.2-100.00
44 Wood and articles of wood; wood charcoal 302.7 0.17 510.1-40.67
46 Manufactures of straw, of esparto or of other plaiting materials; basketware and wickerwork 4.4 0.00 0.0
47 Pulp of wood or of other fibrous cellulosic material; waste and scrap of paper or paperboard 44.4 0.03 0.0
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 1,554.0 0.90 1,642.6-5.39
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 320.4 0.19 274.616.71
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 9.8 0.01 0.0
52 Cotton 11.5 0.01 26.4-56.32
54 Man-made filaments 0.0 0.00 9.1-100.00
55 Man-made staple fibers 42.6 0.02 39.58.02
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 338.2 0.20 120.9179.77
57 Carpets and other textile floor coverings 41.0 0.02 23.971.35
58 Special woven fabrics; tufted textile fabrics; lace, tapestries; trimmings; embroidery 6.8 0.00 0.0
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 55.0 0.03 23.8130.72
60 Knitted or crocheted fabrics 0.0 0.00 15.8-100.00
61 Articles of apparel and clothing accessories, knitted or crocheted 167.9 0.10 175.3-4.18
62 Articles of apparel and clothing accessories, not knitted or crocheted 155.9 0.09 109.941.83
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 84.5 0.05 39.8112.56
64 Footwear, gaiters and the like; parts of such articles 243.6 0.14 223.19.20
65 Headgear and parts thereof 25.5 0.01 29.7-13.96
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 421.1 0.24 287.046.70
69 Ceramic products 41.1 0.02 33.821.40
70 Glass and glassware 98.0 0.06 76.028.85
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 176.6 0.10 204.7-13.72
72 Iron and steel 182.9 0.11 84.1117.42
73 Articles of iron or steel 1,143.9 0.66 1,284.5-10.95
74 Copper and articles thereof 62.7 0.04 0.0
75 Nickel and articles thereof 135.4 0.08 26.3415.96
76 Aluminum and articles thereof 469.4 0.27 312.250.35
79 Zinc and articles thereof 17.9 0.01 0.0
81 Other base metals; cermets; articles thereof 20.8 0.01 7.9164.43
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 461.2 0.27 1,039.5-55.64
83 Miscellaneous articles of base metal 390.8 0.23 73.4432.55
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 11,256.6 6.50 5,050.7122.87
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 4,824.4 2.79 5,873.9-17.87
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 6,614.2 3.82 4,231.056.33
88 Aircraft, spacecraft, and parts thereof 15,982.0 9.23 30,764.2-48.05
89 Ships, boats and floating structures 2,695.7 1.56 59.34,449.30
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 8,124.6 4.69 17,708.2-54.12
91 Clocks and watches and parts thereof 50.9 0.03 31.064.35
92 Musical instruments; parts and accessories of such articles 188.7 0.11 134.640.21
93 Arms and ammunition; parts and accessories thereof 267.3 0.15 601.6-55.56
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 790.1 0.46 780.41.24
95 Toys, games and sports requisites; parts and accessories thereof 1,049.6 0.61 1,283.6-18.23
96 Miscellaneous manufactured articles 117.3 0.07 241.5-51.44
97 Works of art, collectors’ pieces and antiques 646.2 0.37 1,020.7-36.69

US Imports from Iceland

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

  • Food products and agricultural raw materials (HS codes 01-24) - 64.77% of US total imports from Iceland (68.00% in the first half of 2016);
  • Machinery, equipment and vehicles (HS codes 84-90) - 23.58% of US total imports from Iceland (19.65% in the first half of 2016);
  • Metals and products from them (HS codes 72-83) - 5.65% of US total imports from Iceland (4.91% in the first half of 2016);
  • Chemical products (HS codes 28-40) - 1.87% of US total imports from Iceland (1.18% in the first half of 2016).

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

  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $4.5 million;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - an increase of $2.7 million;
  • Iron and steel (HS code 72) - an increase of $2.3 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 $1.2 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 $0.8 million;
  • Products of animal origin, not elsewhere specified or included (HS code 05) - an increase of $0.8 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.

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

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - a decrease of $6.2 million;
  • Aluminum and articles thereof (HS code 76) - a decrease of $0.8 million.
US imports from Iceland in the first half of 2017 by product groups
HS
code
Name of product group Value
of imports
in first-half 2017
(USD thousand)
Share
in total import
(%)
Value
of imports
in first-half 2016
(USD thousand)
Change
in first-half 2017
over first-half 2016
(%)
01 Live animals 95.9 0.05 30.7212.27
02 Meat and edible meat offal 396.7 0.20 10.13,815.27
03 Fish and crustaceans, molluscs and other aquatic invertebrates 102,075.1 51.70 108,264.1-5.72
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 300.9 0.15 422.1-28.71
05 Products of animal origin, not elsewhere specified or included 3,437.5 1.74 2,674.728.52
06 Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage 46.9 0.02 0.0
07 Edible vegetables and certain roots and tubers 0.0 0.00 36.6-100.00
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 1,075.7 0.54 1,254.8-14.27
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 6,595.5 3.34 5,993.610.04
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 2,592.6 1.31 2,115.022.58
17 Sugars and sugar confectionery 50.1 0.03 0.0
18 Cocoa and cocoa preparations 198.7 0.10 275.2-27.78
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 0.01 0.0
21 Miscellaneous edible preparations 5.8 0.00 0.0
22 Beverages, spirits and vinegar 10,802.3 5.47 10,926.2-1.13
23 Residues and waste from the food industries; prepared animal feed 174.6 0.09 153.114.02
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 151.0 0.08 22.9558.59
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 1,441.4 0.73 642.8124.24
29 Organic chemicals 4.5 0.00 5.2-14.37
30 Pharmaceutical products 48.5 0.02 473.0-89.74
31 Fertilizers 6.5 0.00 0.0
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 189.1 0.10 0.0
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 188.0 0.10 43.1336.46
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 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 0.16 11.82,505.36
39 Plastics and articles thereof 1,488.2 0.75 1,090.036.54
40 Rubber and articles thereof 6.8 0.00 10.6-35.63
41 Raw hides and skins (other than furskins) and leather 7.4 0.00 5.144.66
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 5.1 0.00 7.4-30.72
43 Furskins and artificial fur; manufactures thereof 25.8 0.01 25.9-0.39
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 46.6 0.02 234.3-80.12
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 260.8 0.13 109.8137.41
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 72.0 0.04 85.7-16.00
53 Other vegetable textile fibers; paper yarn and woven fabric of paper yarn 1.9 0.00 2.0-5.82
55 Man-made staple fibers 0.9 0.00 1.1-13.44
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 31.6 0.02 208.6-84.83
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 3.3 0.00 32.3-89.80
61 Articles of apparel and clothing accessories, knitted or crocheted 39.9 0.02 0.0
62 Articles of apparel and clothing accessories, not knitted or crocheted 0.8 0.00 1.3-35.81
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 21.8 0.01 1.02,126.15
64 Footwear, gaiters and the like; parts of such articles 1.9 0.00 18.6-89.66
65 Headgear and parts thereof 8.8 0.00 0.0
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 15.3 0.01 17.8-13.54
69 Ceramic products 0.0 0.00 8.1-100.00
70 Glass and glassware 11.7 0.01 10.214.37
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 161.4 0.08 73.8118.62
72 Iron and steel 10,758.6 5.45 8,445.727.38
73 Articles of iron or steel 58.7 0.03 203.2-71.12
76 Aluminum and articles thereof 35.5 0.02 865.2-95.90
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 33.5 0.02 9.7243.71
83 Miscellaneous articles of base metal 264.3 0.13 16.31,523.47
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 10,917.5 5.53 6,417.470.12
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 3,207.4 1.62 2,037.557.42
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 46.1 0.02 12.1282.49
88 Aircraft, spacecraft, and parts thereof 27.5 0.01 99.8-72.44
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 32,358.2 16.39 29,635.39.19
91 Clocks and watches and parts thereof 39.8 0.02 19.1107.88
92 Musical instruments; parts and accessories of such articles 5.1 0.00 107.1-95.26
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 94.8 0.05 101.0-6.14
95 Toys, games and sports requisites; parts and accessories thereof 103.9 0.05 77.434.20
97 Works of art, collectors’ pieces and antiques 976.2 0.49 880.310.89
Compiled by «US-EXPORT–IMPORT» based on the statistics of the US Department of Commerce