US trade (export - import) with Iceland in 2015

Published or Updated: Feb 18, 2017

The report on US foreign trade in goods with Iceland in 2015: exports, imports, balance, product types and groups, dynamics.

US Trade with Iceland

In 2015, US trade with Iceland totaled $725.1 million, up 5.93% ($40.6 million) from 2014.

US exports to Iceland in 2015 totaled $388.6 million, up 6.63% ($24.1 million) from 2014.

US imports from Iceland in 2015 totaled $336.5 million, up 5.14% ($16.5 million) from 2014.

US trade surplus with Iceland in 2015 was $52.1 million, a 17.30% increase ($7.7 million) over 2014.

Iceland was the US 102nd largest trading partner in 2015 (up from 114th in 2014), accounting for 0.0190% of US total trade (up from 0.0170% in 2014).

Iceland was the US 102nd largest export market in 2015 (up from 113th in 2014), accounting for 0.0258% of US total exports (up from 0.0225% in 2014).

Iceland was the US 96th largest supplier in 2015 (up from 100th in 2014), accounting for 0.0146% of US total imports (up from 0.0133% in 2014).

US Exports to Iceland

The major share of US exports to Iceland in 2015 (and in 2014) was accounted for the following product types:

  • Machinery, equipment and vehicles (HS codes 84-90) - 27.72% of US total exports to Iceland (21.85% in 2014);
  • Mineral products (HS codes 25-27) - 23.13% of US total exports to Iceland (16.47% in 2014);
  • Chemical products (HS codes 28-40) - 13.51% of US total exports to Iceland (27.69% in 2014);
  • Food products and agricultural raw materials (HS codes 01-24) - 8.29% of US total exports to Iceland (6.80% in 2014);
  • Metals and products from them (HS codes 72-83) - 1.45% of US total exports to Iceland (1.10% in 2014);
  • Wood and wood products (HS codes 44-49) - 1.15% of US total exports to Iceland (1.74% in 2014).

The largest gains in US exports to Iceland in 2015 over 2014 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 $30.0 million;
  • Aircraft, spacecraft, and parts thereof (HS code 88) - an increase of $25.5 million;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $11.3 million;
  • Commodities not specified according to kind (HS code 99) - an increase of $9.3 million;
  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $5.6 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 $2.4 million;
  • Iron and steel (HS code 72) - an increase of $1.5 million;
  • Miscellaneous edible preparations (HS code 21) - an increase of $1.3 million.

The largest declines in US exports to Iceland in 2015 over 2014 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 $47.8 million;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - a decrease of $7.8 million;
  • Vehicles other than railway or tramway rolling stock, and parts and accessories thereof (HS code 87) - a decrease of $3.6 million;
  • Paper and paperboard; articles of paper pulp, of paper or of paperboard (HS code 48) - a decrease of $1.6 million.
US exports to Iceland in 2015 by product groups
HS
code
Name of product group Value
of exports
in 2015
(USD thousand)
Share
in total export
(%)
Value
of exports
in 2014
(USD thousand)
Change
in 2015
over 2014
(%)
01 Live animals 4.5 0.00 0.0
02 Meat and edible meat offal 176.3 0.05 243.2-27.51
03 Fish and crustaceans, molluscs and other aquatic invertebrates 7,799.1 2.01 2,150.4262.67
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 44.9 0.01 142.3-68.42
05 Products of animal origin, not elsewhere specified or included 0.0 0.00 36.1-100.00
07 Edible vegetables and certain roots and tubers 1,236.0 0.32 1,255.9-1.58
08 Edible fruit and nuts; peel of citrus fruit or melons 4,095.0 1.05 4,223.9-3.05
09 Coffee, tea, maté and spices 362.2 0.09 366.5-1.19
10 Cereals 272.7 0.07 638.0-57.26
11 Products of the milling industry; malt; starches; inulin; wheat gluten 210.5 0.05 276.2-23.80
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 103.4 0.03 54.888.80
13 Lac; gums, resins and other vegetable saps and extracts 3.2 0.00 18.2-82.23
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 515.2 0.13 487.05.80
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 525.7 0.14 53.8877.55
17 Sugars and sugar confectionery 475.1 0.12 454.94.43
18 Cocoa and cocoa preparations 1,180.1 0.30 1,389.9-15.10
19 Preparations of cereals, flour, starch or milk; bakers’ wares 3,694.1 0.95 3,096.919.28
20 Preparations of vegetables, fruit, nuts or other parts of plants 2,196.7 0.57 2,247.9-2.28
21 Miscellaneous edible preparations 7,647.9 1.97 6,389.219.70
22 Beverages, spirits and vinegar 1,534.3 0.39 1,063.144.32
23 Residues and waste from the food industries; prepared animal feed 137.2 0.04 175.5-21.84
24 Tobacco and manufactured tobacco substitutes 0.0 0.00 4.2-100.00
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 62.5 0.02 233.8-73.27
27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 89,837.7 23.12 59,809.150.21
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 38,322.9 9.86 86,078.1-55.48
29 Organic chemicals 865.7 0.22 1,159.0-25.31
30 Pharmaceutical products 832.9 0.21 1,268.3-34.32
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 102.5 0.03 218.8-53.16
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 1,772.5 0.46 1,957.7-9.46
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 624.4 0.16 675.9-7.63
35 Albuminoidal substances; modified starches; glues; enzymes 81.2 0.02 37.4117.25
36 Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations 5.4 0.00 0.0
37 Photographic or cinematographic goods 3.5 0.00 4.6-22.61
38 Miscellaneous chemical products 512.7 0.13 951.0-46.09
39 Plastics and articles thereof 5,404.9 1.39 4,405.122.69
40 Rubber and articles thereof 3,953.4 1.02 4,165.8-5.10
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 230.1 0.06 339.5-32.22
43 Furskins and artificial fur; manufactures thereof 3.5 0.00 0.0
44 Wood and articles of wood; wood charcoal 351.7 0.09 512.9-31.42
47 Pulp of wood or of other fibrous cellulosic material; waste and scrap of paper or paperboard 121.5 0.03 36.0237.10
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 3,507.3 0.90 5,131.1-31.65
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 506.1 0.13 651.4-22.31
50 Silk 5.0 0.00 0.0
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 7.1 0.00 3.5102.38
52 Cotton 49.4 0.01 32.850.59
53 Other vegetable textile fibers; paper yarn and woven fabric of paper yarn 8.3 0.00 0.0
54 Man-made filaments 7.8 0.00 101.7-92.35
55 Man-made staple fibers 39.3 0.01 16.1143.78
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 202.8 0.05 290.5-30.20
57 Carpets and other textile floor coverings 13.6 0.00 117.5-88.47
58 Special woven fabrics; tufted textile fabrics; lace, tapestries; trimmings; embroidery 2.6 0.00 18.2-85.93
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 116.0 0.03 110.25.27
60 Knitted or crocheted fabrics 39.8 0.01 208.3-80.88
61 Articles of apparel and clothing accessories, knitted or crocheted 334.1 0.09 287.616.18
62 Articles of apparel and clothing accessories, not knitted or crocheted 201.3 0.05 349.4-42.39
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 93.0 0.02 171.1-45.64
64 Footwear, gaiters and the like; parts of such articles 168.1 0.04 140.819.36
65 Headgear and parts thereof 44.7 0.01 40.311.04
67 Prepared feathers and down and articles made of feathers or of down; artificial flowers; articles of human hair 5.2 0.00 8.8-41.58
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 755.9 0.19 1,081.2-30.09
69 Ceramic products 111.4 0.03 80.238.97
70 Glass and glassware 162.2 0.04 203.5-20.33
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 58.9 0.02 204.5-71.19
72 Iron and steel 1,550.6 0.40 49.73,018.31
73 Articles of iron or steel 2,816.2 0.72 2,784.31.15
74 Copper and articles thereof 24.3 0.01 38.0-36.03
75 Nickel and articles thereof 0.0 0.00 26.5-100.00
76 Aluminum and articles thereof 563.3 0.14 396.742.01
81 Other base metals; cermets; articles thereof 25.3 0.01 58.8-57.06
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 497.1 0.13 478.93.81
83 Miscellaneous articles of base metal 144.1 0.04 162.0-11.03
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 27,624.5 7.11 16,324.169.22
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 10,783.0 2.77 8,350.329.13
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 20.7 0.01 0.0
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 6,390.4 1.64 9,977.2-35.95
88 Aircraft, spacecraft, and parts thereof 50,184.5 12.91 24,637.5103.69
89 Ships, boats and floating structures 335.2 0.09 171.195.84
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 12,366.4 3.18 20,191.6-38.75
91 Clocks and watches and parts thereof 79.3 0.02 448.4-82.32
92 Musical instruments; parts and accessories of such articles 297.6 0.08 259.614.66
93 Arms and ammunition; parts and accessories thereof 220.7 0.06 217.01.71
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 961.6 0.25 1,226.5-21.60
95 Toys, games and sports requisites; parts and accessories thereof 1,659.8 0.43 1,667.0-0.43
96 Miscellaneous manufactured articles 192.4 0.05 174.210.50
97 Works of art, collectors’ pieces and antiques 514.1 0.13 676.9-24.06
99 Commodities not specified according to kind 89,616.1 23.06 80,274.611.64

US Imports from Iceland

The major share of US imports from Iceland in 2015 (and in 2014) was accounted for the following product types:

  • Food products and agricultural raw materials (HS codes 01-24) - 64.38% of US total imports from Iceland (63.91% in 2014);
  • Machinery, equipment and vehicles (HS codes 84-90) - 22.43% of US total imports from Iceland (22.02% in 2014);
  • Metals and products from them (HS codes 72-83) - 5.06% of US total imports from Iceland (5.42% in 2014);
  • Chemical products (HS codes 28-40) - 1.44% of US total imports from Iceland (1.82% in 2014).

The largest gains in US imports from Iceland in 2015 over 2014 were recorded for the following product groups:

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $6.0 million;
  • Aluminum and articles thereof (HS code 76) - an increase of $5.2 million;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $4.5 million;
  • Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes (HS code 15) - an increase of $2.2 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 $1.9 million;
  • Products of animal origin, not elsewhere specified or included (HS code 05) - an increase of $1.5 million.

The largest declines in US imports from Iceland in 2015 over the 2014 were recorded for the following product groups:

  • Iron and steel (HS code 72) - a decrease of $5.9 million;
  • Plastics and articles thereof (HS code 39) - a decrease of $1.2 million.
US imports from Iceland in 2015 by product groups
HS
code
Name of product group Value
of imports
in 2015
(USD thousand)
Share
in total import
(%)
Value
of imports
in 2014
USD thousand)
Change
in 2015
over 2014
(%)
01 Live animals 209.1 0.06 139.350.07
02 Meat and edible meat offal 3,047.0 0.91 2,244.535.76
03 Fish and crustaceans, molluscs and other aquatic invertebrates 173,242.5 51.48 167,243.13.59
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 583.8 0.17 705.2-17.21
05 Products of animal origin, not elsewhere specified or included 5,341.8 1.59 3,836.439.24
09 Coffee, tea, maté and spices 0.0 0.00 23.3-100.00
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 1,488.3 0.44 1,220.021.99
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 12,455.1 3.70 10,225.621.80
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 4,552.5 1.35 3,785.920.25
17 Sugars and sugar confectionery 44.3 0.01 44.5-0.27
18 Cocoa and cocoa preparations 755.9 0.22 393.592.08
21 Miscellaneous edible preparations 52.2 0.02 12.0336.45
22 Beverages, spirits and vinegar 14,831.7 4.41 14,650.61.24
23 Residues and waste from the food industries; prepared animal feed 38.1 0.01 10.0281.33
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 914.4 0.27 85.4970.26
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 2,123.2 0.63 1,516.040.05
29 Organic chemicals 13.7 0.00 25.7-46.73
30 Pharmaceutical products 57.0 0.02 3.11,735.39
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 3.1 0.00 0.0
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 85.0 0.03 368.9-76.95
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 12.7 0.00 4.2200.28
35 Albuminoidal substances; modified starches; glues; enzymes 12.9 0.00 2.2498.98
38 Miscellaneous chemical products 46.7 0.01 16.9176.47
39 Plastics and articles thereof 2,482.2 0.74 3,690.7-32.74
40 Rubber and articles thereof 7.3 0.00 201.3-96.37
41 Raw hides and skins (other than furskins) and leather 17.7 0.01 39.8-55.48
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 26.6 0.01 39.8-33.22
43 Furskins and artificial fur; manufactures thereof 453.0 0.13 101.9344.48
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 221.8 0.07 65.7237.56
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 393.5 0.12 803.5-51.03
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 166.5 0.05 148.711.96
55 Man-made staple fibers 1.2 0.00 5.0-76.22
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 142.4 0.04 600.2-76.27
57 Carpets and other textile floor coverings 12.7 0.00 6.789.55
58 Special woven fabrics; tufted textile fabrics; lace, tapestries; trimmings; embroidery 0.9 0.00 0.0
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 3.5 0.00 8.3-57.28
61 Articles of apparel and clothing accessories, knitted or crocheted 22.2 0.01 17.328.38
62 Articles of apparel and clothing accessories, not knitted or crocheted 119.2 0.04 9.21,197.89
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 187.2 0.06 14.71,173.94
64 Footwear, gaiters and the like; parts of such articles 13.2 0.00 6.698.64
65 Headgear and parts thereof 1.1 0.00 0.0
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 11.0 0.00 748.1-98.53
69 Ceramic products 33.1 0.01 2.81,096.14
70 Glass and glassware 49.9 0.01 2.12,246.52
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 97.7 0.03 23.7312.13
72 Iron and steel 11,201.0 3.33 17,094.4-34.48
73 Articles of iron or steel 300.2 0.09 32.8814.66
76 Aluminum and articles thereof 5,380.5 1.60 175.22,971.34
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 102.9 0.03 31.4227.37
83 Miscellaneous articles of base metal 27.9 0.01 17.956.32
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 16,343.4 4.86 11,851.737.90
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 4,212.7 1.25 2,319.981.59
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 32.1 0.01 486.4-93.39
88 Aircraft, spacecraft, and parts thereof 11.7 0.00 164.7-92.91
89 Ships, boats and floating structures 1,262.8 0.38 1,184.36.63
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 53,617.9 15.93 54,477.4-1.58
91 Clocks and watches and parts thereof 41.2 0.01 14.0193.87
92 Musical instruments; parts and accessories of such articles 517.9 0.15 0.0
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 160.7 0.05 68.3135.42
95 Toys, games and sports requisites; parts and accessories thereof 55.9 0.02 16.1248.30
96 Miscellaneous manufactured articles 4.1 0.00 0.0
97 Works of art, collectors’ pieces and antiques 2,295.1 0.68 2,116.98.42
99 Commodities not specified according to kind 16,578.0 4.93 16,911.3-1.97
Compiled by «US-EXPORT–IMPORT» based on the statistics of the US Department of Commerce