US trade (export - import) with Iceland in 2017

Published or Updated: May 22, 2018

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

US Trade with Iceland

In 2017, US trade with Iceland was $836.8 million, down 3.13% ($27.0 million) from 2016.

US exports to Iceland in 2017 were $396.8 million, down 15.09% ($70.5 million) from 2016.

US imports from Iceland in 2017 totaled $440.1 million, up 10.96% ($43.5 million) from 2016.

US trade balance with Iceland went from a surplus of $70.7 million in 2016, to a deficit of $43.3 million in 2017.

Iceland was the US 102nd largest trading partner in 2017 (down from 99th in 2016), accounting for 0.0212% of US total trade (down from 0.0233% in 2016).

Iceland was the US 102nd largest export market in 2017 (down from 94th in 2016), accounting for 0.0257% of US total exports (down from 0.0322% in 2016).

Iceland was the US 95th largest supplier in 2017 (down from 93rd in 2016), accounting for 0.0183% of US total imports (up from 0.0176% in 2016).

US Exports to Iceland

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

  • Machinery, equipment and vehicles (HS codes 84-90) - 26.17% of US total exports to Iceland (25.94% in 2016);
  • Mineral products (HS codes 25-27) - 21.57% of US total exports to Iceland (12.87% in 2016);
  • Chemical products (HS codes 28-40) - 10.73% of US total exports to Iceland (28.16% in 2016);
  • Food products and agricultural raw materials (HS codes 01-24) - 6.71% of US total exports to Iceland (5.72% in 2016);
  • Metals and products from them (HS codes 72-83) - 1.16% of US total exports to Iceland (1.01% in 2016);
  • Wood and wood products (HS codes 44-49) - 1.10% of US total exports to Iceland (0.99% in 2016).

The largest gains in US exports to Iceland in 2017 over 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 $25.5 million;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $8.7 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 $6.5 million;
  • Commodities not specified according to kind (HS code 99) - an increase of $5.7 million;
  • Vehicles other than railway or tramway rolling stock, and parts and accessories thereof (HS code 87) - an increase of $3.7 million;
  • Edible fruit and nuts; peel of citrus fruit or melons (HS code 08) - an increase of $1.4 million;
  • Works of art, collectors’ pieces and antiques (HS code 97) - an increase of $1.4 million;
  • Toys, games and sports requisites; parts and accessories thereof (HS code 95) - an increase of $1.3 million.

The largest declines in US exports to Iceland in 2017 over 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 $67.9 million;
  • Aircraft, spacecraft, and parts thereof (HS code 88) - a decrease of $21.8 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 $13.2 million;
  • Miscellaneous chemical products (HS code 38) - a decrease of $2.1 million;
  • Plastics and articles thereof (HS code 39) - a decrease of $1.5 million;
  • Ships, boats and floating structures (HS code 89) - a decrease of $1.4 million;
  • Miscellaneous edible preparations (HS code 21) - a decrease of $1.3 million.
US exports to Iceland in 2017 by product groups
HS
code
Name of product group Value
of exports
in 2017
(USD thousand)
Share
in total export
(%)
Value
of exports
in 2016
(USD thousand)
Change
in 2017
over 2016
(%)
01 Live animals 2.6 0.00 7.5-65.30
02 Meat and edible meat offal 887.9 0.22 552.860.63
03 Fish and crustaceans, molluscs and other aquatic invertebrates 495.1 0.12 637.8-22.38
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 54.7 0.01 153.8-64.46
07 Edible vegetables and certain roots and tubers 1,434.7 0.36 1,754.7-18.24
08 Edible fruit and nuts; peel of citrus fruit or melons 5,434.5 1.37 3,987.936.27
09 Coffee, tea, maté and spices 462.5 0.12 312.248.17
10 Cereals 546.3 0.14 273.599.71
11 Products of the milling industry; malt; starches; inulin; wheat gluten 156.5 0.04 154.71.15
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 248.3 0.06 31.2696.87
13 Lac; gums, resins and other vegetable saps and extracts 30.8 0.01 11.0178.72
14 Vegetable plaiting materials; vegetable products not elsewhere specified or included 4.4 0.00 4.25.12
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 356.2 0.09 672.2-47.01
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 98.1 0.02 6.61,387.91
17 Sugars and sugar confectionery 455.6 0.11 488.4-6.70
18 Cocoa and cocoa preparations 897.2 0.23 872.32.86
19 Preparations of cereals, flour, starch or milk; bakers’ wares 2,865.7 0.72 3,086.8-7.16
20 Preparations of vegetables, fruit, nuts or other parts of plants 1,968.6 0.50 2,238.9-12.07
21 Miscellaneous edible preparations 8,691.5 2.19 9,946.3-12.62
22 Beverages, spirits and vinegar 1,273.8 0.32 1,402.3-9.16
23 Residues and waste from the food industries; prepared animal feed 243.5 0.06 129.488.22
24 Tobacco and manufactured tobacco substitutes 10.7 0.00 5.0115.56
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 58.2 0.01 83.2-30.06
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 85,532.0 21.56 60,047.742.44
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 20,540.5 5.18 88,482.4-76.79
29 Organic chemicals 2,276.6 0.57 1,386.264.23
30 Pharmaceutical products 1,189.2 0.30 20,774.4-94.28
31 Fertilizers 0.0 0.00 6.2-100.00
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 189.1 0.05 82.7128.53
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 2,757.1 0.69 2,105.430.95
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 1,331.7 0.34 876.751.89
35 Albuminoidal substances; modified starches; glues; enzymes 123.7 0.03 185.1-33.15
36 Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations 25.6 0.01 61.4-58.29
37 Photographic or cinematographic goods 3.2 0.00 0.0
38 Miscellaneous chemical products 4,292.8 1.08 6,408.7-33.02
39 Plastics and articles thereof 6,032.3 1.52 7,513.3-19.71
40 Rubber and articles thereof 3,825.4 0.96 3,689.53.68
41 Raw hides and skins (other than furskins) and leather 2.6 0.00 8.4-69.35
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 174.8 0.04 113.154.57
43 Furskins and artificial fur; manufactures thereof 0.0 0.00 4.2-100.00
44 Wood and articles of wood; wood charcoal 722.1 0.18 747.6-3.40
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 0.01 35.325.68
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 2,886.3 0.73 3,319.7-13.05
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 696.2 0.18 543.528.09
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 9.8 0.00 0.0
52 Cotton 32.4 0.01 50.2-35.37
54 Man-made filaments 15.0 0.00 30.8-51.36
55 Man-made staple fibers 66.4 0.02 134.1-50.50
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 401.8 0.10 127.3215.71
57 Carpets and other textile floor coverings 56.5 0.01 26.9109.84
58 Special woven fabrics; tufted textile fabrics; lace, tapestries; trimmings; embroidery 6.8 0.00 7.1-4.50
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 264.9 0.07 182.145.46
60 Knitted or crocheted fabrics 4.9 0.00 30.0-83.50
61 Articles of apparel and clothing accessories, knitted or crocheted 435.8 0.11 362.120.36
62 Articles of apparel and clothing accessories, not knitted or crocheted 276.9 0.07 210.531.52
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 164.8 0.04 77.3113.12
64 Footwear, gaiters and the like; parts of such articles 756.8 0.19 595.627.06
65 Headgear and parts thereof 47.3 0.01 44.46.71
67 Prepared feathers and down and articles made of feathers or of down; artificial flowers; articles of human hair 24.8 0.01 26.8-7.64
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 880.4 0.22 565.555.69
69 Ceramic products 74.4 0.02 142.8-47.92
70 Glass and glassware 1,214.9 0.31 142.6751.99
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 459.4 0.12 293.956.34
72 Iron and steel 342.7 0.09 243.140.96
73 Articles of iron or steel 1,815.7 0.46 2,208.6-17.79
74 Copper and articles thereof 153.8 0.04 10.31,395.64
75 Nickel and articles thereof 157.2 0.04 76.7105.07
76 Aluminum and articles thereof 694.9 0.18 532.630.46
78 Lead and articles thereof 0.0 0.00 3.3-100.00
79 Zinc and articles thereof 21.2 0.01 0.0
80 Tin and articles thereof 3.0 0.00 0.0
81 Other base metals; cermets; articles thereof 39.4 0.01 31.425.33
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 722.3 0.18 1,254.8-42.44
83 Miscellaneous articles of base metal 672.1 0.17 344.095.36
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 21,081.2 5.31 12,345.970.75
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 17,721.0 4.47 11,194.258.31
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 41.4 0.01 3.61,034.51
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 11,901.2 3.00 8,192.245.28
88 Aircraft, spacecraft, and parts thereof 28,714.8 7.24 50,551.3-43.20
89 Ships, boats and floating structures 2,722.3 0.69 4,092.8-33.48
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 21,659.2 5.46 34,842.8-37.84
91 Clocks and watches and parts thereof 88.2 0.02 50.176.12
92 Musical instruments; parts and accessories of such articles 390.1 0.10 268.445.36
93 Arms and ammunition; parts and accessories thereof 364.4 0.09 712.8-48.89
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 1,931.0 0.49 1,334.544.69
95 Toys, games and sports requisites; parts and accessories thereof 5,379.7 1.36 4,035.633.31
96 Miscellaneous manufactured articles 218.1 0.05 327.7-33.44
97 Works of art, collectors’ pieces and antiques 2,767.3 0.70 1,392.798.70
99 Commodities not specified according to kind 112,656.5 28.39 106,986.25.30

US Imports from Iceland

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

  • Food products and agricultural raw materials (HS codes 01-24) - 61.08% of US total imports from Iceland (63.94% in 2016);
  • Machinery, equipment and vehicles (HS codes 84-90) - 21.99% of US total imports from Iceland (21.34% in 2016);
  • Metals and products from them (HS codes 72-83) - 5.69% of US total imports from Iceland (5.77% in 2016);
  • Chemical products (HS codes 28-40) - 1.81% of US total imports from Iceland (1.11% in 2016).

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

  • Fish and crustaceans, molluscs and other aquatic invertebrates (HS code 03) - an increase of $13.6 million;
  • Commodities not specified according to kind (HS code 99) - an increase of $12.1 million;
  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $5.3 million;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - an increase of $3.5 million;
  • Iron and steel (HS code 72) - an increase of $2.9 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 $2.4 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 $2.1 million.

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

  • Arms and ammunition; parts and accessories thereof (HS code 93) - a decrease of $1.5 million.
US imports from Iceland in 2017 by product groups
HS
code
Name of product group Value
of imports
in 2017
(USD thousand)
Share
in total import
(%)
Value
of imports
in 2016
USD thousand)
Change
in 2017
over 2016
(%)
01 Live animals 316.8 0.07 368.5-14.01
02 Meat and edible meat offal 3,115.8 0.71 2,651.217.52
03 Fish and crustaceans, molluscs and other aquatic invertebrates 213,854.2 48.60 200,278.36.78
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 337.8 0.08 1,167.2-71.06
05 Products of animal origin, not elsewhere specified or included 7,364.5 1.67 6,094.420.84
06 Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage 46.9 0.01 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 3,402.0 0.77 3,296.73.19
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 12,531.8 2.85 11,811.56.10
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 5,461.4 1.24 4,885.211.80
17 Sugars and sugar confectionery 50.1 0.01 43.714.81
18 Cocoa and cocoa preparations 767.0 0.17 846.4-9.37
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 0.00 0.0
21 Miscellaneous edible preparations 199.9 0.05 140.042.76
22 Beverages, spirits and vinegar 20,952.3 4.76 21,550.3-2.77
23 Residues and waste from the food industries; prepared animal feed 348.6 0.08 366.7-4.94
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 1,031.1 0.23 877.217.54
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 3,329.7 0.76 907.8266.78
29 Organic chemicals 289.0 0.07 76.8276.02
30 Pharmaceutical products 229.2 0.05 473.0-51.53
31 Fertilizers 6.5 0.00 0.0
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 294.3 0.07 0.0
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 470.6 0.11 175.4168.27
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 0.00 9.57.31
35 Albuminoidal substances; modified starches; glues; enzymes 8.0 0.00 0.0
36 Explosives; pyrotechnic products; matches; pyrophoric alloys; certain combustible preparations 0.0 0.00 87.1-100.00
38 Miscellaneous chemical products 642.4 0.15 34.01,790.91
39 Plastics and articles thereof 2,647.2 0.60 2,585.02.40
40 Rubber and articles thereof 37.1 0.01 55.5-33.18
41 Raw hides and skins (other than furskins) and leather 45.1 0.01 22.4101.31
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 52.7 0.01 35.448.68
43 Furskins and artificial fur; manufactures thereof 47.7 0.01 52.5-9.12
44 Wood and articles of wood; wood charcoal 0.0 0.00 19.0-100.00
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 75.9 0.02 268.1-71.70
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 509.3 0.12 332.353.29
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 156.6 0.04 119.231.40
53 Other vegetable textile fibers; paper yarn and woven fabric of paper yarn 1.9 0.00 3.0-35.80
55 Man-made staple fibers 1.3 0.00 3.6-64.08
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 126.6 0.03 378.6-66.55
59 Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use 3.6 0.00 32.3-88.98
60 Knitted or crocheted fabrics 0.0 0.00 0.4-100.00
61 Articles of apparel and clothing accessories, knitted or crocheted 63.4 0.01 36.275.28
62 Articles of apparel and clothing accessories, not knitted or crocheted 11.5 0.00 10.113.95
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 451.2 0.10 186.6141.84
64 Footwear, gaiters and the like; parts of such articles 18.0 0.00 20.7-13.25
65 Headgear and parts thereof 9.2 0.00 0.61,572.46
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 15.3 0.00 17.8-13.54
69 Ceramic products 8.8 0.00 13.9-36.41
70 Glass and glassware 57.8 0.01 10.2465.22
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 823.5 0.19 315.4161.09
72 Iron and steel 22,590.6 5.13 19,667.614.86
73 Articles of iron or steel 154.7 0.04 282.7-45.28
75 Nickel and articles thereof 0.0 0.00 20.5-100.00
76 Aluminum and articles thereof 1,945.2 0.44 2,838.1-31.46
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 70.8 0.02 45.156.94
83 Miscellaneous articles of base metal 271.5 0.06 42.3541.37
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 20,530.2 4.67 15,233.934.77
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 5,459.5 1.24 3,382.561.40
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 182.2 0.04 87.8107.46
88 Aircraft, spacecraft, and parts thereof 59.2 0.01 104.8-43.49
89 Ships, boats and floating structures 1,170.0 0.27 0.0
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 69,375.9 15.77 65,827.25.39
91 Clocks and watches and parts thereof 45.3 0.01 39.415.09
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 1,495.9-100.00
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 262.8 0.06 181.145.07
95 Toys, games and sports requisites; parts and accessories thereof 131.0 0.03 101.728.79
97 Works of art, collectors’ pieces and antiques 1,381.8 0.31 2,295.8-39.81
99 Commodities not specified according to kind 36,172.2 8.22 24,086.750.17
Compiled by «US-EXPORT–IMPORT» based on the statistics of the US Department of Commerce