US trade with Iceland in the first nine months of 2017

Published or Updated: May 20, 2018

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

US Trade with Iceland

In the first nine months of 2017, US trade with Iceland was $551.2 million, down 20.61% ($143.1 million) from the first nine months of 2016.

US exports to Iceland in the first nine months of 2017 were $247.0 million, down 37.39% ($147.5 million) from the first nine months of 2016.

US imports from Iceland in the first nine months of 2017 totaled $304.2 million, up 1.46% ($4.4 million) from the first nine months of 2016.

US trade balance with Iceland went from a surplus of $94.7 million in the first nine months of 2016, to a deficit of $57.2 million in the first nine months of 2017.

Iceland was the US 102nd largest trading partner in the first nine months of 2017 (down from 97th in the first nine months of 2016), accounting for 0.0189% of US total trade (down from 0.0265% in the first nine months of 2016).

Iceland was the US 112th largest export market in the first nine months of 2017 (down from 92nd in the first nine months of 2016), accounting for 0.0217% of US total exports (down from 0.0373% in the first nine months of 2016).

Iceland was the US 94th largest supplier in the first nine months of 2017 (down from 92nd in the first nine months of 2016), accounting for 0.0172% of US total imports (down from 0.0192% in the first nine months of 2016).

US Exports to Iceland

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

  • Machinery, equipment and vehicles (HS codes 84-90) - 31.35% of US total exports to Iceland (23.35% in the first nine months of 2016);
  • Mineral products (HS codes 25-27) - 12.51% of US total exports to Iceland (14.63% in the first nine months of 2016);
  • Chemical products (HS codes 28-40) - 9.79% of US total exports to Iceland (30.73% in the first nine months of 2016);
  • Food products and agricultural raw materials (HS codes 01-24) - 8.03% of US total exports to Iceland (4.99% in the first nine months of 2016);
  • Metals and products from them (HS codes 72-83) - 1.53% of US total exports to Iceland (0.92% in the first nine months of 2016);
  • Wood and wood products (HS codes 44-49) - 1.31% of US total exports to Iceland (0.82% in the first nine months of 2016).

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

  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $8.4 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 $3.3 million;
  • Toys, games and sports requisites; parts and accessories thereof (HS code 95) - an increase of $3.1 million;
  • Vehicles other than railway or tramway rolling stock, and parts and accessories thereof (HS code 87) - an increase of $2.9 million;
  • Edible fruit and nuts; peel of citrus fruit or melons (HS code 08) - an increase of $1.3 million;
  • Miscellaneous chemical products (HS code 38) - an increase of $0.8 million.

The largest declines in US exports to Iceland in the first nine months of 2017 over the first nine months 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 $78.8 million;
  • Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes (HS code 27) - a decrease of $26.8 million;
  • Aircraft, spacecraft, and parts thereof (HS code 88) - a decrease of $22.4 million;
  • Pharmaceutical products (HS code 30) - a decrease of $19.7 million;
  • Commodities not specified according to kind (HS code 99) - a decrease of $13.0 million;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - a decrease of $7.5 million;
  • Miscellaneous edible preparations (HS code 21) - a decrease of $1.3 million;
  • Plastics and articles thereof (HS code 39) - a decrease of $1.0 million.
US exports to Iceland in the first nine months of 2017 by product groups
HS
code
Name of product group Value
of exports
in first 9 months 2017
(USD thousand)
Share
in total export
(%)
Value
of exports
in first 9 months 2016
(USD thousand)
Change
in first 9 months 2017
over first 9 months 2016
(%)
01 Live animals 2.6 0.00 7.5-65.30
02 Meat and edible meat offal 781.4 0.32 336.4132.28
03 Fish and crustaceans, molluscs and other aquatic invertebrates 299.7 0.12 551.8-45.69
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 42.0 0.02 131.5-68.08
07 Edible vegetables and certain roots and tubers 1,064.7 0.43 1,261.7-15.61
08 Edible fruit and nuts; peel of citrus fruit or melons 4,164.5 1.69 2,839.046.69
09 Coffee, tea, maté and spices 431.7 0.17 232.086.06
10 Cereals 378.1 0.15 196.792.23
11 Products of the milling industry; malt; starches; inulin; wheat gluten 110.1 0.04 117.5-6.29
12 Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruits; industrial or medicinal plants; straw and fodder 226.1 0.09 16.11,305.59
13 Lac; gums, resins and other vegetable saps and extracts 27.7 0.01 3.0828.36
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 262.3 0.11 601.7-56.40
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 93.6 0.04 6.61,319.62
17 Sugars and sugar confectionery 277.3 0.11 329.4-15.81
18 Cocoa and cocoa preparations 653.8 0.26 653.9-0.02
19 Preparations of cereals, flour, starch or milk; bakers’ wares 2,191.2 0.89 2,121.93.27
20 Preparations of vegetables, fruit, nuts or other parts of plants 1,384.5 0.56 1,575.1-12.10
21 Miscellaneous edible preparations 6,317.5 2.56 7,571.8-16.56
22 Beverages, spirits and vinegar 1,023.1 0.41 1,020.10.30
23 Residues and waste from the food industries; prepared animal feed 91.4 0.04 93.9-2.61
24 Tobacco and manufactured tobacco substitutes 4.3 0.00 5.0-13.97
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 44.3 0.02 47.5-6.84
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 30,839.8 12.49 57,656.2-46.51
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 9,645.9 3.91 88,475.5-89.10
29 Organic chemicals 1,570.7 0.64 998.557.30
30 Pharmaceutical products 910.9 0.37 20,584.7-95.57
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 166.6 0.07 71.9131.72
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 2,063.0 0.84 1,463.640.95
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 1,034.6 0.42 678.752.44
35 Albuminoidal substances; modified starches; glues; enzymes 87.6 0.04 60.145.61
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 1,078.6 0.44 271.7296.91
39 Plastics and articles thereof 4,698.5 1.90 5,664.6-17.05
40 Rubber and articles thereof 2,884.9 1.17 2,910.9-0.89
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) 117.1 0.05 80.046.41
43 Furskins and artificial fur; manufactures thereof 0.0 0.00 4.2-100.00
44 Wood and articles of wood; wood charcoal 464.3 0.19 593.7-21.80
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 0.02 35.325.68
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 2,275.9 0.92 2,225.82.25
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 451.6 0.18 381.218.45
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 9.8 0.00 0.0
52 Cotton 29.6 0.01 36.2-18.18
54 Man-made filaments 7.8 0.00 9.1-14.99
55 Man-made staple fibers 52.2 0.02 127.8-59.16
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 387.7 0.16 123.8213.10
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 66.9 0.03 28.8131.84
60 Knitted or crocheted fabrics 4.9 0.00 15.8-68.75
61 Articles of apparel and clothing accessories, knitted or crocheted 302.4 0.12 290.83.99
62 Articles of apparel and clothing accessories, not knitted or crocheted 204.7 0.08 176.316.10
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 128.2 0.05 55.6130.54
64 Footwear, gaiters and the like; parts of such articles 358.8 0.15 282.027.24
65 Headgear and parts thereof 47.3 0.02 44.46.71
67 Prepared feathers and down and articles made of feathers or of down; artificial flowers; articles of human hair 13.4 0.01 18.1-26.08
68 Articles of stone, plaster, cement, asbestos, mica or similar materials 597.9 0.24 478.524.94
69 Ceramic products 71.7 0.03 55.130.10
70 Glass and glassware 395.7 0.16 88.8345.68
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 409.4 0.17 247.965.12
72 Iron and steel 246.2 0.10 173.142.23
73 Articles of iron or steel 1,483.4 0.60 1,694.1-12.44
74 Copper and articles thereof 69.9 0.03 10.3579.72
75 Nickel and articles thereof 151.9 0.06 26.3478.69
76 Aluminum and articles thereof 629.6 0.25 404.955.51
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 29.7 0.01 11.8152.28
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 584.5 0.24 1,113.9-47.53
83 Miscellaneous articles of base metal 553.2 0.22 213.1159.63
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 16,091.9 6.52 7,671.4109.77
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 11,761.3 4.76 8,434.239.45
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 9.4 0.00 3.6156.60
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 8,379.1 3.39 5,452.053.69
88 Aircraft, spacecraft, and parts thereof 21,795.3 8.82 44,233.3-50.73
89 Ships, boats and floating structures 2,709.8 1.10 2,101.828.93
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 16,685.4 6.76 24,206.6-31.07
91 Clocks and watches and parts thereof 74.8 0.03 34.3118.12
92 Musical instruments; parts and accessories of such articles 260.9 0.11 181.843.56
93 Arms and ammunition; parts and accessories thereof 339.4 0.14 656.6-48.31
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 1,372.1 0.56 1,038.032.19
95 Toys, games and sports requisites; parts and accessories thereof 4,783.4 1.94 1,647.3190.38
96 Miscellaneous manufactured articles 165.1 0.07 294.9-44.02
97 Works of art, collectors’ pieces and antiques 845.5 0.34 1,313.7-35.64
99 Commodities not specified according to kind 76,563.0 31.00 89,524.0-14.48

US Imports from Iceland

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

  • Food products and agricultural raw materials (HS codes 01-24) - 64.30% of US total imports from Iceland (65.42% in the first nine months of 2016);
  • Machinery, equipment and vehicles (HS codes 84-90) - 22.85% of US total imports from Iceland (19.90% in the first nine months of 2016);
  • Metals and products from them (HS codes 72-83) - 6.17% of US total imports from Iceland (5.98% in the first nine months of 2016);
  • Chemical products (HS codes 28-40) - 1.83% of US total imports from Iceland (1.15% in the first nine months of 2016).

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

  • Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof (HS code 84) - an increase of $4.4 million;
  • Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (HS code 90) - an increase of $2.6 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 $1.7 million;
  • Iron and steel (HS code 72) - an increase of $1.6 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 $1.3 million;
  • Ships, boats and floating structures (HS code 89) - an increase of $1.2 million.

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

  • Commodities not specified according to kind (HS code 99) - a decrease of $7.0 million;
  • Beverages, spirits and vinegar (HS code 22) - a decrease of $1.1 million;
  • Works of art, collectors’ pieces and antiques (HS code 97) - a decrease of $0.9 million.
US imports from Iceland in the first nine months of 2017 by product groups
HS
code
Name of product group Value
of imports
in first 9 months 2017
(USD thousand)
Share
in total import
(%)
Value
of imports
in first 9 months 2016
(USD thousand)
Change
in first 9 months 2017
over first 9 months 2016
(%)
01 Live animals 174.0 0.06 253.5-31.34
02 Meat and edible meat offal 2,861.8 0.94 2,104.136.01
03 Fish and crustaceans, molluscs and other aquatic invertebrates 154,744.2 50.88 155,449.5-0.45
04 Dairy produce; birds eggs; natural honey; edible products of animal origin, not elsewhere specified or included 337.8 0.11 731.5-53.82
05 Products of animal origin, not elsewhere specified or included 5,244.1 1.72 4,930.06.37
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 2,961.9 0.97 2,764.07.16
15 Animal or vegetable fats and oils and their cleavage products prepared edible fats; animal or vegetable waxes 9,050.6 2.98 8,914.01.53
16 Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates 3,979.4 1.31 3,818.34.22
17 Sugars and sugar confectionery 50.1 0.02 43.714.81
18 Cocoa and cocoa preparations 565.6 0.19 530.46.64
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 156.0 0.05 62.0151.73
22 Beverages, spirits and vinegar 15,159.0 4.98 16,237.0-6.64
23 Residues and waste from the food industries; prepared animal feed 235.9 0.08 207.913.47
25 Salt; sulfur; earths and stone; plastering materials, lime and cement 1,004.7 0.33 868.015.74
28 Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,of radioactive elements or of isotopes 2,171.3 0.71 894.4142.76
29 Organic chemicals 4.5 0.00 45.8-90.27
30 Pharmaceutical products 180.4 0.06 473.0-61.85
31 Fertilizers 6.5 0.00 0.0
32 Tanning or dyeing extracts; dyes, pigments, paints, varnishes, putty and mastics 221.7 0.07 0.0
33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 363.1 0.12 54.8563.05
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 0.0
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 26.6-100.00
38 Miscellaneous chemical products 630.3 0.21 34.01,755.39
39 Plastics and articles thereof 1,970.9 0.65 1,890.54.25
40 Rubber and articles thereof 6.8 0.00 21.9-68.73
41 Raw hides and skins (other than furskins) and leather 8.4 0.00 22.4-62.44
42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut) 36.4 0.01 33.48.77
43 Furskins and artificial fur; manufactures thereof 25.8 0.01 42.4-39.24
44 Wood and articles of wood; wood charcoal 0.0 0.00 10.9-100.00
48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 73.1 0.02 268.1-72.74
49 Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans 375.5 0.12 243.754.12
51 Wool, fine or coarse animal hair; horsehair yarn and woven fabric 110.0 0.04 85.728.30
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 2.5-48.88
56 Wadding, felt and nonwovens; special yarns, twine, cordage, ropes and cables and articles thereof 110.7 0.04 234.2-52.74
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 52.0 0.02 27.887.16
62 Articles of apparel and clothing accessories, not knitted or crocheted 11.5 0.00 1.8522.35
63 Other made up textile articles; sets; worn clothing and worn textile articles; rags 263.3 0.09 179.047.12
64 Footwear, gaiters and the like; parts of such articles 1.9 0.00 19.9-90.38
65 Headgear and parts thereof 9.2 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 4.9 0.00 8.1-39.61
70 Glass and glassware 48.3 0.02 10.2372.58
71 Natural or cultured pearls, precious or semi-precious stones,precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin 810.0 0.27 292.7176.77
72 Iron and steel 17,136.0 5.63 15,579.29.99
73 Articles of iron or steel 88.6 0.03 223.6-60.36
76 Aluminum and articles thereof 1,225.6 0.40 2,051.7-40.26
82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 58.0 0.02 45.128.45
83 Miscellaneous articles of base metal 271.5 0.09 25.7956.28
84 Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 15,125.4 4.97 10,772.240.41
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 4,305.6 1.42 2,573.667.30
87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 78.8 0.03 62.126.86
88 Aircraft, spacecraft, and parts thereof 59.2 0.02 104.8-43.49
89 Ships, boats and floating structures 1,170.0 0.38 0.0
90 Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 48,772.8 16.04 46,135.45.72
91 Clocks and watches and parts thereof 45.3 0.01 21.7108.66
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 128.0 0.04 142.2-9.96
95 Toys, games and sports requisites; parts and accessories thereof 113.2 0.04 92.122.97
97 Works of art, collectors’ pieces and antiques 1,062.6 0.35 2,005.4-47.01
99 Commodities not specified according to kind 10,386.2 3.41 17,346.3-40.12
Compiled by «US-EXPORT–IMPORT» based on the statistics of the US Department of Commerce