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Iceland

U.S.-Iceland Trade Facts

Iceland is currently our 95th largest goods trading partner with $1.1 billion in total (two way) goods trade during 2018. Goods exports totaled $655 million; goods imports totaled $430 million. The U.S. goods trade surplus with Iceland was $226 million in 2018.

According to the Department of Commerce, U.S. exports of goods to Iceland supported an estimated 1 thousand jobs in 2015 (latest data available).

Exports

  • Iceland was the United States' 88th largest goods export market in 2018.
     
  • U.S. goods exports to Iceland in 2018 were $655 million, up 64.1% ($256 million) from 2017 and up 39.6% from 2008. 

  • The top export categories (2-digit HS) in 2018 were: aircraft ($199 million), mineral fuels ($176 million), special other (low value estimates) ($118 million), optical and medical instruments ($28 million), and machinery ($21 million).

  • U.S. total exports of agricultural products to Iceland totaled $26 million in 2018. Leading domestic export categories include: prepared food ($4 million), fresh fruit ($4 million), breakfast cereals ($2 million), condiments & sauces ($2 million), and other snack foods ($2 million).

Imports

  • Iceland was the United States' 99th largest supplier of goods imports in 2018.
     
  • U.S. goods imports from Iceland totaled $430 million in 2018, up 4.2% ($17 million) from 2017, and up 78.5% from 2008. 

  • The top import categories (2-digit HS) in 2018 were: fish and seafood (cod, haddock) ($226 million), optical and medical instruments ($73 million), beverages (water, ice, snow) ($26 million), machinery ($17 million), and iron and steel ($14 million).
     
  • U.S. total imports of agricultural products from Iceland totaled $8 million in 2018. Leading categories include: red meats, fresh/chilled/frozen ($3 million), wine and beer ($2 million), snack foods ($888 thousand), other dairy products ($492 thousand), and feeds & fodders ($432 thousand).

Trade Balance

  • The U.S. trade balance with Iceland shifted from a goods trade deficit of $13 million in 2017 to a goods trade surplus of $226 million in 2018.

Investment

  • U.S. foreign direct investment (FDI) in Iceland (stock) was $896 million in 2018. There is no information on the distribution of U.S. FDI in Iceland.

  • No data on Iceland's FDI in the U.S. are available. There is no information on the distribution of Iceland FDI in the U.S.

 

 NOTE: No services trade data with Iceland are available.