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U.S.-Iceland Trade Facts

In 2019, Iceland GDP was an estimated $23.9 billion (current market exchange rates); real GDP was up by an estimated 1.9%; and the population was 357 thousand. (Source: IMF)

Iceland is currently our 97th largest goods trading partner with $1.0 billion in total (two way) goods trade during 2019. Goods exports totaled $555 million; goods imports totaled $483 million. The U.S. goods trade surplus with Iceland was $72 million in 2019.

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


  • Iceland was the United States' 95th largest goods export market in 2019.
  • U.S. goods exports to Iceland in 2018 were $555 million, down 17.2% ($115 million) from 2018 but up 58.8% from 2009.

  • The top export categories (2-digit HS) in 2019 were: aircraft ($160 million), mineral fuels ($145 million), special other (low value shipments) ($107 million), machinery ($21 million), and vehicles ($16 million).

  • U.S. total exports of agricultural products to Iceland totaled $27 million in 2019. Leading domestic export categories include: prepared food ($4 million), breakfast cereals ($3 million), fresh fruit ($3 million), condiments & sauces ($3 million), and snack foods not elsewhere specified or indicated ($2 million).


  • Iceland was the United States' 92nd largest supplier of goods imports in 2019.
  • U.S. goods imports from Iceland totaled $483 million in 2019, up 12.4% ($53 million) from 2018, and up 169.6% from 2009.

  • The top import categories (2-digit HS) in 2019 were: fish and seafood (fish fillets) ($247 million), optical and medical instruments ($75 million), beverages (mineral waters) ($31 million), special other (returns) ($29 million), and machinery ($16 million).
  • U.S. total imports of agricultural products from Iceland totaled $6 million in 2019. Leading categories include: wine and beer ($2 million), other dairy products ($1 million), snack foods ($876 thousand), feeds & fodders ($498 thousand), and red meats, fresh, chilled, or frozen ($152 thousand).

Trade Balance

  • The goods trade surplus with Iceland was $72 million in 2019, a 70.1% decrease ($169 million) over 2018.


  • U.S. foreign direct investment ((FDI) in Iceland (stock) was $824 million in 2019. There is no information.

  • No data on Iceland's FDI in the U.S. are available. 

 NOTE: No services trade data with Iceland are available.