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Iceland

Iceland FlagU.S.-Iceland Trade Facts

Iceland is currently our 102nd largest goods trading partner with $810 million in total (two way) goods trade during 2017. Goods exports totaled $397 million; goods imports totaled $413 million. The U.S. goods trade deficit with Iceland was $16 million in 2017.

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' 102nd largest goods export market in 2017.

  • U.S. goods exports to Iceland in 2017 were $397 million, down 11.4% ($51 million) from 2016 and down 37.0% from 2007.  

  • The top export categories (2-digit HS) in 2017 were: special other (low value estimate) ($113 million), mineral fuels ($86 million), aircraft ($29 million), optical and medical instruments ($22 million), and machinery ($21 million).

  • U.S. total exports of agricultural products to Iceland totaled $26 million in 2017. Leading domestic export categories include: fresh fruit ($6 million), prepared food ($3 million), condiments & sauces ($3 million), breakfast cereals ($2 million), and snack foods nesoi ($2 million).

Imports

  • Iceland was the United States' 95th largest supplier of goods imports in 2017.

  • U.S. goods imports from Iceland totaled $413 million in 2017, up 11.3% ($42 million) from 2016, and up 100.7% from 2007.  

  • The top import categories (2-digit HS) in 2017 were: fish and seafood (cod, haddock) ($196 million), optical and medical instruments ($69 million), special other (returns) ($29 million), iron and steel ($20 million), and machinery ($20 million).

  • U.S. total imports of agricultural products from Iceland totaled $8 million in 2017. Leading categories include: red meats, fr/ch/fr ($3 million), wine and beer ($2 million), snack foods ($799 thousand), cheese ($259 thousand), and live animals ($212 thousand).

Trade Balance

  • The U.S. trade balance with Iceland shifted from a goods trade surplus of $77 million in 2016 to a goods trade deficit of $16 million in 2017.

Investment

  • U.S. foreign direct investment (FDI) in Iceland (stock) was $85 million in 2016. 

  • Iceland's FDI in the United States (stock) was $7.1 billion in 2016.