United States (USA) and Iceland (ISL) Trade | The Observatory of Economic Complexity

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United States (USA) and Iceland (ISL) Trade

2022

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Exports $404MRnk 108 / 219

2022

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About

United States-Iceland In 2022, United States exported $404M to Iceland. The main products that United States exported to Iceland are Cars ($55.6M), Planes, Helicopters, and/or Spacecraft ($47.7M), and Refined Petroleum ($43.6M). During the last 27 years the exports of United States to Iceland have increased at an annualized rate of 3.33%, from $167M in 1995 to $404M in 2022.

In 2022, United States did not export any services to Iceland.

Iceland-United States In 2022, Iceland exported $613M to United States. The main products that Iceland exported to United States were Fish Fillets ($242M), Non-fillet Fresh Fish ($73.4M), and Orthopedic Appliances ($60.8M). During the last 27 years the exports of Iceland to United States have increased at an annualized rate of 3.64%, from $234M in 1995 to $613M in 2022.

In 2019, Iceland exported services to United States worth $1.68B, with Travel ($801M), Transportation ($535M), and Other business services ($185M) being the largest in terms of value.

Comparison In 2022, United States ranked 10 in the Economic Complexity Index (ECI 1.41), and 2 in total exports ($1.95T). That same year, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

COMPANIES In 2023, leading companies such as were at the forefront of exporting goods from Iceland to the United States. Conversely, were notable for importing Iceland products to the United States.

Latest Trends

January, 2024

About

Overview In January 2024, United States exported $89.9M and imported $61.1M from Iceland, resulting in a positive trade balance of $28.8M. Between January 2023 and January 2024 the exports of United States have increased by $73.1M (433%) from $16.9M to $89.9M, while imports increased by $3.61M (6.28%) from $57.5M to $61.1M.

Trade In January 2024, the top exports of United States to Iceland were Commodities not elsewhere specified ($4.07M), Hydrometers ($2M), Broadcasting Equipment ($619k), Packaged Medicaments ($569k), and Aircraft Parts ($481k). In January 2024 the top imports of United States from Iceland were Fish Fillets ($24.1M), Orthopedic Appliances ($12.7M), Non-fillet Fresh Fish ($5.12M), Water ($1.79M), and Ferroalloys ($1.71M).

Origins In January 2024 the exports of United States were mainly from California ($57M), Florida ($973k), Illinois ($901k), Pennsylvania ($739k), and Georgia ($738k), while imports destinations were mainly California ($25M), Massachusetts ($19.3M), New Jersey ($3.06M), New York ($2.65M), and Maine ($2M).

Growth In January 2024, the increase in United States's year-by-year exports to Iceland was explained primarily by an increase in product exports in Hydrometers ($1.94M or 3.12k%), Commodities not elsewhere specified ($647k or 18.9%), and Packaged Medicaments ($489k or 614%). In January 2024, the increase in United States's year-by-year imports from Iceland was explained primarily by an increase in product imports in Orthopedic Appliances ($9.48M or 295%), Fish Fillets ($3.93M or 19.4%), and Surveying Equipment ($1.09M or 7.73k%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (January 2023 - January 2024)$73.1M(433%)

IMPORT GROWTH (January 2023 - January 2024)$3.61M(6.28%)

MAIN EXPORTER (January 2024)California$57M

This section shows exports and imports data at subnational level for United States. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of United States over time.

To check Iceland and United States trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, United States exported $404M to Iceland. The main products exported from United States to Iceland were Cars ($55.6M), Planes, Helicopters, and/or Spacecraft ($47.7M), and Refined Petroleum ($43.6M). During the last 27 years the exports of United States to Iceland have increased at an annualized rate of 3.33%, from $167M in 1995 to $404M in 2022.

In 2022, Iceland exported $613M to United States. The main products exported from Iceland to United States were Fish Fillets ($242M), Non-fillet Fresh Fish ($73.4M), and Orthopedic Appliances ($60.8M). During the last 27 years the exports of Iceland to United States have increased at an annualized rate of 3.64%, from $234M in 1995 to $613M in 2022.

Exports from United States () to Iceland () (2022)

Exports from Iceland () to United States () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

United States
Top DestinationCanada$308B

Iceland
Top DestinationNetherlands$1.97B

This map shows whether countries import more from United States or Iceland. Each country is colored based on the difference in imports they receive from United States and Iceland or the difference in the growth in imports.

In 2021, countries that imported more from United States than Iceland were Canada ($308B), Mexico ($294B), and China ($151B).

In 2021, countries that imported more from Iceland than United States were Greenland ($28.2M) and Wallis and Futuna ($3.54M).

Difference in imports from Iceland () and United States () (2022)

Comparative Advantage United States - Iceland

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between United States and Iceland by product, considering products traded by both, United States and Iceland.

During 2022, United States had a large net trade with Iceland in the exports of Transportation ($131M), Machines ($73.7M), and Mineral Products ($45.3M).

During 2022, Iceland had a large net trade with United States in the exports of Animal Products ($346M), Instruments ($84.3M), and Foodstuffs ($41.6M).

Service Trade

Bilateral Service Trade

Isl Year

In 2019, Iceland exported services to United States worth $1.68B, with Travel ($801M), Transportation ($535M), and Other business services ($185M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Iceland () to United States () (2019)

Economic Complexity

Competitive Landscape

Year

This visualization show the product space at the HS4 level colored from blue to yellow. This mean that the more blue a dot/product is, the more United States has comparative advantage over Iceland. Similarly, the more yellow a dot/product is, the more Iceland has comparative advantage over United States.

Product Space of United States () and Iceland () (2022)

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