Iceland

Iceland ranked No. 102 in total trade value through June with a total of $374.13 million. Exports totaled $170.65 million and Imports totaled $203.48 million, a deficit of $32.83 million.

U.S. trade with Iceland rose to $374.13 million through June

Iceland’s trade with the United States rose to $374.13 million through the first six months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 38.99 percent below its total trade during the same time period last year. U.S. exports to Iceland decreased 53.39 percent while U.S. imports from Iceland fell 17.65 percent. The U.S. deficit with Iceland was $32.83 million.

Through June, the top five among the nation’s airports, seaports and border crossings were No. 1 Port of Portland, Maine; No. 2 Boston’s Logan International Airport; No. 3 John F. Kennedy International Airport; No. 4 Low-Valued Imports and Exports; and No. 5 Port of Greater Baton Rouge, La.. During the same period the previous year, the top five were No. 1 Seattle-Tacoma International Airport; No. 2 Port of Portland, Maine; No. 3 Port of Greater Baton Rouge, La.; No. 4 Low-Valued Imports and Exports and No. 5 John F. Kennedy International Airport. In the current time period, the top five accounted for 72.88 percent of Iceland’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Portland, Maine fell 5.3 percent to $99.57 million.
    Exports rose 2.96 percent to $18.77 million. Imports fell 7.03 percent to $80.8 million.
  • Trade with No. 2 Boston’s Logan International Airport rose 60 percent to $63.15 million.
    Exports rose 393.85 percent to $7.02 million. Imports rose 47.53 percent to $56.13 million.
  • Trade with No. 3 John F. Kennedy International Airport fell 19.73 percent to $41.78 million.
    Exports rose 13.14 percent to $22.94 million. Imports fell 40.71 percent to $18.83 million.
  • Trade with No. 4 Low-Valued Imports and Exports fell 25.2 percent to $39.32 million.
    Exports fell 25.2 percent to $39.32 million. There were no imports.
  • Trade with No. 5 Port of Greater Baton Rouge, La. fell 67.4 percent to $28.83 million.
    Exports fell 67.4 percent to $28.83 million. There were no imports.

Iceland ranked No. 102 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 97.

Meanwhile, total U.S. trade with the world increased to $1.77 trillion, down 57.4 percent compared to the same period last year. The nation’s exports dropped 58.23 percent to $687.16 billion; imports dropped 56.85 percent to $1.08 trillion. The nation’s top five countries so far this year, by value, are Canada; Mexico; China; Japan and Germany. The overall trade deficit was $391.01 billion, down compared to the same period of last year when the deficit was $853.23 billion.

The top five U.S. exports to Iceland by value through June were the categories of Low value shipments; Gasoline, other fuels; Antennas for radio, TV, parts; Misc. medical chemical re-agents; and Civilian aircraft, parts, respectively. They accounted for 62.59 percent of total exports to Iceland.

The value of the top five categories of U.S. imports from Iceland –– Fish fillets, chilled or frozen; Orthopedic appliances, artificial body parts; Natural waters; Fish, fresh or chilled; and Fats & Oils, Their Fractions, Fish & Marine M 1504 –– accounted for 73.13 percent of all inbound shipments.

Looking more closely at U.S. exports to Iceland:

  • Low value shipments fell 25.2 percent compared to last year to $39.32 million.
  • Gasoline, other fuels fell 67.4 percent compared to last year to $28.85 million.
  • Antennas for radio, TV, parts rose 100203 percent compared to last year to $22.06 million.
  • Misc. medical chemical re-agents rose 7835.1 percent compared to last year to $9.27 million.
  • Civilian aircraft, parts fell 95.21 percent compared to last year to $7.3 million.

Looking more closely at U.S. imports from Iceland:

  • Fish fillets, chilled or frozen fell 9.43 percent compared to last year to $105.98 million.
  • Orthopedic appliances, artificial body parts fell 17.69 percent compared to last year to $16.46 million.
  • Natural waters rose 0.47 percent compared to last year to $12.23 million.
  • Fish, fresh or chilled fell 38.91 percent compared to last year to $7.35 million.
  • Fats & Oils, Their Fractions, Fish & Marine M 1504 rose 17.62 percent compared to last year to $6.78 million.

In the latest annual figures available, Iceland recorded $1.04 billion in trade with the United States. Total U.S. exports to Iceland were $ 555.01 million and imports from Iceland were $484.46 million. The U.S. surplus with Iceland was $70.54 million.