United States (USA) and Iceland (ISL) Trade | The Observatory of Economic Complexity (2024)

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

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.

The United States is Iceland's largest trading partner by country, primarily due to the number of American tourists in Iceland.

Iceland's main material exports are aluminum products and fish products, and main service exports are tourism related services.

Iceland Trade & Investment Summary

U.S. goods imports from Iceland totaled $755 million in 2022, up 30.2 percent ($175 million) from 2021, and up 166 percent from 2012.

Imports The top imports of Iceland are Refined Petroleum ($1.15B), Aluminium Oxide ($656M), Cars ($629M), Carbon-based Electronics ($493M), and Planes, Helicopters, and/or Spacecraft ($382M), importing mostly from Norway ($1.17B), Netherlands ($908M), Denmark ($744M), Germany ($743M), and China ($644M).

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).

The US is Iceland´s biggest single country trading partner accounting for 9 % of total export of goods from Iceland in the year 2017.

Tourism, aluminum smelting, and fishing are the pillars of the economy. For decades the Icelandic economy depended heavily on fisheries, but tourism has now surpassed fishing and aluminum as Iceland's main export industry. Tourism, aluminum smelting, and fishing are the pillars of the economy.

How many millionaires are in Iceland? ›

Iceland was the country with the highest rate of millionaires worldwide in 2022, with more than 20 percent of the adult population owning assets worth more than one million U.S. dollars. Luxembourg followed behind with 16 percent of the population being millionaires, with Switzerland in third.

Tourism, aluminum smelting, and fishing are the pillars of the economy. For decades the Icelandic economy depended heavily on fisheries, but tourism has now surpassed fishing and aluminum as Iceland's main export industry.

As of recent data, the average monthly salary in Iceland is around 700,000 ISK, which roughly translates to approximately $5,500 USD, maintaining Iceland's reputation as one of the countries with higher income levels.

Icelanders earn USD 67 488 per year on average, more than the OECD average of USD 49 165.

Iceland's defence forces consist of the Icelandic Coast Guard, which patrols Icelandic waters and monitors its airspace, and other services such as the National Commissioner's National Security and Special Forces Units. Iceland maintains no standing army, the only NATO member for which this is the case.

Iceland is a member of the Agreement on the European Economic Area (EEA) that unites members of the European Union (EU) and the three European Free Trade Association (EFTA) states (Iceland, Liechtenstein and Norway) into one single market governed by the EU basic rules.

The economy depends heavily on the fishing industry, which provides 40% of export earnings, more than 12% of GDP, and employs nearly 5% of the work force.

Tourism, aluminum smelting, and fishing are the pillars of the economy. For decades the Icelandic economy depended heavily on fisheries, but tourism has now surpassed fishing and aluminum as Iceland's main export industry.