US–Iceland Trade: 2025 Figures and How to Read Them
The United States Trade Representative estimates bilateral goods and services trade at $4.6 billion for 2025. Read the goods and services figures separately: a goods-only comparison leaves out much of this trading relationship.
The latest complete-year figures on the inspected USTR page
The following figures are from USTR’s Iceland trade summary, checked September 10, 2026. They are in US dollars and use the US reporting perspective.
Measure | Goods | Services |
|---|---|---|
US exports to Iceland | $773.5 million | $586.0 million |
US imports from Iceland | $1.0 billion | $2.2 billion |
Exports plus imports | $1.8 billion | $2.8 billion |
US trade deficit | $233.5 million | $1.6 billion |
USTR reports the combined total down 0.9% from 2024. The displayed amounts are rounded, so subtracting the rounded export and import cells may not reproduce the more precise published deficit. These are annual estimates, not a live 2026 trade counter.
Why two trade summaries can appear to disagree
Before comparing numbers, align four labels: year, reporting country, goods versus services, and currency. A product-trade chart may cover goods only, while a bilateral headline includes services. An export from the US is an import into Iceland; changing the reporting perspective also changes what a surplus or deficit describes.
Keep a partner’s rank in Iceland’s trade separate from Iceland’s rank in that partner’s trade. Those rankings answer different questions. Likewise, a sector’s share of merchandise exports cannot be compared directly with its share of all goods and services exports.
For other national measures, use our statistics guide, which separates observation dates, definitions and sources. A current publication date does not make every historical observation inside it current.
Tourism, fisheries and aluminum explain different parts of the economy
The International Trade Administration’s April 2026 market overview identifies tourism, fishing and aluminum smelting as central sectors. It also explains the importance of American visitors to bilateral services trade.
Use that guide for market context, but retain the year attached to each statistic. Its discussion still includes a forecast for 2025; that forecast should not be relabeled as an observed 2025 result. For a business case, obtain the current series for the specific sector and measure you need.
An electricity-generation claim is also different from a claim about all energy use. A renewable electricity supply does not by itself establish a project’s available capacity, tariff, connection date or total emissions. Those require the relevant supplier and project information.
A framework agreement is not a free-trade agreement
The US Department of Commerce’s trade-agreements guide, published April 1, 2026, says the US and Iceland have neither a bilateral free-trade agreement nor a bilateral investment treaty. It distinguishes the Trade and Investment Framework Agreement signed in January 2009.
Iceland’s participation in EFTA and the EEA does not establish the tariff treatment of a US-origin product. Use the current product classification, origin rules and customs requirements for the actual shipment; a general relationship summary is not a duty quote.
Use official resources for a transaction
The Country Commercial Guide links to market entry, import documentation, standards and sector information. Start with the section matching your question, then verify its publication date and the requirements that apply to your product or service.
This is an independent Iceland.org explainer. The legacy URL contains “the-embassy,” but this page is not an embassy or government service. Use the official agency linked for authoritative assistance and our about page for the identity of this website.
Planning help
Questions about US–Iceland Trade: 2025 Figures and How to Read Them
Quick answers with safety notes where it matters.
How much was US–Iceland trade in 2025?
USTR estimates goods and services trade at $4.6 billion, comprising $1.8 billion in goods and $2.8 billion in services. These are rounded annual estimates from the summary checked September 10, 2026.
Why is a goods-trade total lower than the headline total?
The headline includes services as well as goods. Align the year, coverage, currency and reporting perspective before comparing two sources.
Does the US have a free-trade agreement with Iceland?
The inspected April 2026 US Department of Commerce guide says no. It distinguishes the bilateral Trade and Investment Framework Agreement from a free-trade agreement.
Is this an embassy page?
No. Iceland.org is an independent website. The legacy URL is retained, but official business and government assistance should be obtained from the linked agencies.
Country reference: Iceland statistics.