Applied tariffs
Simple average MFN applied
2024
0.8 %
Trade-weighted MFN average
2024
1.3 %
Share of MFN duty-free
2024
94.6 %
Best preference trade-weighted average
2024
*
0.6 %
Bound tariffs
Simple average bound
*
24.0 %
Binding coverage
95.0 %
Share of bound duty-free
45.8 %
Imports
Total imports: 9,299.5 million USD in 2024
Imports by partner
European Union
44.6 %
4,146.3
million USD
Norway
11.0 %
1,020.8
million USD
China
10.9 %
1,009.5
million USD
United States of America
8.8 %
817.0
million USD
United Kingdom
3.8 %
357.2
million USD
Brazil
3.2 %
301.9
million USD
Australia
2.2 %
202.8
million USD
Jamaica
1.6 %
146.9
million USD
Türkiye
1.5 %
139.7
million USD
Kuwait, the State of
1.4 %
133.4
million USD
Rest of the World
11.0 %
1,024.0
million USD
Imports by products HS 2022
271019
Medium oils and preparations, of petroleum or bituminous minerals, not containing biodiesel, n.e.s.
9.9 %
924.9
million USD
281820
Aluminium oxide (excl. artificial corundum)
7.5 %
701.6
million USD
847150
Processing units for automatic data-processing machines, whether or not containing in the same housing one or two of the following types of unit: storage units, input units, output units (excl. those of heading 8471.41 or 8471.49 and excl. peripheral units)
4.7 %
440.0
million USD
854511
Electrodes of graphite or other carbon, for electric furnaces
2.4 %
223.7
million USD
300490
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes, put up in measured doses "incl. those for transdermal administration" or in forms or packings for retail sale (excl. containing antibiotics, hormones or steroids used as hormones, alkaloids, provitamins, vitamins, their derivatives, antimalarial active principles and blinded clinical trial kits)
2.4 %
220.1
million USD
854519
Electrodes of graphite or other carbon, for electrical purposes (excl. those used for furnaces)
1.8 %
169.9
million USD
230990
Preparations of a kind used in animal feeding (excl. dog or cat food put up for retail sale)
1.8 %
167.5
million USD
890200
Fishing vessels; factory ships and other vessels for processing or preserving fishery products (excl. fishing boats for sport)
1.6 %
148.9
million USD
851762
Machines for the reception, conversion and transmission or regeneration of voice, images or other data, incl. switching and routing apparatus (excl. telephone sets, telephones for cellular networks or for other wireless networks)
1.3 %
122.4
million USD
271012
Light oils and preparations, of petroleum or bituminous minerals which >= 90% by volume "incl. losses" distil at 210°C "ASTM D 86 method" (excl. containing biodiesel)
1.1 %
105.2
million USD
Rest of the products
65.3 %
6,075.2
million USD
Exports
Total exports: 6,931.6 million USD in 2024
Exports by destination
European Union
62.5 %
4,328.9
million USD
United States of America
11.5 %
798.5
million USD
United Kingdom
9.6 %
665.9
million USD
Norway
5.4 %
375.2
million USD
China
2.1 %
143.8
million USD
Japan
1.3 %
88.5
million USD
Switzerland
1.2 %
84.9
million USD
Other Countries, n.e.s.
1.0 %
71.5
million USD
Canada
0.8 %
58.1
million USD
Nigeria
0.7 %
50.9
million USD
Rest of the World
3.8 %
265.4
million USD
Exports by products HS 2022
760110
Aluminium, not alloyed, unwrought
24.5 %
1,699.2
million USD
030444
Fresh or chilled fillets of fish of the families Bregmacerotidae, Euclichthyidae, Gadidae, Macrouridae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae
6.7 %
461.4
million USD
760120
Unwrought aluminium alloys
4.9 %
342.9
million USD
030471
Frozen fillets of cod "Gadus morhua, Gadus ogac, Gadus macrocephalus"
4.6 %
318.1
million USD
030214
Fresh or chilled Atlantic salmon "Salmo salar" and Danube salmon "Hucho hucho"
4.5 %
309.8
million USD
902139
Artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints)
3.4 %
237.4
million USD
230120
Flours, meals and pellets of fish or crustaceans, molluscs or other aquatic invertebrates, unfit for human consumption
3.0 %
210.9
million USD
150420
Fats and oils of fish and their fractions, whether or not refined (excl. liver oils and chemically modified)
2.8 %
193.3
million USD
720221
Ferro-silicon, containing by weight > 55% of silicon
2.7 %
188.4
million USD
760511
Wire of non-alloy aluminium, with a maximum cross-sectional dimension of > 7 mm (excl. stranded wire, cables, plaited bands and the like and other articles of heading 7614, and electrically insulated wires)
2.6 %
180.2
million USD
Rest of the products
40.3 %
2,790.0
million USD
Preferential regimes provided by Iceland
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Iceland as a beneficiary based on other economies reported preferential regimes
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