Applied tariffs
Simple average MFN applied
2025
*
8.1 %
Trade-weighted MFN average
2025
*
11.9 %
Share of MFN duty-free
2025
94.5 %
Bound tariffs
Simple average bound
*
24.0 %
Binding coverage
95.0 %
Share of bound duty-free
45.8 %
Imports
Total imports: 10,945.5 million USD in 2025
Imports by partner
European Union
44.9 %
4,915.8
million USD
China
11.8 %
1,295.4
million USD
Norway
9.8 %
1,071.0
million USD
United States of America
6.9 %
751.9
million USD
Chinese Taipei
5.4 %
592.3
million USD
United Kingdom
3.6 %
392.5
million USD
Brazil
2.5 %
275.5
million USD
Australia
2.3 %
249.0
million USD
Jamaica
1.4 %
155.9
million USD
Japan
1.3 %
138.1
million USD
Rest of the World
10.1 %
1,108.0
million USD
Imports by products HS 2022
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)
7.5 %
820.1
million USD
271019
Medium oils and preparations, of petroleum or bituminous minerals, not containing biodiesel, n.e.s.
7.5 %
818.1
million USD
281820
Aluminium oxide (excl. artificial corundum)
6.8 %
743.4
million USD
847180
Units for automatic data-processing machines (excl. processing units, input or output units and storage units)
2.9 %
316.3
million USD
870380
Motor cars and other motor vehicles principally designed for the transport of <10 persons, incl. station wagons and racing cars, with only electric motor for propulsion (excl. vehicles for travelling on snow and other specially designed vehicles of subheading 8703.10)
2.4 %
267.2
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)
2.2 %
239.9
million USD
870360
Motor cars and other motor vehicles principally designed for the transport of <10 persons, incl. station wagons and racing cars, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion, capable of being charged by plugging to external source of electric power (excl. vehicles for travelling on snow and other specially designed vehicles of subheading 8703.10)
2.1 %
234.5
million USD
854511
Electrodes of graphite or other carbon, for electric furnaces
2.0 %
221.3
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)
1.9 %
208.9
million USD
230990
Preparations of a kind used in animal feeding (excl. dog or cat food put up for retail sale)
1.8 %
194.5
million USD
Rest of the products
62.9 %
6,881.2
million USD
Exports
Total exports: 7,183.3 million USD in 2025
Exports by destination
European Union
66.5 %
4,778.8
million USD
United Kingdom
9.9 %
712.0
million USD
United States of America
9.3 %
665.8
million USD
Norway
3.6 %
261.2
million USD
China
2.8 %
197.7
million USD
Other Countries, n.e.s.
1.3 %
96.2
million USD
Switzerland
1.0 %
72.9
million USD
Japan
1.0 %
70.7
million USD
Nigeria
0.9 %
64.8
million USD
Canada
0.9 %
62.8
million USD
Rest of the World
2.8 %
200.4
million USD
Exports by products HS 2022
760110
Aluminium, not alloyed, unwrought
22.0 %
1,583.2
million USD
760120
Unwrought aluminium alloys
8.9 %
642.8
million USD
030444
Fresh or chilled fillets of fish of the families Bregmacerotidae, Euclichthyidae, Gadidae, Macrouridae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae
6.8 %
489.6
million USD
030471
Frozen fillets of cod "Gadus morhua, Gadus ogac, Gadus macrocephalus"
5.7 %
410.8
million USD
030214
Fresh or chilled Atlantic salmon "Salmo salar" and Danube salmon "Hucho hucho"
4.5 %
319.7
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)
3.5 %
250.1
million USD
030562
Cod "Gadus morhua, Gadus ogac, Gadus macrocephalus", salted or in brine only (excl. fillets and offal)
2.6 %
184.6
million USD
230120
Flours, meals and pellets of fish or crustaceans, molluscs or other aquatic invertebrates, unfit for human consumption
2.5 %
179.3
million USD
030472
Frozen fillets of haddock "Melanogrammus aeglefinus"
2.3 %
167.2
million USD
030354
Frozen mackerel "Scomber scombrus, Scomber australasicus, Scomber japonicus"
2.3 %
162.8
million USD
Rest of the products
38.9 %
2,793.4
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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