Iceland is an island country located in the Atlantic Ocean, near the Arctic Circle. In 2017, imports of agricultural and food products totaled $666 million or almost ten percent of Iceland’s total import value. In 2017, imports from the United States totaled over $44 million. Iceland presents a small but good market for high-value products and offers export potential in particular for breakfast cereals, sauces and condiments, wine, fresh produce, cider, craft beer, products with a special certification and healthy food snacks from the United States.
The booming tourism industry has been noticed by U.S investors, with Boston-based Carpenter & Company announcing that it will manage the construction of the first 5-star hotel in Reykjavik. U.S. retail chain Costco entered the market last year, and will also benefit from the two million plus tourists that visit Iceland every year. The economic environment of Iceland has been characterized by low inflation and a healthy economic growth rate.
If you are a U.S. company looking to export to Iceland and are looking for a list of Icelandic buyers, wholesalers, distributors or retailers, please contact: AgTheHague@fas.usda.gov