Iceland is a stable democracy with an advanced free-market economy. The United States and Iceland share a history of deep economic ties and the United States is Iceland’s largest trading partner by country. U.S. exporters to Iceland will find a vibrant consumer economy and an appreciation for U.S. products and services.
Geographically located between the United States and Europe, Iceland features direct flights to 12 U.S. cities. The United States is a popular destination for Icelandic tourists, students, and investors, while American tourists are the top visitors to Iceland, reaching 700,000 in 2018.
The pillars of Iceland’s economy are tourism, aluminum production, and fisheries. Iceland is a member of the European Free Trade Association (EFTA) and the European Economic Area (EEA). Iceland is not a member of the European Union (EU) but due to its EEA membership, Iceland follows most EU regulations. Iceland is an easy place for Americans to do business and almost all Icelanders speak English. For further information on the Icelandic market, please look at the Iceland Country Commercial Guide on Export.Gov.