The fishing industry of Iceland supports most of its commodity export market (60%). It supplies the world export market with 10.5% of its salted, dried, or smoked fish, second only to Norway in volume. Other important exports include aluminum (19%), animal feed (6.3%), iron (2.6%), diatomite, and ferrosilicon.
In 2000 Iceland's imports were distributed among the following categories:
| Consumer goods | 19.9% |
| Food | 8.1% |
| Fuels | 9.2% |
| Industrial supplies | 22.2% |
| Machinery | 23.4% |
| Transportation | 17.0% |
| Other | 0.2% |
Principal trading partners in 2000 (in millions of US dollars) were as follows:
| COUNTRY | EXPORTS | IMPORTS | BALANCE |
| United Kingdom | 367 | 214 | 153 |
| Germany | 312 | 283 | 29 |
| United States | 236 | 262 | -26 |
| Netherlands | 147 | 181 | -34 |
| Japan | 100 | 120 | -20 |
| Portugal | 108 | n.a. | n.a. |
| France | 87 | 90 | -3 |
| Spain | 87 | 40 | 47 |
| Denmark | 80 | 189 | -109 |
| Norway | 76 | 191 | -115 |