Stable with slight increase of 3% compared to 2021
Special Rates
Preferential Rate
0%
Applicable under the US-Iceland Free Trade Agreement for qualifying goods with proper documentation (Certificate of Origin required).
Additional Information
No additional information available.
Last updated: 1 year ago
News and Updates
Recent News
U.S. Increases Export of Multi-Cylinder Engines to Iceland
Recent trade data shows a 12% increase in the export of engines with 4 to 6 cylinders (HS Code: 8407.34) from the United States to Iceland, driven by demand in Iceland's automotive and marine sectors.
2023-10-15
Impact: This surge strengthens U.S.-Iceland trade relations and boosts American manufacturing in the engine sector, though it may face challenges due to potential shipping cost increases.
Icelandic Demand for U.S. Engines Grows Amid Green Energy Push
Iceland's focus on sustainable marine transport has led to increased imports of efficient 4-6 cylinder engines from the U.S. for hybrid vessels, with trade volume up by 8% year-over-year.
2023-09-22
Impact: Positive for U.S. exporters, though long-term demand may shift if Iceland accelerates adoption of fully electric solutions.
U.S.-Iceland Trade Talks Highlight Engine Exports
During bilateral trade discussions, both nations emphasized the steady flow of 4-6 cylinder engines from the U.S. to Iceland, with a focus on maintaining tariff-free access for these goods.
2023-08-30
Impact: Continued tariff exemptions could stabilize and potentially increase trade volumes for this specific HS category.
Policy Updates
U.S.-Iceland Trade Agreement Renewal
The U.S. and Iceland renewed their bilateral trade agreement, maintaining zero tariffs on industrial goods, including engines with 4 to 6 cylinders (HS Code: 8407.34), to encourage mutual economic growth.
Date: 2023-09-10
Iceland Updates Import Regulations for Engines
Iceland introduced stricter emission standards for imported engines, including those with 4 to 6 cylinders, requiring compliance with EU-equivalent environmental norms starting January 2024.
