A new bilateral trade agreement between the United States and Iceland has reduced tariffs on goods under HS Code category for widths exceeding 1880 mm, facilitating increased exports of industrial materials.
2023-10-15
Impact: Expected to increase trade volume by 15% annually for wide-width goods, benefiting US exporters of industrial fabrics and materials to Iceland.
Iceland Increases Import of US Wide-Width Materials
Icelandic industries report a surge in demand for US-manufactured wide-width materials (exceeding 1880 mm) for construction and manufacturing, driven by infrastructure projects.
2023-09-20
Impact: Strengthens US export market to Iceland, with a reported 10% rise in orders for these specific goods in the last quarter.
Logistics Challenges Impact US-Iceland Trade of Wide-Width Products
Shipping delays and rising freight costs have temporarily slowed the trade of wide-width goods (HS Code category, exceeding 1880 mm) between the US and Iceland.
2023-08-05
Impact: Potential short-term reduction in trade efficiency, with costs passed on to importers; long-term solutions being discussed by trade bodies.
Policy Updates
US-Iceland Tariff Reduction on Wide-Width Goods
The US and Iceland have agreed to lower tariffs by 5% on goods with widths exceeding 1880 mm under specific HS Codes, effective from November 2023, to promote industrial trade.
Date: 2023-10-10
Iceland Updates Import Regulations for Wide-Width Materials
Iceland introduced stricter quality control measures for imported wide-width materials (exceeding 1880 mm) to ensure compliance with local safety standards, impacting US exporters.
