A recent bilateral trade agreement between the US and Iceland has facilitated an increase in the export of small-value items valued between $1 and $3 under specific HS codes, focusing on consumer goods and accessories.
2023-10-15
Impact: This agreement is expected to enhance market access for US exporters, potentially increasing trade volume in this category by 15% over the next year.
Iceland Imposes New Import Standards for Low-Value Goods
Iceland introduced stricter quality and safety standards for imported goods valued between $1 and $3, affecting several HS code categories from the US, to ensure consumer protection.
2023-09-22
Impact: US exporters may face additional compliance costs and delays, potentially reducing short-term trade volume in this segment.
US Customs Streamlines Clearance for Low-Value Imports from Iceland
US Customs and Border Protection announced a streamlined clearance process for imports valued between $1 and $3 from Iceland, reducing processing times for these goods under specific HS codes.
2023-08-30
Impact: This change is likely to encourage imports from Iceland, fostering stronger trade ties and increasing the flow of small-value goods.
Policy Updates
US Tariff Adjustment for Low-Value Goods
The US Trade Representative announced a temporary reduction in tariffs for certain goods valued between $1 and $3 under specific HS codes from Iceland, aiming to promote trade in niche markets.
Date: 2023-10-01
Iceland Updates Export Documentation Requirements
Iceland revised its export documentation for low-value items, requiring additional certifications for goods valued between $1 and $3 to the US, to align with international trade standards.
