Claim: India and Iceland, a Nordic island country in the North Atlantic Ocean, is known to be trading goods,  in 2007 alone Iceland exported goods to India amounting to $1.14 million while  India exported goods amounting to $18.95 million to Iceland.
Evidence: Iceland (Icelandic: Ísland; [ˈistlant (listen)) is a Nordic island country in the North Atlantic Ocean, with a population of 356,991 and an area of 103,000 km (40,000 sq mi), making it the most sparsely populated country in Europe. The trade between the two countries is still considered limited, but with growth potential. Iceland exported goods to India amounting to US $1.14 million in 2007. India exported US$18.95 million worth of goods to Iceland in the same year, in which consumer goods were the largest with 52.5% of total exports, followed by raw materials at 37.8%.