Other important exports include aluminum, ferro-silicon, equipment and electronic machinery for fishing and fish processing, and woolen goods.
Foreign trade plays an important role in the Icelandic economy.
Most of Iceland's exports go to the EU and EFTA countries, the United States, and Japan. Iceland's relatively liberal trading policy has been strengthened by accession to the European Economic Area in 1993 and by the Uruguay Round agreement, which also brought significantly improved market access for Iceland's exports, particularly seafood products. During the 1970s the oil shocks hit Iceland hard. Since then, inflation has dramatically fallen, and the current government is committed to tight fiscal measures. The Burfell hydroelectric project is the largest- single station with capacity of 240 mw.