The living marine resources in Icelandic waters constitute the backbone to Iceland’s economy and seafood represented 60% of the value of exported products in 2004.

The total catch by the Icelandic fleet was 1.7 million tonnes in 2004, placing Icelanders near the 12th-13th place among fishing nations of the world.

The fisheries may be divided into the demersal fisheries, pelagic fisheries and the shellfish fisheries. In 2004, groundfish was about 28% of landings and flatfish just under 2%. The pelagic fisheries provided 68% of the catch and the shellfish and crustacean fisheries 2% . In terms of value, however, the proportions are very different. The groundfish fisheries provided about 68% of catch value, flatfish 6%, the pelagics 15% and the shellfish and crustaceans 11%. 

Atlantic cod is the most important of all the marine resources in Iceland. In 2004 it represented 40% of the total seafood export value.

Source: www.fisheries.is