The living marine resources in Icelandic waters constitute the backbone to Iceland’s economy with seafood representing 60% of export value in 2004. The fisheries may be divided into the demersal fisheries, pelagic fisheries and the shellfish fisheries. In 2004, groundfish was about 28% of landings while 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 remains the most important of all the marine resources in Iceland. In 2004 it represented 40% of the total seafood export valu

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