In the 15th and 16th centuries, foreign merchants and fishermen, especially from England and Germany, played a significant role in Iceland’s economy. The "English Age" (15th century) saw English traders and fishing fleets flock to Iceland’s rich fishing grounds. Icelandic trade with English ports, such as Hull, was important, and this interaction helped raise living standards in Iceland.
The 16th century is known as the "German Age" in Iceland, with German merchants dominating trade. While they didn't fish themselves, they rented boats to Icelanders and exported the catch to mainland Europe. Even after Denmark imposed a trade monopoly, illicit trade continued with Dutch and French merchants in the mid-17th century, further shaping Iceland's economy during this period.