Overview: In 2019 Greenland was the number 150 in total exports, the number 177 in total imports and the number null most complex economy according to the Economic Complexity Index (ECI).

Exports: The top exports of Greenland are Non-fillet Frozen Fish ($513M), Crustaceans ($400M), Processed Crustaceans ($196M), Fish Fillets ($80.4M), and Processed Fish ($20.3M), exporting mostly to Denmark ($686M), China ($270M), Japan ($76.4M), Russia ($39.4M), and Chinese Taipei ($35.3M).

Imports: The top imports of Greenland are Fishing Ships ($249M), Refined Petroleum ($146M), Large Construction Vehicles ($14.9M), Processed Crustaceans ($12.8M), and Delivery Trucks ($12.2M), importing mostly from Denmark ($503M), Spain ($224M), Sweden ($114M), Iceland ($65.5M), and Netherlands ($27M).

Location: Greenland borders Canada, Iceland, and Norway by sea.

Historical Data

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Yearly Exports

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Value
Depth

Top Export (2019): Non-fillet Frozen Fish, $513M

Top Destination (2019): Denmark, $686M

In 2019, Greenland exported a total of $1.25B, making it the number 150 exporter in the world. During the last five reported years the exports of Greenland have changed by $445M from $802M in 2014 to $1.25B in 2019.

The most recent exports are led by Non-fillet Frozen Fish ($513M), Crustaceans ($400M), Processed Crustaceans ($196M), Fish Fillets ($80.4M), and Processed Fish ($20.3M). The most common destination for the exports of Greenland are Denmark ($686M), China ($270M), Japan ($76.4M), Russia ($39.4M), and Chinese Taipei ($35.3M).

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Yearly Imports

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Value
Depth

Top Import (2019): Fishing Ships, $249M

Top Origin (2019): Denmark, $503M

In 2019 Greenland imported $992M, making it the number 177 trade destination in the world. During the last five reported years the imports of Greenland changed by $95.8M from $896M in 2014 to $992M in 2019.

The most recent imports of Greenland are led by Fishing Ships ($249M), Refined Petroleum ($146M), Large Construction Vehicles ($14.9M), Processed Crustaceans ($12.8M), and Delivery Trucks ($12.2M). The most common import partners for Greenland are Denmark ($503M), Spain ($224M), Sweden ($114M), Iceland ($65.5M), and Netherlands ($27M).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Greenland Exports Services (2006): $203M

Greenland Imports Services (2006): $315M

In 2006, Greenland exported $203M worth of services. The top services exported by Greenland in 2006 were Air transport ($87.1M), Sea transport ($81.9M), Travel ($13.5M), Communications services ($11.7M), and Other business services ($6.72M).

The top services imported by Greenland in 2006 were Travel ($130M), Personal, cultural, and recreational services ($55.5M), Other business services ($55.1M), Sea transport ($19.8M), and Insurance services ($13.7M).

Economic Complexity

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Most Specialized Products by RCA Index

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Greenland has a high level of specialization in Non-fillet Frozen Fish (291), Crustaceans (214), Processed Crustaceans (165), Fishing Ships (158), and Fish Fillets (46). Specialization is measured using RCA, an index that takes the ratio between Greenland observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Greenland according to the product complexity index (PCI) are Parts, accessories nes for opto-electric instruments (0.96), Sound recordings other than photographic equipment (0.72), Meat, edible meat offal nes, fresh, chilled or frozen (-0.11), Ice cream and other edible ice (-0.17), and Fishing vessels and factory ships (-0.29). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Greenland according to the relatedness index, are Molluscs (0.034), Fish Oil (0.034), Animal Meal and Pellets (0.033), Gold (0.031), and Niobium, Tantalum, Vanadium and Zirconium Ore (0.029). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Greenland is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Relatedness Space

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This network shows the products most related to the production structure of Greenland. These are products that tend to be co-exported with the products that Greenland exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.