Overview In 2020 Greenland was the number 146 economy in the world in terms of total exports and the number 182 in total imports.

Exports The top exports of Greenland are Crustaceans ($480M), Non-fillet Frozen Fish ($467M), Processed Crustaceans ($214M), Fish Fillets ($89.4M), and Processed Fish ($30.5M), exporting mostly to Denmark ($697M), China ($255M), Japan ($75.8M), Germany ($52.2M), and Russia ($51.5M).

Imports The top imports of Greenland are Refined Petroleum ($79.9M), Fishing Ships ($61.4M), Large Construction Vehicles ($14.6M), Cars ($14.2M), and Recreational Boats ($13.3M), importing mostly from Denmark ($548M), Sweden ($79.4M), Spain ($59.6M), Iceland ($15.6M), and Germany ($13.2M).

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

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The following section uses the most recent trade data from partners of Greenland.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

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Yearly Exports

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Top Export (2020): Crustaceans, $480M

Top Destination (2020): Denmark, $697M

In 2020, Greenland exported a total of $1.33B, making it the number 146 exporter in the world. During the last five reported years the exports of Greenland have changed by $602M from $725M in 2015 to $1.33B in 2020.

The most recent exports are led by Crustaceans ($480M), Non-fillet Frozen Fish ($467M), Processed Crustaceans ($214M), Fish Fillets ($89.4M), and Processed Fish ($30.5M). The most common destination for the exports of Greenland are Denmark ($697M), China ($255M), Japan ($75.8M), Germany ($52.2M), and Russia ($51.5M).

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Yearly Imports

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Top Import (2020): Refined Petroleum, $79.9M

Top Origin (2020): Denmark, $548M

In 2020 Greenland imported $778M, making it the number 182 trade destination in the world. During the last five reported years the imports of Greenland changed by $66M from $712M in 2015 to $778M in 2020.

The most recent imports of Greenland are led by Refined Petroleum ($79.9M), Fishing Ships ($61.4M), Large Construction Vehicles ($14.6M), Cars ($14.2M), and Recreational Boats ($13.3M). The most common import partners for Greenland are Denmark ($548M), Sweden ($79.4M), Spain ($59.6M), Iceland ($15.6M), and Germany ($13.2M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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 (256), Crustaceans (248), Fishing Ships (237), Processed Crustaceans (164), and Processed Fish (59.4). 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 Ice cream and other edible ice (-0.35), Fishing vessels and factory ships (-0.46), Tanned, dressed furskins (-0.54), Animal products nes, dead animals (non-food) (-0.72), and Mounted precious or semi-precious stones, not diamonds (-1.01). 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 Fish Oil (0.031), Animal Meal and Pellets (0.03), Molluscs (0.027), Processed Fish (0.026), and Cocoa Beans (0.025). 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 a country currently specializes 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 vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.