Flag Greenland

Product Exports (2018): $1.11B, Rank 149 of 222

Exports Per Capita (2018): $19.9k, Rank 115 of 219

Product Imports (2018): $884M, Rank 175 of 221

Imports Per Capita (2018): $15.8k, Rank 157 of 219

Service Exports (2006): $203M, Rank 164 of 190

Service Imports (2006): $315M, Rank 150 of 188

Overview: This page contains the latest international trade data for Greenland, including service trade data. In 2018 Greenland was the number 149 in total exports and the number 175 in total imports. In 2018, Greenland exported $1.11B and imported $884M, resulting in a positive trade balance of $229M. In 2018, Greenland's exports per capita were $19.9k and its imports per capita were $15.8k.

Trade: The top exports of Greenland are Non-fillet Frozen Fish ($461M), Crustaceans ($354M), Processed Crustaceans ($147M), Fish Fillets ($82.5M), and Fishing Ships ($23.9M). The top imports of Greenland are Refined Petroleum ($169M), Fishing Ships ($91.4M), Aircraft Parts ($19.8M), Other Furniture ($13.8M), and Baked Goods ($12.9M).

Destinations: Greenland exports mostly to Denmark ($550M), China ($223M), Russia ($73.4M), Japan ($69.4M), and Norway ($43.5M), and imports mostly from Denmark ($431M), Sweden ($147M), Spain ($95.3M), Germany ($27.4M), and Canada ($26.3M).

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

Yearly Exports

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Top Export (2018): Non-fillet Frozen Fish, $461M

Top Destination (2018): Denmark, $550M

In 2018 Greenland exported a total of $1.11B, making it the number 149 exporter in the world. During the last five reported years the exports of Greenland have changed by $332M from $781M in 2013 to $1.11B in 2018.

The most recent exports are led by Non-fillet Frozen Fish ($461M), Crustaceans ($354M), Processed Crustaceans ($147M), Fish Fillets ($82.5M), and Fishing Ships ($23.9M). The most common destination for the exports of Greenland are Denmark ($550M), China ($223M), Russia ($73.4M), Japan ($69.4M), and Norway ($43.5M).

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Yearly Imports

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Top Import (2018): Refined Petroleum, $169M

Top Origin (2018): Denmark, $431M

In 2018 Greenland imported $884M, making it the number 175 trade destination in the world. During the last five reported years the imports of Greenland changed by $12.2M from $872M in 2013 to $884M in 2018.

The most recent imports of Greenland are led by Refined Petroleum ($169M), Fishing Ships ($91.4M), Aircraft Parts ($19.8M), Other Furniture ($13.8M), and Baked Goods ($12.9M). The most common import partners for Greenland are Denmark ($431M), Sweden ($147M), Spain ($95.3M), Germany ($27.4M), and Canada ($26.3M).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

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).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Greenland. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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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 (290), Crustaceans (220), Fishing Ships (209), Processed Crustaceans (129), and Fish Fillets (54). 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 (-0.14), Tanned, dressed furskins (-0.37), Fishing vessels and factory ships (-0.42), Animal products nes, dead animals (non-food) (-0.6), and Collections and collectors pieces (-0.95). 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 (0.038), Gold (0.034), Live Fish (0.031), Wool (0.031), and Other Hides and Skins (0.03). 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.

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.