Greenland
2020 Product Exports | Imports: $1.33B | $778M, 146 of 226 | 182 of 226
2020 Per Capita Product Exports | Imports: $23.5k | $13.8k, 7 of 219 | 50 of 219
2006 Service Exports | Imports : $203M | $315M, 164 of 190 | 150 of 188
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 Fish: dried, salted, smoked or in brine ($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.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe 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.
Latest Data
#permalink to sectionThe data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2020): Crustaceans, $480M
Top Destination (2020): Denmark, $548M
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 Fish: dried, salted, smoked or in brine ($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).
Market Growth
#permalink to sectionService Trade
#permalink to sectionService Trade
#permalink to sectionGreenland 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
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionGreenland has a high level of specialization in Non-fillet Frozen Fish (256), Crustaceans (248), Fishing Ships (237), Processed Crustaceans (164), and Fish: dried, salted, smoked or in brine (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
#permalink to sectionThe highest complexity exports of Greenland according to the product complexity index (PCI) are Ice Cream (-0.35), Fishing Ships (-0.46), Tanned Furskins (-0.54), Other Inedible Animal Products (-0.72), and Precious Stones (-1.01). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe 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.
Product Space
#permalink to sectionThe 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.
Diversification Frontier
#permalink to sectionThe 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.
