2023
Flag  
GDP
$31.3BCURRENT US$
Rnk 107 / 195
2013-2023
Flag
GDP GROWTH
94.3%CURRENT US$
Rnk 17 / 195
2023
Flag
GDP PC 
$79,637CURRENT US$
Rnk 11 / 195
2013-2023
Flag
GDP PC GROWTH
59.9%CURRENT US$
Rnk 31 / 195

About

Iceland-Greenland Trade: In 2023, Iceland exported $72.3M to Greenland. The main products that Iceland exported to Greenland were Refined Petroleum ($36M), Fishing Ships ($21.6M), and Phosphinates (hypophosphites) and phosphonates (phosphites) ($3.22M). Over the past 5 years the exports of Iceland to Greenland have increased at an annualized rate of 24.6%, from $24.1M in 2018 to $72.3M in 2023.

In 2023, Iceland did not export any services to Greenland.

Greenland-Iceland Trade: In 2023, Greenland exported $38.3M to Iceland. The main products that Greenland exported to Iceland were Fishing Ships ($20.9M), Non-fillet Fresh Fish ($9.09M), and Other Inedible Animal Products ($3.12M). Over the past 5 years the exports of Greenland to Iceland have increased at an annualized rate of 29.5%,  from $10.5M in 2018 to $38.3M in 2023.

In 2023, Greenland did not export any services to Iceland.

Comparison In 2023,  Iceland ranked 115 in total exports ($7.31B). That same year, Greenland ranked 150 in total exports ($1.66B). Both countries does not have data related to Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Iceland exported $72.3M to Greenland. The main products exported from Iceland to Greenland were Refined Petroleum ($36M), Fishing Ships ($21.6M), and Phosphinates (hypophosphites) and phosphonates (phosphites) ($3.22M). During the last 5 years the exports of Iceland to Greenland have increased at an annualized rate of 24.6%, from $24.1M in 2018 to $72.3M in 2023.

In 2018, Greenland exported $38.3M to Iceland. The main products exported from Greenland to Iceland were Fishing Ships ($20.9M), Non-fillet Fresh Fish ($9.09M), and Other Inedible Animal Products ($3.12M). During the last 5 years the exports of Greenland to Iceland have increased at an annualized rate of 29.5%, from $10.5M in 2023 to $38.3M in 2018.

Exports from Iceland (Flag) to Greenland (Flag) (2023)

Exports from Greenland (Flag) to Iceland (Flag) (2023)

Latest Data

Trade between Iceland (Flag) and Greenland (Flag)

Iceland Exports

Greenland Exports

Market Competitiveness

Color
Iceland
Top Destination
Netherlands$1.97B
Greenland
Top Destination
Denmark$830M

This map shows whether countries import more from Iceland or Greenland. Each country is colored based on the difference in imports they receive from Iceland and Greenland or the difference in the growth in imports.

In 2023, countries that imported more from Iceland than Greenland included Netherlands ($1.97B), Germany ($771M), and United States ($735M).

In 2023, countries that imported more from Greenland than Iceland included Denmark ($830M), China ($380M), and Morocco ($12.9M).

Difference in imports from Greenland (Flag) and Iceland (Flag) (2023)

Comparative Advantage Iceland - Greenland

Flow
Scale

This chart compares trade between Iceland and Greenland by product, considering products traded by both, Iceland and Greenland.

During 2023, Iceland had a large net trade with Greenland in the exports of Mineral Products ($36.2M), Transportation ($22.3M), and Chemical Products ($3.31M).

During 2018, Greenland had a large net trade with Iceland in the exports of Transportation ($20.9M), Animal Products ($15.1M), and Foodstuffs ($1.02M).

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Iceland and Greenland. This means that a dot/product with the flag of Iceland indicates it has a comparative advantage over Greenland. Similarly, a dot/product with the flag of Greenland indicates it has a comparative advantage over Iceland.

Product Space of Iceland (Flag) and Greenland (Flag) (2023)

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