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2023
Product
Exports | Imports $1.66B | $1.11B150 of 226 |  179 of 226
2023
Per Capita Product
Exports | Imports $29.2k | $19.5k9 of 220 |  60 of 220

About

Overview In 2023 Greenland was the number 150 economy in the world in terms of total exports and the number 179 in total imports.

Exports The top exports of Greenland are Non-fillet Frozen Fish ($579M), Crustaceans ($568M), Processed Crustaceans ($261M), Fish Fillets ($130M), and Dried/Salted/Smoked/Brined Fish ($25.4M), exporting mostly to Denmark ($830M), China ($380M), United Kingdom ($89.7M), Japan ($79.6M), and Germany ($49.6M).

Imports The top imports of Greenland are Refined Petroleum ($250M), Fishing Ships ($91.9M), Other Furniture ($17.3M), Iron Toiletry ($15.9M), and Baked Goods ($14.4M), importing mostly from Denmark ($647M), Sweden ($211M), Spain ($90.3M), Iceland ($72.3M), and Canada ($18.4M).

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

Latest Trends

Latest Trade

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Y-AXIS SCALE

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The 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.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Non-fillet Frozen Fish$579M
Top Destination (2023)Denmark$830M

In 2023, Greenland exported a total of $1.66B, making it the number 150 exporter in the world. During the last five reported years the exports of Greenland have changed by $522M from $1.14B in 2018 to $1.66B in 2023.

The most recent exports are led by Non-fillet Frozen Fish ($579M), Crustaceans ($568M), Processed Crustaceans ($261M), Fish Fillets ($130M), and Dried/Salted/Smoked/Brined Fish ($25.4M). The most common destination for the exports of Greenland are Denmark ($830M), China ($380M), United Kingdom ($89.7M), Japan ($79.6M), and Germany ($49.6M).

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Exports (2023)
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Destinations (2023)
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Market Growth

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Growth
Fastest Growing Export Markets (2022 - 2023)
Denmark$85M (+ 11.4%)
Norway$21M (+ 104%)
Iceland$18.9M (+ 96.9%)
Fastest Growing Import Markets (2022 - 2023)
Spain$88.3M (+ 4.5k%)
Denmark$60.1M (+ 10.2%)
Iceland$44.1M (+ 156%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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).

Service Exports (2006)

Service Imports (2006)

Economic Complexity

Most Specialized Products by RCA Index

Greenland has a high level of specialization in Non-fillet Frozen Fish (301), Crustaceans (275), Fishing Ships (240), Processed Crustaceans (214), and Fish Fillets (59.4). Specialization is measured using RCA, an index that takes the ratio between Greenland observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Greenland according to the relatedness index, were Processed Fish (0.04), Gold (0.04), Cocoa Beans (0.039), Other Animals (0.036), and Tropical Fruits (0.036). 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

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

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.

Relatedness Space (2023)

Diversification Frontier

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Depth

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.

Diversification Frontier

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