Greenland-Iceland Bilateral Trade Analysis 2023
Complete trade statistics: $110.67M total volume •Greenland deficit: $33.99M
Greenland → Iceland
$38.34M
Exports (2023)
Iceland → Greenland
$72.33M
Imports (2023)
Trade Balance
$33.99M
Deficit for Greenland
Total Trade
$110.67M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Greenland and Iceland. Green line shows exports from Greenland, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Greenland-Iceland commercial relationship and competitive positioning in global markets.
Greenland → Iceland Exports
Export Market Intelligence
🎯 Strategic Export Focus
Greenland's export portfolio to Iceland demonstrates strategic specialization, with fishing vessels, factory ships and other vessels: for processing or preserving fishery products representing a key competitive advantage in this bilateral market.
Iceland → Greenland Imports
Import Dependency Profile
📦 Import Strategy Analysis
Greenland's import pattern from Iceland reveals strategic sourcingin petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Greenland demonstrates competitive strength in exportingfishing vessels, factory ships and other vessels: for processing or preserving fishery products to Iceland, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $110.67M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Greenland-Iceland Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $110.67 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Greenland maintains a deficit of $33.99 million
- Export Focus: Greenland's primary exports include fishing vessels, factory ships and other vessels: for processing or preserving fishery products, fish: fresh or chilled, n.e.c. in heading 0302, excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0302.91 to 0302.99, animal products: of fish or crustaceans, molluscs or other aquatic invertebrates: dead animals of chapter 03, unfit for human consumption
- Import Dependencies: Key imports from Iceland include petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, fishing vessels, factory ships and other vessels: for processing or preserving fishery products, polyphosphates: other than sodium triphosphate (sodium tripolyphosphate), whether or not chemically defined
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents an important regional trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $110.67M represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Greenland leveraging its comparative advantages in fishing vessels, factory ships and other vessels: for processing or preserving fishery products.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Greenland's specialization in fishing vessels, factory ships and other vessels: for processing or preserving fishery productscomplements Iceland's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $110.67M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $110.67M bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $110.67 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in fishing vessels, factory ships and other vessels: for processing or preserving fishery products and petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Greenland's trade deficit of $33.99 million impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Greenland and Iceland represents a total trade volume of $110.67 million in 2023. This partnership demonstrates an unfavorable trade balance for Greenland, with imports exceeding exportsby $33.99 million.
Export Strengths
Greenland's exports to Iceland total $38.34 million, with competitive advantages in fishing vessels, factory ships and other vessels: for processing or preserving fishery products, representing $20.86M or54.4% of bilateral exports.
Import Dependencies
Imports from Iceland amount to $72.33 million, highlighting economic interdependence in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, with Petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils comprising49.7% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Greenland's strategic sourcing from Iceland. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Greenland and Iceland in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023