Iceland-Greenland Bilateral Trade Analysis 2023
Complete trade statistics: $110.67M total volume •Iceland surplus: $33.99M
Iceland → Greenland
$72.33M
Exports (2023)
Greenland → Iceland
$38.34M
Imports (2023)
Trade Balance
$33.99M
Surplus for Iceland
Total Trade
$110.67M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Iceland and Greenland. Green line shows exports from Iceland, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Iceland-Greenland commercial relationship and competitive positioning in global markets.
Iceland → Greenland Exports
Export Market Intelligence
🎯 Strategic Export Focus
Iceland's export portfolio to Greenland demonstrates strategic specialization, 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 representing a key competitive advantage in this bilateral market.
Greenland → Iceland Imports
Import Dependency Profile
📦 Import Strategy Analysis
Iceland's import pattern from Greenland reveals significant dependencyin fishing vessels, factory ships and other vessels: for processing or preserving fishery products, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Iceland demonstrates competitive strength in exportingpetroleum 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 to Greenland, 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: Iceland-Greenland Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $110.67 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Iceland maintains a surplus of $33.99 million
- Export Focus: Iceland's primary exports 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
- Import Dependencies: Key imports from Greenland 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
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 Iceland leveraging its comparative advantages 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.
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
Iceland's specialization 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 oilscomplements Greenland's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in fishing vessels, factory ships and other vessels: for processing or preserving fishery products.
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 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 and fishing vessels, factory ships and other vessels: for processing or preserving fishery products demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Iceland's trade surplus of $33.99 million strengthens 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 Iceland and Greenland represents a total trade volume of $110.67 million in 2023. This partnership demonstrates a favorable trade balance for Iceland, with exports exceeding importsby $33.99 million.
Export Strengths
Iceland's exports to Greenland total $72.33 million, with competitive advantages 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, representing $35.98M or49.7% of bilateral exports.
Import Dependencies
Imports from Greenland amount to $38.34 million, highlighting economic interdependence in fishing vessels, factory ships and other vessels: for processing or preserving fishery products, with Fishing vessels, factory ships and other vessels: for processing or preserving fishery products comprising54.4% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade surplus indicates Iceland's competitive position in this bilateral relationship. 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 Iceland and Greenland in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023