Greenland is the largest island in the world almost entirely covered by permanent ice sheet. The Greenland is a mixed economy, the main sectors being the public sector and foreign trade. The country is dependent on the fishing industry and fish exports. In this context, fish and shrimp processing constitute the main source of income for the country. The Royal Greenland is the center of the fish production and it is the largest wholesaler of cold-water crustaceans.
Greenland had rich natural resources: metals (nickel, copper, silver, iron, uranium, molybdenum, platinum), coal deposits and diamonds – which are not explored at the moment. The country is expected to be one of the future largest mining industries in the world.
The agricultural sector is not an important part of the Greenland's economy, as only 1 percent of its territory is arable. The main crops cultivated in Greenland are carrots, potatoes, apples, cauliflower, strawberries and cabbage.
Animal husbandry consists mainly of sheep farming, which provides meat for local consumption and wool for export.
The top exports of Greenland are crustaceans and processed crustaceans, processed fish, fish fillets, non-fillet frozen fish, raw materials (gold), sheepskin and wool. The major export partners are Iceland, Japan, Denmark, China and Portugal.
Greenland is a market economy, dependent on fish exports. But it also a country with a great mining potential which is continually developing. The country exports 19 products with revealed comparative advantage, which is more than what would be expected from the size of its export economy. Greenland's tourism is also a good opportunity for the island's economic growth, as the number of cruise lines in the western and southern waters of the country is increasing.
Greenland has no large-scale industries and it is quite dependent on imported supplies. The outside supplies include cars, machinery, gas and gasoline, parts etc.
Greenland mostly imports transportation equipment, food, petroleum and manufactured goods. The country is the 174th largest importer in the world, major imports being refined petroleum, fishing ships, pharmaceuticals, aircraft parts and baked goods. The main Greenland's import partners are Denmark, Iceland, Spain, Sweden and Germany.
Greenland Customs Contacts
Address: Government of Greenland Customs/ Postboks 1605 DK-3900 Nuuk, Greenland
Telephone: (+299) 34 65 00
Fax: (+299) 32 45 75
Greenland is an autonomous country, being a part of the Danish Realm. The country is situated between the Arctic and Atlantic Oceans. Greenland is autonomous, but not totally independent, as the Danish government controls its foreign affairs and defence sectors. The country is a member of the Arctic Council, along with Russia, Canada, USA, Iceland, Denmark/Greenland, Sweden, Norway and Finland. Greenland is also a member of the Inuit Circumpolar Conference.
Rules and tariffs
Greenland has an open economy allowing a lot of goods to pass in and out of the country. The export of goods to Greenland must observe the relevant rules and tariffs covering imported goods to Greenland. For information regarding import controls and customs duties, please contact the Department of Taxation at email@example.com
The export of goods from Greenland is not permitted without previously obtaining an export licence. An export licence can be obtained from the Ministry of Industry at firstname.lastname@example.org