While Denmark’s financial markets were rattled by the United States’ announcement of new tariffs, Greenland remains largely unaffected. According to Christian Keldsen, director of the business organization Grønlands Erhverv, the island’s trade with the US is so limited that the economic impact of tariffs will be “very, very limited.”
Greenland’s minimal exports to the US shield economy from American trade measures
In 2024, Greenland exported goods worth just 38.8 million DKK (approximately 5.2 million EUR) to the United States, primarily through Denmark. By contrast, exports to China and EU countries stood at roughly 1.7 billion DKK (228 million EUR) and 1.1 billion DKK (147 million EUR), respectively. Direct exports from Greenland to the USA were so low they did not appear in the official statistics, while imports from the USA reached 56.6 million DKK (7.6 million EUR).
Fishing industry drives Greenland’s export economy
More than 90% of Greenland’s export revenue comes from its fishing industry, which prioritizes markets offering higher prices than the US.
“The USA is not necessarily a highly attractive market for us, as better prices can be found in other parts of the world,” Keldsen explained.
This explains why the recent USA trade measures, which include a 20% tariff targeting EU countries, are causing little concern in Greenland. Although Greenland is not part of the European Union, it is expected to be subject only to a baseline 10% USA tariff set to take effect this Saturday.
No significant job losses expected
With Greenlandic businesses maintaining limited interaction with the American market, the threat of job losses due to the tariffs appears negligible.
“We are not in a situation where many jobs will be lost,” Keldsen said, emphasizing the island’s diversified trade partnerships and focus on more lucrative markets.
As Grønlands Erhverv continues to assess the specific implications of the US tariffs, early indicators suggest that Greenland’s economy is well-positioned to weather the latest round of international trade tensions without significant disruption.
