Trade in Niaqornat is based on fishing, sealing, whaling and catching of walrus and the occasional polar bear. The waters are full of cod, Greenland halibut and bowhead whale, and on land, reindeer, mountain hares, ptarmigans, common eiders, seagulls etc. are hunted. Fishing, sealing and whaling are carried out by means of dog sledges and dinghies. Port facilities include a small quay in the settlement, whereas boats are made fast in the bay and hauled onto the western beach, where fishing gear is also stored. From the dock, Naalakkersuisut has designated a 200 meter long area as a port authority area.
In 2011, Royal Greenland closed down the fish factory and trading facility in the settlement, so since then, fishermen have sailed to Uummannaq or other settlements to trade their catches. In 2011, the inhabitants established KNT Aps, a private limited company that aims to maintain fish production in Niaqornat. From the community’s perspective, maintaining trading and the fish factory and developing tourism are considered to be of vital importance to the survival of the settlement.
The seven settlements in the Uummannaq district had a total unemployment rate of 6.7% in 2015, which is lower than for the town Uummannaq (7.8%). The Uummannaq settlements, as well as the Ilulissat settlements, both have a total unemployment rate of 6.7%, which is Avannaata Kommunia's lowest. The unemployment rate is therefore also lower than both the municipal average (9.1%) and the national average (9.1%).
The headquarters of the Greenland Institute of Natural Resources are located in Nuuk, but in 2007, a branch opened in Niaqornat, which is ideally located in terms of studying, e.g., narwhals, belugas and polar bears.
Tourism is also important, and a local association is working to attract more tourists. To this end, activities, some involving local guides, are organised when cruisers call on the settlement.
In the town plan, the remaining capacity for industry and port facilities is estimated to around 4,000 m2.