Is Denmark the exporting model to follow?


Denmark is considered to be one of the most economically and socially developed countries in the world. It has a diversified export sector, well managed public finances and a continuos Trade Balance surplus.  Denmark ranks consistently as one of the top economies in the world:

 

With regard to foreign trade, in 2020 Denmark exported a total of $107.24 billion, making it the number 35 exporter in the world, behind Hungary (34) with $119.39 billion and followed by Slovakia (36) with $86.33 billion, according to the International Trade Centre (ITC). The countries within its geographical area of influence like Germany, Sweden and Norway are ranked 3rd, 32nd and 38th respectively.

 

During the 2016-2020 period, goods exports have increased by 3.3% on average, from 94.72 billion to 107.24 billion.

 

In 2020, the top exports of Denmark was:

  1. Medicines: $16.58 billion (15%)
  2. Meat of swine, fresh, chilled or frozen: $3.12 billion (3%)
  3. Electric generating sets and rotary converters: $2.15 billion (2%)
  4. Human blood; animal blood prepared for therapeutic uses: $2.14 billion (2%)
  5. Commodities not elsewhere specified : $1.95 billion (2%)

 

Imports reached the figure of 96.79 billion by 2020. The balance of trade surplus stood at $10.43 billion.

 

As for the imported products in 2020, the top 5  was:

  1. Motor cars and other motor vehicles: $4.73 billion (5%)
  2. Medicines: $3.75 billion (4%)
  3. Automatic data processing machines and units thereof: $2.71 billion (3%)
  4. Telephone sets: $2.46 billion (3%)
  5. Petroleum oils (excluding crude oil): $1.55 billion (2%)

 

Its main trading partners (X+M) are Germany with 17% of exchanges, followed by Sweden with 11% and finally the Netherlands with 7% of exchanges.

 

The main destinations of exports were:

  • Germany: $13.54 billion (13%)
  • Sweden: $9.34 billion (9%)
  • Netherlands: $6.18 billion (6%)
  • Norway: $6.16 billion (6%)
  • UK: $4.97 billion (5%)

 

The main origins of imports were:

  • Germany: $21.2 billion (22%)
  • Sweden: $12.17 billion (13%)
  • Netherlands: $8.18 billion (8%)
  • China: $7.55 billion (8%)
  • Poland: $4.4 billion (5%)

 

As for the exported services in 2020, the top 5 was composed of:

  1. Transport: $42.98 billion (57%)
  2. Other business services: $10.55 billion (14%)
  3. Telecommunications, computer and information services: $6.2 billion (8%)
  4. Intellectual property usage charges: $4.17 billion (6%)
  5. Tourism: $4.1 billion (5%)

 

The main imports of services were:

  1. Transport: $32.49 billion (47%)
  2. Other business services: $14 billion (20%)
  3. Telecommunications, computer and information services: $7.79 billion (11%)
  4. Tourism: $5 billion (7%)
  5. Construction: $3 billion (4%)

 

In 2020, GDP per capita (PPP) was $60,909, with a population of 5.81 million. GDP reached 355.18 billion. In the period 2015-2020 it has grown by 3.3% on average per year.

 

If you need to complete your information on the Danish market, please contact, xavireverter@exportwings.com. Data from 2020, other years indicated.

 

Useful Directions:

https://www.nationalbanken.dk/en/

https://thetradecouncil.dk/en/

Chambers of Commerce Engelsk

 

Sources:

https://data.worldbank.org/

http://www.intracen.org/

https://www.wto.org/index.htm

https://www.cia.gov/the-world-factbook/

 

Photo by Nick Karvounis on Unsplash

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