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:
- “Doing Business 2020 report”: #4 out of 190 countries analysed. (Behind New Zealand and Singapore and followed by the Republic of Korea and the United States)
- Human Development Index (HDI): #10 out of 189 countries analysed (report published by the United Nations in 2020)
- World Happiness Report: #2 out of 149 countries evaluated (analysing conditions for people’s well-being and happiness)
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:
- Medicines: $16.58 billion (15%)
- Meat of swine, fresh, chilled or frozen: $3.12 billion (3%)
- Electric generating sets and rotary converters: $2.15 billion (2%)
- Human blood; animal blood prepared for therapeutic uses: $2.14 billion (2%)
- 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:
- Motor cars and other motor vehicles: $4.73 billion (5%)
- Medicines: $3.75 billion (4%)
- Automatic data processing machines and units thereof: $2.71 billion (3%)
- Telephone sets: $2.46 billion (3%)
- 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:
- Transport: $42.98 billion (57%)
- Other business services: $10.55 billion (14%)
- Telecommunications, computer and information services: $6.2 billion (8%)
- Intellectual property usage charges: $4.17 billion (6%)
- Tourism: $4.1 billion (5%)
The main imports of services were:
- Transport: $32.49 billion (47%)
- Other business services: $14 billion (20%)
- Telecommunications, computer and information services: $7.79 billion (11%)
- Tourism: $5 billion (7%)
- 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, firstname.lastname@example.org. Data from 2020, other years indicated.