Denmark exported US$136.5 billion worth of products around the world in 2023.
That dollar amount results from a 24.2% advance from $109.9 billion during 2019.
From 2022 to 2023, the overall value of Danish exports gained 5.2% compared to $129.8 billion in 2022.
Denmark’s top 5 trading partners France, Belgium, United States of America, Sweden and Italy. Combined, that cohort of major consumers for Denmark’s exports bought a concentrated 48.2% of overall Danish exports during 2023.
Applying a continental lens, about three-quarters (75.5%) of Denmark’s exports by value was delivered to fellow European countries while 12.9% was sold to buyers in Asia. Denmark shipped another 7.2% worth of goods to North America.
Denmark is also a member of the European Union. EU members bought 71.3% of Danish exports sold in 2023.
Tinier percentages went to importers in Latin America (1.54%) excluding Mexico but including the Caribbean, Oceania (1.5%) led by Australia, Marshall Islands and New Zealand, then Africa (1.3%).
Denmark’s Top Trading Partners
Below is a list showcasing 25 of Denmark’s top trading partners, countries that imported the most Danish shipments by dollar value during 2023. Also shown is each import country’s percentage of total Danish exports.
- France: US$17.9 billion (16.6% of Denmark’s total exports)
- Belgium: $12 billion (11.1%)
- United States: $8.1 billion (7.5%)
- Sweden: $7.6 billion (7%)
- Italy: $6.5 billion (6%)
- Spain: $6.3 billion (5.8%)
- Germany: $5.6 billion (5.2%)
- Norway: $4.8 billion (4.4%)
- United Kingdom: $4.2 billion (3.9%)
- Türkiye: $2.8 billion (2.6%)
- Japan: $2.5 billion (2.3%)
- mainland China: $2.22 billion (2%)
- Poland: $2.18 billion (2%)
- Netherlands: $1.7 billion (1.6%)
- Finland: $1.15 billion (1.1%)
- Australia: $1.09 billion (1%)
- South Korea: $1.09 billion (1%)
- Czech Republic: $1.02 billion (0.9%)
- Switzerland: $1.02 billion (0.9%)
- Hungary: $852.4 million (0.8%)
- Austria: $824.5 million (0.8%)
- Iceland: $753.2 million (0.7%)
- Taiwan: $733 million (0.7%)
- Singapore: $726.7 million (0.7%)
- Ireland: $705.4 million (0.7%)
Well over four-fifths (87.2%) of Danish exports in 2023 was delivered to the above 25 trade partners.
Triple-digit percentage increases in purchases of goods exported from Denmark were recorded by buyers in Belgium (up 349.2% from 2022), France (up 205.5%) and Spain (up 101%).
Leading the decliners were importers of Danish exports in the Netherlands (down -82.6% from 2022), Germany (down -76.1%), Poland (down -68.3%), Finland (down -62%) and mainland China (down -48.4%).
Countries Causing Denmark’s Worst Trade Deficits
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Denmark incurred the highest trade deficits with the following countries.
- Norway: -US$7.2 billion (country-specific trade deficit in 2023.)
- Germany: -$5.3 billion
- mainland China: -$4.2 billion
- Sweden: -$3.7 billion
- Netherlands: -$3.4 billion
- Belgium: -$1.9 billion
- Italy: -$1.2 billion
- Czech Republic: -$1.1 billion
- Bangladesh: -$856.4 million
- Latvia: -$461.2 million
Among Denmark’s trading partners that cause the greatest negative trade balances, only Danish deficits with Latvia (up 0.7%) grew from 2022 to 2023.
In addition, Denmark went from earning a $1.5 billion surplus trading with Norway in 2022 to incurring the deficit listed above.
These cashflow deficiencies clearly indicate Denmark’s competitive disadvantages with the above countries, but also represent key opportunities for Denmark to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Denmark’s Biggest Trade Surpluses
Denmark earned a total US$10.2 billion trade surplus in 2023, expanding by 272.9% from the $2.7 billion in black ink one year earlier for 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Denmark incurred the highest trade surpluses with the following countries.
- United Kingdom: US$2.9 billion (country-specific trade surplus in 2023.)
- United States of America: $1.2 billion
- France: $1.1 billion
- Finland: $959.2 million
- Australia: $900.1 million
- Japan: $708.2 million
- Saudi Arabia: $587.9 million
- United Arab Emirates: $516.1 million
- Iceland: $462 million
- Greece: $350.3 million
Among Denmark’s trading partners that generate the greatest positive trade balances, Danish surpluses with France (up 76.8%), Saudi Arabia (up 68.5%) and the United Kingdom (up 44.1%) grew at the fastest pace from 2022 to 2023.
These positive cashflow streams clearly indicate Denmark’s competitive advantages with the above countries, but also represent key opportunities for Denmark to develop country-specific strategies to optimize its overall position in international trade.
Major Companies Servicing Denmark’s Trading Partners
Fourteen Danish corporations rank among Forbes Global 2000. Below is a sample of the major Danish companies that Forbes included.
- A.P. Moller-Maersk Group (transportation, energy)
- Carlsberg (beverages)
- Coloplast (medical equipment, supplies)
- DSV (transportation, logistics)
- Novo Nordisk (pharmaceuticals)
- Novozymes (biotechs)
- TDC (telecommunications services)
- Vestas Wind Systems (electrical equipment)
Wikipedia also lists exporters from Denmark. Selected examples are shown below.
- Arla Foods (dairy products)
- House of Amber (jewelry)
- Kopenhagen Fur (fur clothing, accessories)
- Lego Group (toys)
- Pharma Nord (pharmaceuticals)
- Royal Copenhagen (porcelain)
- Tuborg (brewery)
See also Denmark’s Top 10 Imports, Denmark’s Top 10 Exports, Drugs and Medicine Exports by Country and Top Blood Exporters by Country
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 15, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 15, 2024
Trade Map, International Trade Centre. Accessed on May 15, 2024
Investopedia, Net Exports Definition. Accessed on May 15, 2024
Wikipedia, Denmark. Accessed on May 15, 2024