Denmark flag Denmark: Economic and Political Overview

Foreign trade figures of Denmark

Foreign Trade in Figures

Denmark has historically been renowned as a nation of traders, with an economy extremely open to foreign trade: in 2022, it represented 129% of the country’s GDP (World Bank – latest data available). Denmark mainly exports chemicals and related products, machinery (especially wind turbines, of which Denmark is the leading manufacturer worldwide), and live animals, food, beverages and tobacco. Its main imports are motor vehicles, pharmaceuticals, petroleum oils, and electrical energy (Comtrade). The country is the world’s second-largest shipping operator and transportation was the main imported and exported service in 2022.

According to data by Comtrade, in 2022 Denmark’s main trading partners were Germany (14.3%), Sweden (8.5%), Norway (5.6%), the Netherlands (5.5%) and the U.S. (4.7%). The country’s imports principal origins were Germany (20.1%), Sweden (12.2%), the Netherlands (8.6%), China (8,4%) and Norway (4.5%). Considered as a whole, the European Union was Denmark’s main importing and exporting partner.

Denmark has a structural trade balance surplus (2009 being the last time the country had a negative balance). In 2022, Denmark exported goods worth USD 130.2 billion and USD 126.3 billion of services (+3.4% and +3.2%, respectively), while imports stood at USD 126.4 billion for goods and USD 97.2 billion for services (+5.1% and +16.9% y-o-y – data WTO).  According to data from the World Bank, in 2022 the overall trade surplus for goods and services reached 11.1% of GDP.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 98,18498,298120,307128,340126,653
Exports of Goods (million USD) 111,076108,454125,945131,793136,631
Imports of Services (million USD) 76,33772,05084,96099,765106,712
Exports of Services (million USD) 83,40476,12596,985131,637113,416

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 107.0110.2103.5112.2128.0
Trade Balance (million USD) 12,82918,44018,84615,12012,386
Trade Balance (Including Service) (million USD) 21,80625,66322,92227,14444,259
Imports of Goods and Services (Annual % Change) 5.13.0-3.68.04.2
Exports of Goods and Services (Annual % Change) 3.44.5-6.38.08.6
Imports of Goods and Services (in % of GDP) 50.451.648.652.558.7
Exports of Goods and Services (in % of GDP) 56.658.654.959.769.3

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 12.59.22.01.91.8
Volume of imports of goods and services (Annual % change) 7.66.31.91.91.9

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Denmark is a member of the following international economic organisations: IMF, European Union, WTO, G-9, ICC, Euro-Atlantic Partnership Council (EAPC), OECD, among others. For the full list of economic and other international organisations in which participates Denmark click here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Denmark can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
Germany 13.1%
Sweden 7.9%
Netherlands 5.5%
Norway 5.0%
United States 4.7%
See More Countries 63.6%
Main Suppliers
(% of Imports)
2023
Germany 18.8%
Sweden 11.5%
Norway 10.0%
Netherlands 8.9%
China 6.1%
See More Countries 44.6%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

136.1 bn USD of products exported in 2023
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 11.6%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 3.5%
Meat of swine, fresh, chilled or frozenMeat of swine, fresh, chilled or frozen 1.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 1.8%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 1.6%
See More Products 79.6%
126.4 bn USD of products imported in 2023
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 6.5%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.6%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.5%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 2.5%
See More Products 80.1%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: November 2024