The positive development in the American economy is promising for American-Danish trade, since the US is Denmark’s largest non-European trading partner. In 2014 the US market accounted for about 9 % of the total Danish export of goods and services.
After a decline in 2013, the Danish export of goods to the US is now almost back at the high level that it was in 2012. According to a new analysis published by the Danish Ministry of Foreign Affairs, Danish export of goods to the US has increased to $6.66 billion (DKK 44.381 billion) in 2014 alone – an increase of 7.5% compared to 2013. Chemicals and pharmaceutical products were still the largest single group of exported goods in 2014. The US demand for Danish chemicals and pharmaceutical products has grown impressively over the years and accounted for about half of the total Danish export of goods in 2014; twice as much as the second largest exported good to the US, machinery and transport goods. The third largest exported good is finished products, which accounts for nearly one sixth of the total Danish export of goods to the US.
According to forecasts by the Danish Ministry of Foreign Affairs, Danish export of goods to the United States has a bright future. Estimates for 2015 and 2016 are that the export will continue to grow consistently. The export is expected to exceed $7.5 billion (DKK 50 billion) in 2015 (an increase of about 12.7% compared to 2014) and to continue to grow with additional 7% in 2016.
In general, 2014 has been a good year for Danish export to the US. Along with the progress of the action plan,“Vækst via Eksport” / “Growth through Export”, initiated by the Danish Ministry of Foreign Affairs, the Trade Council, and the prospect of establishing the Transatlantic Trade & Investment Partnership, Danish export is predicted to have a promising future.