2017 looking strong
Danish export to the U.S. is looking strong in 2017. Based on numbers from Oxford Economics and Statistics Denmark, we are expecting a growth in export at impressive 17.5 percent. The export of goods is expected to go from 52.565 million DKK in 2016 to 61.763 million DKK in 2017. These numbers are based on a projected growth in the U.S. GNP at 2.3 percent, as well as a strong exchange rate.
In 2016 the export from Denmark to the U.S. decreased by 3.1 percent. What these numbers do not show is that there was a growth in the export of pharmaceutical products, at 1.3 percent compared to 2015. Pharmaceutical products account for 55 percent of the Danish trade export. However, there was a significant decrease in the export of machines and vehicles, and this sector, which accounts for 22 percent of the Danish trade export to the US, decreased its export with 16,7 percent. The export of machines and vehicles was exceptionally strong in 2015, and thus the numbers from 2016 where actually not low, they averaged the export of the previous years.
Positive overall trend
Despite this stagnation in export in 2016, the overall trend over the last years has been a considerable growth in export of Danish products to the US, and today the US is the third biggest trade partner measured on direct trade. Furthermore, an analysis made by Danske Bank shows that the US is even more important for Denmark than these trade numbers show. In fact, the US is the second largest export market, when looking at the final destination of Danish products. For the full Danske Bank analysis, click the PDF to the right .
Overall, all numbers indicate that 2017 will be a great year for Danish export to the U.S.