The United States is now the largest export market for Denmark.
In the first three quarters of this year, the United States purchased Danish goods and services for 119.21 bn. DKK.According to the Confederation of Danish Industry, there has been a strong growth in exports over the past year where Danish companies have increased sales by more than 30%. The major reasons are the increases in the pharmaceutical industry and in machinery and transport equipment.
In addition to this, the US dollar has strengthened nicely this year, raising the exchange rate for the Danish companies.
Germany has historically been Denmark’s largest export market, however, recently Germany has had low growth and declining industrial production. The declining production has had consequences for Danish subcontractors.
The fact that the world’s largest economy is the largest purchaser of Danish exports is a huge achievement which not only contributes to Denmark’s GNP and employment, but is also an important seal of approval of Danish quality that can hugely benefit Danish companies and transatlantic relations in trade.
A strong relationship build on trade
Danish export is not only important for the individual company, but also for Danish society in general. Denmark’s small, open economy is heavily dependent on being able to generate exports abroad. Export and trade means both higher GNP and a higher employment rate. Danish export supports a wide range of jobs, and the Danish labour market as a whole therefore benefits from the increasing export.
A recent publication made by the Confederation of Danish Industry and the Embassy of Denmark, shows the strong economic bonds between the two countries.
In 2019, more than 123,000 jobs in the U.S. currently exist because of U.S. trade with Denmark either directly by Danish companies or by the American export of goods and services to Denmark. The three states with the largest imports from Denmark are Indiana, New Jersey and California.
California, Texas and North Carolina are the states that export the most to Denmark.
Source: Statistics Denmark and Denmark in the U.S. – Creating jobs & investments, 2019 by Published by Confederation of Danish Industry and Embassy of Denmark in the U.S.