International Trade in Denmark

News Related to International Trade in Denmark

• DENMARK: Campbell buys baked snack maker Kelsen - Jun 19, 2013

  Campbell Soup Co. has acquired Danish baked snack company Kelsen Group in a bid to grow its international presence, particularly in China.

  Source: Just Food

• Denmark: Clipper Projects Merges with Thorco Shipping - Jun 13, 2013

  Clipper Group and Thorco Shipping announced the creation of the world’s second largest multipurpose/projects owner and operator: Effective July 1st, 2013, Clipper Projects and Thorco Shipping will merge, continuing under the Thorco name and with headquarters in Copenhagen. After the merger, Thorco will operate a fleet of about 90 modern multipurpose vessels with a lifting [...]

  Source: World Maritime News

• DMA: Denmark Brings Up Issue of Lightweight Ships at Council Meeting - Jun 13, 2013

  On 10 June 2013, the EU Ministers of Transport met in Luxemburg for a Council meeting. On this occasion, the Member States agreed on a proposal for a marine equipment directive; and Denmark aired its view on lightweight ships. Among the items on the agenda for the Council meeting were a proposal for a marine [...]

  Source: World Maritime News

• Denmark Signs Cooperation Agreement with Brazil - Jun 11, 2013

  On 7 June 2013, Denmark signed a cooperation agreement with Brazil strengthening cooperation in the field of maritime training and education. Director General of the Danish Maritime Authority Andreas Nordseth says: “I am very satisfied with the agreement, which strengthens cooperation between Denmark and Brazil. We have much to learn from each other and I [...]

  Source: World Maritime News

• Economic Survey of Denmark 2012 - Jun 02, 2013

  The Danish economy displays a number of strengths but faces new risks due to the international slowdown. Enhanced financial stability, a better control of public expenditure, and more cost-effective energy and climate policies would bring about strong, sustainable and even greener growth.

  Source: OECD

• Economic Policy Reforms: Going for Growth 2012 - Denmark Country Note - Jun 02, 2013

  This note is taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2012.

  Source: OECD

• Sluggish productivity growth in Denmark: the usual suspects? - Jun 02, 2013

  Despite sound policies and institutions, Danish productivity has grown modestly over the past decade, both historically and in relation to other countries, contributing to weak economic growth and an erosion in competitiveness.

  Source: OECD

• Denmark Keeps Up Good Maritime Relations with China - Jun 01, 2013

  As part of its international work, the Danish Maritime Authority took part in the fourth bilateral consultative meeting with the Chinese Ministry of Transport on 21-22 May. The purpose was to carry on the good maritime relations between Denmark and China. The Danish delegation, headed by Director General of the Danish Maritime Authority Andreas Nordseth, [...]

  Source: World Maritime News

• Denmark: Maersk Captains Prepare for Triple-E Vessels (VIDEO) - May 23, 2013

  The captains who will take charge of the Triple-Es have to prepare for the new vessel and its twin-skeg setup, which is different from the single engine and propeller on the E-class vessels (and other container vessels). They do this with the help of the same bridge simulation programme which is also made available to [...]

  Source: World Maritime News

• DENMARK: Pork firm Danish Crown books "stable" H1 - May 16, 2013

  Denmark-based meat co-op Danish Crown has posted what it called a "stable" first-half performance, with sales and operating profit up but its bottom line hit by an asset disposal.

  Source: Just Food

• Denmark: Ultrabulk Confirms Addition of Five Units to Its Fleet - May 09, 2013

  In addition to the announcement covering three newbuilding units made by Ultrabulk on March 19 th, Ultrabulk now confirms having added five further units to its long term fleet. The new units are one additional 61,000tdw Supramax bulker to be built at a Japanese yard and scheduled for delivery 2016, joined by another 81,000tdw Kamsarmax [...]

  Source: World Maritime News

Business outline for Denmark

Main Industry Sectors

The agricultural sector only accounts for 1.3% of the GDP and employs merely 2.7% of the population. Nevertheless, Denmark has become one of the major exporters of agricultural products. Two-thirds of its agricultural production are exported. Most of the Danish land is used for agriculture and there are more than 50,000 farmers in Denmark. Nearly 90% of the country's agricultural revenue comes from livestock production.

Denmark has limited natural resources, a fact which slows down the development of its heavy industry. However, the country has enough oil and gas reserves to ensure its energy freedom. Denmark is the world's leading manufacturer of wind turbines and exports 85% of its production. The major activity sectors are: chemical and pharmaceutical, biotechnology and services (approximately three-fourths of the GDP).

The services sector contributes nearly three-fourths of the GDP and provides most employment.

Economic Overview

The country was strongly hit by the financial crisis, due to its high degree of openness to international trade and to the high level of financialization of its economy. However, profiting from the resumption of trade, Denmark has experienced a more dynamic economic recovery than its European neighbors. GDP growth is estimated at 2% in 2010.

Fiscal and social measures adopted by the government in order to mitigate the effects of the crisis have destabilized public finances. Government's priority in 2011, which was defined as part of a consolidation plan, is to lower the budget deficit by decreasing spending and increasing revenue.

Structural reforms are also planned. Denmark's economy suffers from relatively low productivity. The costs of employment are high but the number of working hours is low and there are many active adults receiving income benefits. The goal has been therefore to promote the human capital and encourage late retirement. Faced with the depletion of its petrol and natural gas reserves, the country has also set itself ambitious goals in terms of its energetic policy.

Denmark is a wealthy country, its per capita GDP figures among the highest in the world and its social inequalities are small. Although the unemployment rate remains low on European scale, it has clearly increased following the economic recession.

FDI in Figures

In recent years, foreign direct investment stock in Denmark has increased sharply. Their influx temporarily slowed down as an effect of the global economic crisis, however it has increased again and this trend should continue. The country's strengths include: highly-skilled and multilingual workforce, flexible labor market, ultra-modern infrastructure (telecommunications, transport) and a tax regime advantageous for business.

FDI Government Measures

The laws and regulations implemented by the government in recent years are orientated towards more openness and are non-discriminatory. The Danish government has concentrated its efforts on the improvement of general investment conditions and on reducing structural obstacles to market access. Significant progress has been made in privatization, de-monopolization and competitiveness.
In the eyes of the investors, Denmark has the advantage of being strategically geographically situated. It is a natural doorway to Scandinavian countries and the Baltic region.

Country Strong Points

This Scandinavian state's main advantages are:
- A skilled and multilingual workforce;
- Political stability;
- A high purchasing power;
- Well developed infrastructures;
- Great flexibility;
- One of the most advanced telecommunication infrastructures in Europe. The country is a world leader in the use of PCs, Internet and Broadband; and
- A relatively low company taxation rate (25%). Aditionally, expatriates can benefit from a special tax regime.

Country Weak Points

The country's main weak points are:
- A relatively high income tax rate;
- A limited domestic market;
- An economic system that is too dependent on the international situation; and
- A currently damages economy.

Foreign Trade Overview

Historically a nation of traders, Denmark's economy is extremely open to the outside. Trade represents more than 100 of the GDP.

The trade balance is structurally positive, a tendency which was only strengthened by the combined effects of a decrease in imports linked to a lower domestic demand and the recovery of internation trade. 

Denmark's main trade partners are Germany, Sweden, the Netherlands, UK, USA and China.