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Economy of Denmark -Overview
Denmark currently ranks as the 31st largest export economy in the world with annual exports of $82.2 billion.
It has a negative trade balance of $1.54 billion after deducting imports of $83.8 billion from its export total.
The GDP of Denmark is $306 billion, which produces a GDP per capita of $49,700.
Denmark has suffered a fall in the value of its annual exports at an annualized rate of -1.89% over the last five years, falling from a yearly figure of $106 billion to $82.2 billion in that same period.
Denmark’s Top 5 Commodity Exports
|Pig Meat||$2.61 billion|
|Refined Petroleum||$1.94 billion|
|Crude Petroleum||$1.19 billion|
|Malt Extract||$737 million|
Denmark’s Other Notable Exports
- Electric Generating Sets – $3.14 billion
- Packaged Medicaments – $2.66 billion
- Valves – $1.08 billion
- Raw Furskins – $903 million
Top export destinations of Denmark are Germany ($14.3 billion), Sweden ($10.7 billion), Norway ($5.87 billion), the United Kingdom ($5.65 billion) and the United States ($4.66 billion).
Denmark’s Top Commodity Imports
|Refined Petroleum||$2.41 billion|
|Crude Petroleum||$1.3 billion|
|Soybean Meal||$637 million|
|Processed Crustaceans||$323 million|
|Sawn Wood ||$363 million|
Denmark's Other Notable Imports
- Cars – $4.03 billion
- Packaged Medicaments – $2.39 billion
- Computers – $2.04 billion
- Broadcasting Equipment – $1.1 billion
- Seats – $560 million
More Information on Denmark’s Imports/Exports
Exports of pig meat account for 3.2% of Denmark’s total annual exports and the country is the fourth largest exporter of this commodity, behind Germany (16%), the United States (16%) and Spain (13%).
About 55% of Denmark’s pig meat exports are destined for European destinations with Germany (19%) being the biggest importer but Japan (21%) is the largest overall export destination.
Refined petroleum exports account for 2.4% of Denmark’s yearly export totals, and the country has a 0.47% share of a global export market that is worth $412 billion annually.
Sweden imports 51% of Denmark’s refined petroleum exports with the rest of its exports being predominantly shipped to European destinations.
Denmark’s crude petroleum exports account for 1.4% of its total annual shipments and it is a minor player with a 0.43% share of a global export market that is worth $678 billion.
Sweden is also the leading importer of Denmark’s crude petroleum shipments and takes 72% of the yearly export total.
Exports of pigs are worth 1.1% of Denmark’s annual total. With shipments being valued at $1.06 billion, this makes Denmark the second largest exporter with a 24% share of a global market that's worth $3.93 billion. The Netherlands is just ahead with 27%.
About 90% of Danish pigs and pig meat produced each year is destined for overseas destinations.
The annual value of malt extract exports is $18.3 billion and Denmark is the 8th largest exporter with a 4% market share.
The main importers of this commodity from Denmark are Saudi Arabia (25%) and China (18%), and $464 million of its $737 million annual total is sent to Asian destinations.
A Few Interesting Facts About Denmark
- Denmark is an archipelago comprising of over 100 islands, some of them uninhabited.
- The Danish monarchy is the oldest one in the world and has been ruling for more than 1,000 years.
- Denmark has double the number of cars to bikes, with 4.2 million bikes in circulation compared to 1.8 million cars.
All figures based on OEC/IMF 2016 calculations and projections unless otherwise stated.