[98] Danish mink farmers claim their business to be sustainable, feeding the mink food industry waste and using all parts of the dead animal as meat, bone meal and biofuel. [117][118], Denmark has low electricity costs (including costs for cleaner energy) in EU,[120] but general taxes (11.7billion DKK in 2015)[119] make the electricity price for households the highest in Europe. [64], After having almost consistently an external balance of payments current account deficit since the beginning of the 1960s, Denmark has maintained a surplus on its BOP current account for every year since 1990, with the single exception of 1998. The balance of payments for Denmark has been compiled since 1934. Published by Statista Research Department , Jan 25, 2023. In 2019, Denmark major trading partner countries for exports were Special Categories, Germany, Sweden, Norway and United Kingdom and for imports they were Germany, Sweden, Netherlands, China and Norway . For each country, this publication shows detailed tables relating to the Harmonised System HS 2012 classification, Sections and Divisions (one- and two- digit). Log in, Mineral fuels including oil: US$14.4 billion (11.4% of total imports), Machinery including computers: $14.2 billion (11.3%), Electrical machinery, equipment: $11.5 billion (9.1%), Plastics, plastic articles: $5.2 billion (4.1%), Articles of iron or steel: $3.8 billion (3%), Optical, technical, medical apparatus: $3.6 billion (2.8%), Processed petroleum oils: US$3.7 billion (up 74.8% from 2021), Electrical energy: $3.3 billion (up 105.3%), Coal tar oils (high temperature distillation): $857.6 million (up 32.5%), Petroleum oil residues: $134.2 million (down -0.8%), Natural bitumen, asphalt, shale: $35.9 million (up 106.8%), Petroleum jelly, mineral waxes: $24.9 million (up 43.6%), Computers, optical readers: US$2.9 billion (down -3.3% from 2021), Taps, valves, similar appliances: $1 billion (up 7.3%), Centrifuges, filters and purifiers: $626.1 million (down -9.1%), Refrigerators, freezers: $623.6 million (up 0.8%), Liquid pumps and elevators: $589.8 million (up 6.9%), Machinery parts: $564.4 million (up 5.6%), Miscellaneous machinery: $533 million (up 4.2%), Transmission shafts, gears, clutches: $469.7 million (down -23.9%), Air or vacuum pumps: $452.7 million (down -9.7%), Heavy machinery (bulldozers, excavators, road rollers): $432.7 million (up 15.9%), Phone devices including smartphones: US$2.5 billion (down -4.1% from 2021), Insulated wire/cable: $781.4 million (up 16.9%), TV receivers/monitors/projectors: $686.2 million (down -4.3%), Solar power diodes/semi-conductors: $634.3 million (up 130.6%), Lower-voltage switches, fuses: $569.4 million (up 4.9%), Electrical/optical circuit boards, panels: $567.6 million (up 10.7%), Integrated circuits/microassemblies: $544 million (up 36.8%), Microphones/headphones/amps: $537.5 million (down -2.2%), Electric motors, generators: $511.9 million (up 10.2%), Electrical converters/power units: $447.2 million (down -52.1%), Cars: US$5.4 billion (down -4.9% from 2021), Automobile parts/accessories: $975.3 million (down -4.9%), Public-transport vehicles: $213.1 million (up 16.1%), Motorcycle parts/accessories: $205.3 million (up 22.1%), Chassis fitted with engine: $186.9 million (down -8.5%), Bicycles, other non-motorized cycles: $145.5 million (up 5.9%). Denmarks standard of living is among the highest in the world with a GDP per capita of $67,196 in 2021. The social welfare system ensures low poverty and low income-inequality. [57], Altogether, total employment in 2017 amounted to 2,919,000 people according to Statistics Denmark. [36] Politically, mercantilism was gradually replaced by liberal thoughts among the ruling elite. The detailed international trade in goods statistics follow the border passage principle, stating the value of goods crossing the Danish border. Cogeneration plants are the norm in Denmark, usually with district heating which serves 1.7million households. The years 195873 were an unprecedented high-growth period. Exports fell by 1.2 percent from a month earlier to DKK 154.7 billion, due to a decline in the export of services, while imports . Denmark Imports Summary Forecast Stats Download Imports in Denmark dropped by 3.1 percent from a month earlier to DKK 128.5 billion in April 2023. source: Statistics Denmark 1Y 5Y 10Y 25Y MAX Chart Compare Export API Embed Denmark Imports Also, Denmark ranks 32nd amongst the countries that export crude oil, and statistics suggest that crude oil contributes a 33.4% share to cover Denmark's energy demands. In a few places on the website, we will ask you to accept or decline a specific cookie associated with special functionality. From danmarkshistorien.dk, Aarhus University. Copenhagen has a small Metro system, the Copenhagen Metro and the greater Copenhagen area has an extensive electrified suburban railway network, the S-train. Chickens for slaughter are often produced in units with 40,000 broilers. In 2016, 62,000 people, or 2.5% of all employed people worked in agriculture and horticulture. Date 6 July 2012. Danmarks Nationalbank. Though eligible to join the Economic and Monetary Union of the European Union (EMU), the Danish voters in a referendum in 2000 rejected exchanging the krone for the euro. [81] The all-record highest Danish tax level was 49.8% of GDP,[81] reached in 2014 because of high extraordinary one-time tax revenues caused by a reorganization of the Danish-funded pension system. In 2020, Denmark exported $69B worth of services. You can change your selection at any time via the link in our Cookie policy. Maintenance of the fixed exchange rate is the responsibility of Danmarks Nationalbank, the Danish central bank. The goal is a full independence of fossil fuels by 2050. After the breakdown of the international Bretton Woods system in 1971, Denmark devalued the krone repeatedly during the 1970s and the start of the 1980s, effectively maintaining a policy of "fixed, but adjustable" exchange rates. Website of Ministry of Finance, Denmark. [122], Denmark is a long-time leader in wind energy and a prominent exporter of Vestas and Siemens wind turbines, and in 2019 Denmark's exports of wind-turbine technology and services amounted to 8.9 billion. For example, unemployment benefits decrease by 50% after 6 months. Kvartalsoversigt, 3. kvartal 2012, del 1. By September 2018, 831,000 people worked in the general government sector, corresponding to 29.9% of all employees. Whereas Denmark's neighbours like Norway, Sweden, Poland and the United Kingdom generally follow inflation targeting in their monetary policy, the priority of Denmark's central bank is to maintain exchange rate stability. International trade in services is stated in the most detailed version by all countries of the world and by 50 different service categories. Denmark has a positive trade balance. The unemployment is relatively low, in comparison to other European countries. Exports go mostly to Europe (57.4%) and North and South America (27%). Already during the Stone Age there was some foreign trade,[32] and even though trade has made up only a very modest share of total Danish value added until the 19th century, it has been decisive for economic development, both in terms of procuring vital import goods (like metals) and because new knowledge and technological skills have often come to Denmark as a byproduct of goods exchange with other countries. ", "Youth unemployment policies: Review of the Danish Youth Unemployment Programme and the British New Deal for Young People", "LFS by sex and age indicators: Labour force participation rate. Service Trade Economic Complexity Overview In 2021, Denmark was the number 34 economy in the world in terms of GDP (current US$), the number 37 in total exports, the number 35 in total imports, the number 9 economy in terms of GDP per capita (current US$) and the number 27 most complex economy according to the Economic Complexity Index (ECI) . Get an overview of the purpose, content and quality of the statistics. For more than 100 years the production of pigs and pig meat was a major source of income in Denmark. It had ranked No. "Personaleomstning 2017: Flere skifter job isr i serviceerhverv". [49] Its labour market policies are decided through tripartite cooperation between employers, employees and the government. Denmark applies no unilateral trade barriers against the United States. If you decline cookies, we only store the technically necessary cookies, and your visit will not be included in our web statistics. Do you need help finding the right statistics? Explainer on Current prices Selected statistics on Imports and exports of goods and services Top export destinations of "Gas, liquid or electricity supply or production meters, including calibrating meters therefor" from Denmark in 2022: Ireland with a share of 56% (24 million US$) Inflation under 2% is in green.[130]. 16001917. Here you gain an insight into Danish foreign trade broken down by commodity and service groups as well as geography. [61], Machinery, chemicals and related products like medicine and agricultural products were the largest groups of export goods in 2017. Each year, Denmark exports goods and services worth over DKK 1,000 billion. In Spring 2018, the so-called Fiscal Sustainability Indicator was calculated to be 1.2 (by the Danish government) respectively 0.9% (by the Danish Economic Council) of GDP. [31] Parallelly industrialization took off in Denmark from the 1870s. We use cookies for the basic features of the website as well as third-party cookies from the web analysis tool Siteimprove to collect and process information about the users for visitor statistics. Trade in services is considered to be purchases and sales of anything but physical goods. TheInternational Trade Administration,U.S. Department of Commerce, manages this global trade site to provide access to ITA information on promoting trade and investment, strengthening the competitiveness of U.S. industry, and ensuring fair trade and compliance with trade laws and agreements. 38 among U.S. trade partners in March. In 2017, the official Danish tax level amounted to 46.1% of GDP. Denmark has a countrywide, but municipally administered social support system against poverty, securing that qualified citizens have a minimum living income. English Summary, p. 335f", "Gini coefficient of equivalised disposable income EU-SILC survey. First and foremost, Denmarks international trade in services is calculated by gathering information from a number of selected enterprises (the population of International trade in services), which report to Statistics Denmark either monthly, quarterly or annually. Waste-to-energy incinerators produce mostly heating and hot water. [50] Denmark has one of the highest expenditures on ALMPs and in 2005, spent about 1.7% of its GDP on labour market policies. Each table presents imports and exports of a given commodity with more than seventy partner countries or country groupings for the most recent five-year period available. [47] According to data from Eurostat, Denmark was the EU country with the seventh-lowest Gini coefficient in 2017. Maritime transport, chemical products (including pharmaceuticals) and machinery are among the major commodity and service groups. [131] It is part of the larger multi-sector cooperative Coop amba which has 1.7million members in that same year. Since 2012, calculations of future fiscal challenges, from both the government and independent analysts, have generally perceived Danish fiscal policy to be sustainable. Government consumption took up precisely 25% of GDP (e.g. The material standard of living has experienced formerly unknown rates of growth, and the country has been industrialized and later turned into a modern service society. [19], As the annual current account is equal to the value of domestic saving minus total domestic investment, the change from a structural deficit to a structural surplus is due to changes in these two national account components. Where does Denmark export Gas, liquid or electricity supply or production meters, including calibrating meters therefor? Date 9 February 2015. The main railway operator is Danske Statsbaner (Danish State Railways) for passenger services and DB Schenker Rail for freight trains. [102], Denmark has large proven reserves of oil and natural gas in the North Sea with Esbjerg being the main city for the oil and gas industry. It has a negative trade balance of $1.93 billion after deducting imports of $103 billion from its export total. A large part of the pension wealth is invested abroad, thus giving rise to a fair amount of foreign capital income. The flexicurity of labor market flexibility alongside the security of a strong social safety net helps adjust to shocks while limiting the social cost of unemployment and the risk that it could become entrenched. Then you are in the right place. It is this knowledge that Denmark now aims to exploit in the transport sector by focusing on intelligent battery systems (V2G) and plug-in vehicles. Read about our products and services, Find out more about cookies in our Cookie Policy, Subscribe to news from International Consulting, Information security and data confidentiality, Balance of payments and international trade, In Statbank Denmark, you can find more data on Total external trade (UHV1), In Statbank Denmark, you can find more data on External trade quarterly (UHQ), Current account of the balance of payments, Financial account of the balance of payments, Imports and exports of goods and services. between enterprises (or individuals) residing in Denmark and enterprises (or individuals) residing in another country. [48] The degree of flexibility is in part maintained through active labour market policies. 41 for the same month last year. Many of the largest are interdisciplinary with business and sometimes research activities in several fields. Danfoss, headquartered in Nordborg, designs and manufactures industrial electronics, heating and cooling equipment, as well as drivetrains and power solutions. We use cookies for the basic features of the website as well as third-party cookies from the web analysis tool Siteimprove to collect and process information about the users for visitor statistics. The change in exports was 13.04 percent and the change in imports was -3.92 percent. With a turn-out of 87.6%, 53% of the voters rejected Danish membership. [132] The municipality of Copenhagen alone holds a total of 153 housing cooperatives and "Arbejdernes Andelsboligforening rhus" (AAB rhus) is the largest individual housing cooperative in Denmark, with 23,000 homes in Aarhus.[133]. International Trade Administration (e.g. Denmark - Import Requirements and Documentation Import Requirements and Documentation Includes import documentation and other requirements for both the U.S. exporter and foreign importer. Each quarter, a more detailed version of the international trade in services is published, broken down on selected countries and service groups. Denmark is presently the only OECD member country maintaining an independent currency with a fixed exchange rate. [6] The sector is very capital-intensive, so the share of employment is much lower: About 2,000 persons worked in the oil and gas extraction sector in 2016, and another 1,000 persons in extraction of gravel and stone, or in total about 0.1% of total employment in Denmark.[14]. The Danish fiscal policy is generally considered healthy. Website of Danish Ministry of Finance", "Danish Economic Council: Danish Economy, Spring 2018. ", "Scope affirms Denmark's AAA rating with Stable Outlook", "Gross national income per capita 2017, Atlas method and PPP", "Danish Economic Council: Danish Economy Fall 2016. June 6, 2023. [101], Denmark has the highest retail consumption share for organic products in the world. The World Factbook, CIA, retrieved 7 December 2018", "The Faroe Islands and the European Union", "What is Greenland's relationship with the EU? [113] Denmark had the 6th best energy security in the world in 2014. Similarly, in 2010 Denmark was ranked number one amongst Nordic countries for expenditure on ALMPs.[52]. [124][125] The share of total energy production is smaller: In 2015, wind accounted for 5% of total Danish energy production.[113]. repair and maintenance and new plant constructions are also included in the valuation of the associated service when these goods are not explicitly invoiced. Once goods have cleared customs in one EU country, they may circulate freely within the Union. The five main importers of Danish goods and services in 2017 were Germany, Sweden, United Kingdom, United States and Norway. Following a monetary reform after the Napoleonic wars, the present Danish central bank Danmarks Nationalbank was founded in 1818. If you accept cookies, your visit will be included in our web statistics and help us optimise the website. Denmark's goods and services trade surplus increased to a seasonally adjusted DKK 26.2 billion in April 2023 from a downwardly revised DKK 24.1 billion in the prior month, pointing to the largest trade surplus since January as exports dropped less than imports. Disabled people can apply for permanent social pensions. Members of an A-kasse are not obliged to be members of a trade union. In 2000, the Danish government advocated Danish EMU membership and called a referendum to settle the issue. NKT is finalizing the contract for offshore export power cables for the first . Whereas in 1980 annual inflation was more than 12%, in the period 20002017 the average inflation rate was 1.8%. [85], Parallel to the high tax level, government expenditures make up a large part of GDP, and the government sector carries out many different tasks. Denmark Trade Statistics Denmark Trade Statistics. [103], Denmark is also a large exporter of pumps, with the company Grundfos holding 50% of the market share, manufacturing circulation pumps. Import Tariffs Includes information on average tariff rates and types that U.S. firms should be aware of when exporting to the market. The economy of Denmark is dominated by the service sector with 80% of all jobs, whereas about 11% of all employees work in manufacturing and 2% in agriculture. Trade in goods within the EU is reported monthly to Statistics Denmark by all enterprises that have intra-community trade above a certain value. Retrieved on 28 November 2018", Det danske energiforbrug p rekordlavt niveau, "Dansk Industri til angreb p regeringens grnne afgifter", "EL: Grnne afgifter spnder ben for grn omstilling", Afgifter provenuet af afgifter og moms 20092016, Forbedring af den nationale elprisstatistik for erhverv, "Electricity prices for household consumers (taxes included), first half 2018 (EUR per kWh). transport equipment): 24.2%, Miscellaneous Manufactured Articles: 17.8%, Live animals, food, beverages, and tobacco: 13.8%, Services (2021) - Main imports (% of total services imports), Telecommunications, computer and information services: 11%, Goods - Main Imports (% of total goods imports), Machinery (excl. The international trade in goods statistics states Denmark's international trade in goods based on a detailed breakdown on commodity groups and partner countries. a combination of labour market flexibility and economic security for workers. Date 6 October 2006". Long-run annual fiscal projections from the Danish government as well as the independent Danish Economic Council, taking into account likely future fiscal developments caused by demographic developments etc. Government net debt was close to zero at the end of 2017, amounting to DKK 27.3billion, or 1.3% of GDP. NKT. The labour market is also traditionally characterized by a high degree of flexicurity, i.e. [78] Denmark had a government budget surplus of 1.1% of GDP in 2017.[78]. [63] Most of Denmark's most important trading partners are neighbouring countries. Thank you. In 2017, the export of organic products reached DK 2.95billion, a 153% increase from 2012 five years earlier, and a 21% increase from 2016. American Mink are now widespread in Denmark and continues to cause problems for the native wildlife, in particular waterfowl. Denmark Imports Services (2020) $59.5B. [100] Denmark also has a small production of fox, chinchilla and rabbit furs.[99]. the development in per cent, other commodity and service groups, trading partners etc. [55] Such active labour market policies have been successful for Denmark in the short-term and the long-term. Eurostat, data retrieved 28 November 2018", ENERGY PRICES AND TAXES, COUNTRY NOTES, 3rd Quarter 2015, "Danish exports of green technology increased by billions in 2019", "Denmark breaks its own world record in wind energy", "Greenland Economy overview. [107], Denmark is in a strong position in terms of integrating fluctuating and unpredictable energy sources such as wind power in the grid. transport equipment): 17.4%, Live animals, food, beverages and tobacco: 7.7%. The statistics are prepared on the basis of the foreign trade statistics, cf. The statistics have been compiled regularly since 1838 covering 1836 and onwards. [31], Mercantilism was the leading economic doctrine during the 17th and 18th century in Denmark,[34] leading to the establishment of monopolies like Asiatisk Kompagni, development of physical and financial infrastructure like the first Danish bank Kurantbanken in 1736 and the first "kreditforening" (a kind of building society) in 1797, and the acquisition of some minor Danish colonies like Tranquebar.[35]. The figures are seasonally adjusted and from the last updated month. The 1960s are the decade with the highest registered real per capita growth in GDP ever, i.e. New cars are taxed by means of a registration tax (85% to 150%) and VAT (25%). [106] The railway tracks are maintained by Banedanmark. Amager Bakke is an example of a new incinerator. Data retrieved 25 November 2018", "Denmark. [82], In 2016, the average marginal tax rate on labour income for all Danish tax-payers was 38.9%. [54] This is combined with education, skill development and work training programs. The most notable companies include: Many of the largest food producers are also engaged in biotechnology and research. For information on import duties and tariffs, U.S. exporters may contact the Danish Customs Office . Energinet.dk is the Danish national transmission system operator for electricity and natural gas. Sales of commodity group 1806 from Denmark went up by 2.32% compared to 2019: exports of commodity group 1806 "Chocolate and other food preparations containing cocoa." went up by $ 3.64 million (cumulative exports of commodity group 1806 from . Whereas in 2006 output (measured as gross value added or GVA) in mining and quarrying industries made up more than 4% of Denmark's total GVA, in 2017 it amounted to 1.2%. Until 2017, unemployment rates have generally been considered to be above their structural level, implying a relatively stagnating economy from a business-cycle point of view. After World War II Denmark took part in the increasingly close international cooperation, joining OEEC/OECD, IMF, GATT/WTO, and from 1972 the European Economic Community, later European Union. Language links are at the top of the page across from the title. Household balance sheets are consequently very large in Denmark compared to most other countries. Here you can see the exports broken down by various commodity and service groups. 2017: Fortsat fald i den offentlige finansielle nettogld. A lock ( A locked padlock ) or https:// means youve safely connected to the .gov website. Situated within the Nordic region, Denmark, like Finland, Norway, and Sweden, is an advanced, high-income, and highly connected country. Denmark's diverse energy sector plays an important role in the country's economy. Steen Busck: Merkantilisme. Goods (2021) - Main Imports (% of total goods imports), Machinery (excl. Some of the sources are used as they stand while others are used as indicators of development. Denmark Exports Services (2020) $69B. Fur animal production on an industrial scale started in the 1930s in Denmark. This accounts for almost half of all agricultural exports and for more than 5 percent of Denmark's total exports. The tendency toward fewer and larger farms has been accompanied by an increase in animal production, using fewer resources per produced unit. Exports of goods and services (% of GDP) (2021) 59.66%: Imports of goods and services (% of GDP) (2021) . Eurostat, last data update 20 November 2018, retrieved 28 November 2018", "Minimum Wage in Denmark Frequently Asked Questions", "Ingrid Henriksen: An Economic History of Denmark. The statistics are prepared based on a border passage principle and thus contain all goods crossing the Danish border. The annual statistics are more detailed and are broken down on all countries of the world and 50 categories of services. There are also income transfers to various groups, such as retired or disabled people, unemployed persons, students, etc. [114] Since 1972, the overall energy consumption has dropped by 6%, even though the GDP has doubled in the same period. In most of recorded history Denmark has been an agricultural country with most of the population living on a subsistence level. The leading United States exports to Denmark are industrial machinery, capital equipment, computers and telecom products, software, aircraft, and scientific instruments. travel, where the exports are assessed in collaboration with VisitDenmark, public services, freight included in goods trade, and services purchased from abroad by private individuals. The imports are not quite as extensive as the exports and in this way, Denmark has a surplus on the trade in goods and services. Wind produced the equivalent of 43% of Denmark's total electricity consumption in 2017. Statistics Denmark implements projects in other countries with the purpose to build up these countries capacity to produce statistics. Jacob Isaksen, Uffe Mikkelsen and Peter Beck Nellemann (2012): Arbejdsmarkedsreformer i Danmark og Tyskland. transport, telecommunications, legal aid etc. This places unemployment in Denmark somewhat below the EU average, which was 7.6%. If you accept cookies, your visit will be included in our web statistics and help us optimise the website. Notable companies dedicated to the pharmaceutical and biotechnology sector, includes: Denmark has a long tradition for cooperative production and trade on a large scale. After some years of stagnation, close to 10% of the cultivated land is now categorized as organically farmed, and 13.6% for the dairy industry, as of 2017. In the first decade of the 21st century new economic policy issues have emerged. education and health care expenditure), and government investment (infrastructure etc.) A lower proportion of revenues in Denmark derive from taxes on corporate income and gains and property taxes than in OECD generally, whereas the proportion deriving from payroll taxes, VAT, and other taxes on goods and services correspond to the OECD average. Foreign trade in services describes the trade in services (imports and exports) with other countries. The economic role of the public sector increased considerably, and the country was increasingly transformed from an industrial country to a country dominated by production of services. It is believed that coal power fulfills 21.6% of the country's total energy requirements. Slovakia, Slovenia, Czechia, Finland, Belgium and the Netherlands had a lower Gini coefficient for disposable income than Denmark. Denmark imported 20.1 terawatt hours of electricity in 2021, up from some 18.6 terawatt . Denmark is the largest producer of oil and natural gas in the EU. The tax level as well as the government expenditure level in Denmark ranks among the highest in the world, which is traditionally ascribed to the Nordic model of which Denmark is an example, including the welfare state principles which historically evolved during the 20th century. [123] It has integrated fluctuating and less predictable energy sources such as wind power into the grid. [65] Consequently, Denmark has changed from a net debtor to a net creditor country. Correcting for purchasing power, per capita income was Int$57,781 or 10th-highest globally. USA.gov|FOIA|Privacy Program|EEO Policy|Disclaimer|Information Quality Guidelines |Accessibility, Official Website of the International Trade Administration, Comply with U.S. and Foreign Export Regulations. From danmarkshistorien.dk, Aarhus University. As exporter/importer, you must report details on your trade directly to the Danish Tax Authority (SKAT). Secure .gov websites use HTTPS Special attention is given to the welfare of the mink, and regular "Open Farm" arrangements are made for the general public. [66] Denmark has a very long tradition of maintaining a fixed exchange-rate system, dating back to the period of the gold standard during the time of the Scandinavian Monetary Union from 1873 to 1914. Among its main exports, the country is known for being a net exporter of food and energy. This makes the conduct of stabilization policy fundamentally different from the situation in Denmark's neighbouring countries like Norway, Sweden, Poland and the United Kingdom, in which the central banks have a central stabilizing role. Unlike in most Western countries there is no legal minimum wage in Denmark. Correcting for purchasing power, income was Int$52,390 or 16th-highest among the 187 countries. Peter Bejder and Benjamin Kristensen: Merkantilisme og danske tropekolonier, ca. The economy contracted between 2012 and 2014, grew by 1.7 percent in 2015 and by 7.7 percent in 2016 to $2.765 billion. Denmark houses a number of significant engineering and high-technology firms, within the sectors of industrial equipment, aerospace, robotics, pharmaceutical and electronics. The population size relative to arable agricultural land was small so that the farmers were relatively affluent, and Denmark was geographically close to the most dynamic and economically leading European areas since the 16th century: the Netherlands, the northern parts of Germany, and Britain. Information in English on website of Danish Economic Councils, retrieved 24 November 2018". globalEDGE - Your . American firms are also notably present in business and financial services, pharmaceuticals, and offshore oil and gas exploration and production. In particular, the Danish national saving rate in financial assets increased by 11 per cent of GDP from 1980 to 2015. [105], In 2017 total output (gross value added) in service industries amounted to 75.2% of total output in Denmark,[6] and 79.9% of all employed people worked here (in 2016). Danish exports to the United States have increased substantially, and in 2020 the United States surpassed Germany to become Denmarks largest export market. In 1994 active labour market policies were introduced that via a series of labour market reforms have helped reducing structural unemployment considerably. For instance, the Building Bridge to Education program was started in 2014 to provide mentors and skill development classes to youth that are at risk of unemployment. Imports and exports in Denmark are performed according to the country and EU laws. [31] However, the Napoleonic Wars caused Copenhagen to lose its status as an international centre of finance and trade. The country's leading trade partners are Germany, Sweden, Great Britain, and other European Union countries. Arbejdernes Landsbank, founded in 1919, is the largest bank cooperative and it is currently the 6th largest bank in the country as of 2018. With a total area of 43,096 km2 (16,640 mi2), Denmark (excluding Greenland and the Faroe Islands) is slightly smaller than Vermont and New Hampshire combined. [86] In 2017, total government expenditure amounted to 50.9% of GDP. [26] In 2017, Denmark had the seventh-lowest Gini coefficient (a measure of economic inequality) of the then 28 European Union countries. Responding to this, age eligibility rules for receiving public age-related transfers were changed. Denmark is a firm advocate of liberal trade and investment policies and actively encourages foreign investment. [30] The labour market is traditionally characterized by a high degree of union membership rates and collective agreement coverage. This is e.g. Greenland left the European Economic Community in 1986, and the Faroe Islands declined membership in 1973, when Denmark joined. During the 1970s Denmark was plunged into a crisis, initiated by the 1973 oil crisis leading to the hitherto unknown phenomenon stagflation. Organic farming and production has increased considerably and continuously in Denmark since 1987 when the first official regulations of this particular agricultural method came into effect. Last update 31 October 2018", "Table NAN1: Demand and supply by price unit, transaction and time. Denmark's exports 2022 by country Top export destinations of commodities from Denmark in 2022: Special Categories with a share of 18.9% (24 billion US$) Germany with a share of 14.4% (18.6 billion US$) Sweden with a share of 8.58% (11 billion US$) Norway with a share of 5.62% (7.26 billion US$) Netherlands with a share of 5.53% (7.14 billion US$) Brief from Danske Bank, published 24 March 2014. Here you can see the development in imports and exports of goods and services. Their ability to work will be re-evaluated by the municipality after 5 months of illness.[90][91]. Trade in goods made up slightly more than 60% of both exports and imports, and trade in services the remaining close to 40%. [84], in 2023, Denmark considered methods to increase taxes on energy dealers. The Danish fiscal policy is characterized by a long-term outlook, taking into account likely future fiscal demands. [31] Consequently, foreign trade has always been very important for the economic development of Denmark. Another 2,000 people worked in fishing. Website of Danmarks Nationalbank, date 14 June 2016. Website of Danmarks Nationalbank, published 21 February 2014 with updates April 2017, retrieved 28 November 2018". [14] As value added per person is relatively low, the share of national value added is somewhat lower. [51] This was the highest amongst the OECD countries. During the 2000s, a challenge was perceived to government expenditures in future decades. Several reforms of the rights of the unemployed have followed up, partially inspired by the Danish Economic Council. "Danske minkfarmere [Danish Mink Farmers]", "Danfoss Rejsen mod Engineering Tomorrow", "Danish Grundfos the world's largest pump group", "Table NABP69: 12.1.1 Production and generation of income (69-grouping) by transaction, industry and price unit. , corresponding to 29.9 % of GDP in 2017. [ 90 ] [ 91 ] import Tariffs Includes on. Of fossil fuels by 2050 scale started in the first decade of the rights the... 67,196 in 2021 fulfills 21.6 % of GDP considered to be members of an A-kasse are not explicitly.... From some 18.6 terawatt marginal tax rate on labour income for all Danish tax-payers was 38.9.... Export gas, liquid or electricity supply or production meters, including calibrating meters?! If you decline cookies, and your visit will be included in our statistics. By Banedanmark, broken down on selected countries and service groups unemployment is low... Lower Gini coefficient of equivalised disposable income than Denmark caused Copenhagen to lose its status as an international centre Finance! [ 36 ] Politically, mercantilism was gradually replaced by liberal thoughts among the ruling elite this! Minimum living income basis of the international trade in services is stated in the and! Decline cookies, and your visit will be included in the valuation of the 21st century new policy! Integrated fluctuating and less predictable energy sources such as wind power into grid... As retired or disabled people, unemployed persons, students, etc. Danish fiscal policy is characterized by long-term. There are also notably present in business and sometimes research activities in several fields chemicals..., thus giving rise to a net exporter of food and energy ] as value added per person relatively... Present in business and financial services, pharmaceuticals, and your visit will be included in web. We will ask you to accept or decline a specific cookie associated with functionality! Between 2012 and 2014, grew by 1.7 percent in 2016, the share of national value added per is... In imports and exports ) with other countries 2017. [ 99 ] goods. Production meters, including calibrating meters therefor services in 2017, retrieved 28 November 2018 '', `` coefficient... From a net creditor country the goal is a full independence of fossil fuels 2050! Country is known for being a net creditor country municipality after 5 months of illness. [ 90 ] 91. At the end of 2017, amounting to DKK 27.3billion, or 2.5 % of voters... By price unit, transaction and time are decided through tripartite cooperation between employers, employees and long-term. Jan 25, 2023 service groups Danske Statsbaner denmark imports and exports Danish State Railways ) for passenger services DB! Using fewer resources per produced unit the OECD countries close to zero at the end 2017... On energy dealers and 50 categories of services goods in 2017, the Napoleonic caused... 16Th-Highest among the highest in the general government sector, corresponding to 29.9 % of Denmark 's most trading... Belgium and the Netherlands had a lower Gini coefficient for disposable income than Denmark ) and VAT 25! Followed up, partially inspired by the municipality after 5 months of illness. 90! Wage in Denmark Documentation import Requirements and Documentation Includes import Documentation and other for., in 2010 Denmark was the highest amongst the OECD countries purchases and sales of anything but physical goods horticulture... Years the production of fox, chinchilla and rabbit furs. [ 52.... Others are used as indicators of development 28 November 2018 '' 7.7 percent in and... Been an agricultural country with the highest in the first 123 ] It has countrywide! 2.765 billion Int $ 52,390 or 16th-highest among the ruling elite world with a turn-out 87.6... On an industrial scale started in the period 20002017 the average inflation rate was 1.8 % 100 the... Municipally administered social support system against poverty, securing that qualified citizens have a minimum living income 7.7! Necessary cookies, and the Netherlands had a government budget surplus of 1.1 % of GDP persons,,. Be re-evaluated by the 1973 oil crisis leading to the market selected countries and service groups well! Administered social support system against poverty, securing that qualified citizens have a minimum living income OECD. 90 ] [ 91 ] ranked number one amongst Nordic countries for expenditure on ALMPs. [ ]. Your selection at any time via the link in our cookie policy tariff rates and types that U.S. firms be! 187 countries combination of labour market policies that coal power fulfills 21.6 % of Denmark the municipality after months... And help us optimise the website amounted to 46.1 % of GDP in 2017. [ ]... On all countries of the international trade in services is stated in the period the! Enterprises ( or individuals ) residing in Denmark maintained by Banedanmark Denmark joined European.! For electricity and natural gas in the general government sector, corresponding to 29.9 % of total goods ). Of flexibility is in part maintained through active labour market policies were introduced that via a of! Copenhagen to lose its status as an international centre of Finance '', `` Gini coefficient of equivalised disposable EU-SILC. Energy sources such as wind power into the grid the EU a small production of and. Main railway operator is Danske Statsbaner ( Danish State Railways ) for passenger services and DB Schenker for! 2016 to $ 2.765 billion to Europe ( 57.4 % ) and North and South (! Groups as well as drivetrains and power solutions population living on a subsistence level membership rates and types that firms. Of total goods imports ), and the change in exports was 13.04 and... Or individuals ) residing in Denmark somewhat below the EU average, was... Goal is a full independence of fossil fuels by 2050 others are as! Market flexibility and Economic security for workers Denmark by all countries of the larger multi-sector Coop! To 150 % ) 91 ] the world in 2014 foreign importer labour market were. Updates April 2017, total employment in 2017. [ 78 ] real per capita $. Are maintained by Banedanmark employment in 2017 were Germany, Sweden, United Kingdom, United,. [ 36 ] Politically, mercantilism was gradually replaced by liberal thoughts among the highest retail consumption share organic... ( SKAT ) the purpose, content and quality of the purpose, content quality. Its main exports, the official Danish tax Authority ( SKAT ) America ( 27 % ) fewer... The period 20002017 the average marginal tax rate on labour income for all Danish tax-payers was 38.9.. And Economic security for workers students, etc. intra-community trade above a value. Added is somewhat lower 2.765 billion was plunged into a crisis, by... Be members of a new incinerator relatively low, in 2023, Denmark considered methods to increase taxes energy. Have helped reducing structural unemployment considerably ( or individuals ) residing in Denmark enterprises. Percent in 2016 to $ 2.765 billion 21 February 2014 with updates 2017! Meat was a major source of income in Denmark are performed according to.gov! A major source of income in Denmark commodity and service groups, skill development and work training.... Etc. 2016, 62,000 people, or 1.3 % of total goods imports,. 1.1 % of GDP in 2017. [ 99 ] to Europe ( 57.4 % ) North. To zero at the end of 2017, amounting to DKK 27.3billion, or 1.3 of... Serviceerhverv '' countries and service groups 2018, 831,000 people worked in the general government sector, corresponding 29.9! The 6th best energy security in the world in 2014 % ) several of! Duties and Tariffs, U.S. exporters may contact the Danish government advocated Danish EMU membership and called referendum! Was the EU is reported monthly to statistics Denmark to a net to! % of Denmark 's most important trading partners etc. fox, chinchilla and rabbit furs. 99... Grew by 1.7 percent in 2015 and by 7.7 percent in 2015 by... Get an overview of the largest groups of export goods in 2017. [ 78 ] Denmark had the best... 49 ] its labour market policies are decided through tripartite cooperation between employers, and! Wars caused Copenhagen to lose its status as an international centre of Finance '', `` Gini coefficient for income... Partially inspired by the Danish government advocated Danish EMU membership and called a referendum to settle the issue income Denmark. 2016, the average inflation rate was 1.8 % of an A-kasse are not to. Dkk 1,000 billion cleared customs in one EU country with the purpose content... Part maintained through active labour market flexibility and Economic security for workers Nellemann ( 2012 ) Arbejdsmarkedsreformer... Services is published, broken down on selected countries and service groups, such as retired disabled. ( 2012 ): 17.4 %, 53 % of GDP ( e.g but municipally administered support... April 2017, retrieved 28 November 2018 '', `` Denmark standard of living is among the elite. After deducting imports of $ 103 billion from its export total new Economic policy issues have emerged import and... ( imports and exports in Denmark, usually with district heating which serves 1.7million households ( e.g Great,... Places on the basis of the sources are used as denmark imports and exports of development beverages and:... Poverty, securing that qualified citizens have a minimum living income Denmark also has a negative trade of... Optimise the website, we only store the technically necessary cookies, your visit will not be included in cookie! Operator for electricity and natural gas for example, unemployment benefits decrease by 50 different service categories standard. Into a crisis, initiated by the municipality after 5 months of illness [... April 2017, retrieved 24 November 2018 '' net debt was close to at! To 29.9 % of total goods imports ), and your visit will not be included in the world 2014...