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Trade Profile

In this page: Foreign Trade in Figures | Trade Compliance | Standards

 

Foreign Trade in Figures

Denmark has historically been renowned as a nation of traders; the country's economy is extremely open to foreign trade. Trade represents 99% of its GDP (2016). Its main imports are chemical products, machine and transport equipment, manufactured and semi-manufactured goods. Its main imported service is sea transport.

The trade balance is structurally positive. As of December 2016, the country's trade surplus increased to DKK 6 billion.

Denmark's main trade partners are within the European Union (about 64% of Danish trade) and in particular with Germany, Sweden, the Netherlands, Norway, the United Kingdom, the United States and China.

 
Foreign Trade Indicators 20122013201420152016
Imports of Goods (million USD) 91,92596,58999,34985,52285,595
Exports of Goods (million USD) 105,469110,107110,88795,29395,193
Imports of Services (million USD) 60,86662,32162,10953,52655,384
Exports of Services (million USD) 66,94270,94772,50260,91958,691
Imports of Goods and Services (Annual % Change) 2.71.53.61.32.4
Exports of Goods and Services (Annual % Change) 1.21.63.61.81.7
Imports of Goods and Services (in % of GDP) 48.648.247.647.846.2
Exports of Goods and Services (in % of GDP) 54.654.854.555.253.1
Trade Balance (million USD) 8,50211,88615,14415,07217,738
Foreign Trade (in % of GDP) 103.2103.1102.1103.199.3

Source: World Trade Organisation (WTO) - 2017; World Bank - 2017

 

Main Partner Countries

Main Customers
(% of Exports)
2016
Germany 15.2%
Sweden 11.3%
Norway 6.2%
United Kingdom 6.0%
United States 4.9%
Netherlands 4.5%
China 3.5%
France 3.0%
Poland 2.7%
Italy 2.4%
Main Suppliers
(% of Imports)
2016
Germany 21.6%
Sweden 12.1%
Netherlands 8.0%
China 7.6%
Norway 4.2%
United Kingdom 4.1%
Poland 3.9%
Italy 3.6%
Belgium 3.3%
France 3.1%

Source: Comtrade, 2017

 

Main Products

94.4 bn USD of products exported in 2016
Electric generating sets and rotary converters 3.4%
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses incl. those in the form of transdermal administration or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.8%
Meat of swine, fresh, chilled or frozen 2.8%
Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and modified immunological products, whether or not obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 2.4%
Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.1%
Cheese and curd 1.5%
Furniture and parts thereof, n.e.s. (excl. seats and medical, surgical, dental or veterinary furniture) 1.5%
Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, incl. pressure-reducing valves and thermostatically controlled valves; parts thereof 1.3%
Petroleum oils and oils obtained from bituminous minerals, crude 1.3%
Enzymes; prepared enzymes, n.e.s. 1.2%
85.1 bn USD of products imported in 2016
Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 4.7%
Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.8%
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses incl. those in the form of transdermal administration or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.8%
Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.4%
Petroleum oils and oils obtained from bituminous minerals, crude 1.5%
Transmission apparatus for radio-telephony, radio-telegraphy, radio-broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras; still image video cameras and other video camera recorders; digital cameras 1.5%
Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods 1.2%
Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 1.0%
Motor vehicles for the transport of goods, incl. chassis with engine and cab 1.0%
Furniture and parts thereof, n.e.s. (excl. seats and medical, surgical, dental or veterinary furniture) 0.9%

Source: Comtrade, 2017

 
 
 

Main Services

144.3 bn USD of services exported in 2014
Transportation
61.41%
Other business services
11.23%
Travel
10.58%
Computer and information services
4.99%
Construction services
4.96%
Royalties and license fees
3.42%
Cultural and recreational services
0.91%
Financial services
0.90%
Communications services
0.77%
Insurance services
0.42%
Government services
0.41%
122.3 bn USD of services imported in 2014
Transportation
52.22%
Travel
16.65%
Other business services
14.39%
Computer and information services
5.77%
Construction services
3.14%
Royalties and license fees
2.46%
Cultural and recreational services
2.35%
Communications services
1.24%
Financial services
0.86%
Insurance services
0.71%
Government services
0.22%

Source: United Nations Statistics Division, Latest Available Data

 

Exchange Rate System

Local Currency
Danish kroner (DKK)
Exchange Rate Regime
Fixed exchange regime. The krone is pegged to the euro.
Level of Currency Instability
Very limited exchange risk since the krone is pegged to the euro, which is a major currency.
 
 
Monetary Indicators 20112012201320142015
Danish kroner (DKK) - Average Annual Exchange Rate For 1 USD 5.375.795.625.616.73

Source: World Bank - Latest available data.

 
 

Trade Compliance

International Conventions
Member of World Trade Organisation
Member of OECD
Party to the Kyoto Protocol
Party to the Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora
Party to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal
Party to the Montreal Protocol on Substances That Deplete the Ozone Layer
Party to the Wassenaar Arrangement on Export Controls For Conventional Arms and Dual-Use Goods and Technologies
Party of the International Coffee Agreement 2007
Main International Economic Cooperation
Denmark is a member of EU Customs Union. It is also a member of ASEM (en anglais) and since it is an EU country, Denmark has multilateral and bilateral agreements with many countries.
Party of the ATA Convention on Temporary Admissions and Use of the Carnets
Yes.

As a Reminder, the ATA is a System Allowing the Free Movement of Goods Across Frontiers and Their Temporary Admission Into a Customs Territory With Relief From Duties and Taxes. The Goods Are Covered By a Single Document Known as the ATA Carnet That is Secured By an International Guarantee System.
Look Up the Other Member Countries And Read the Web Pages of the World Customs Organization Devoted to the ATA Carnet.
Party of the TIR Convention
Yes.

As a Reminder, the TIR Convention and its Transit Regime Contribute to the Facilitation of International Transport, Especially International Road Transport, Not Only in Europe and the Middle East, But Also in Other Parts of the World, Such as Africa and Latin America.
The UNCTAD Website Allows You to Read the TIR Convention, See the List of Member Countries And to Find Further Information.
Accompanying Documents For Imports
Several forms of documentation may be required at the Danish Customs:
- Sanitary Certificates;
- Pharmaceutical Certificates;
- Certificates of Origin;
- Commercial Invoices;
- Bill of Lading;
- Air Waybill;
- Declaration of Antiquity;
- Dangerous Goods Certification.
Free Zones
Københavns Frihavn (Freeport of Copenhagen). The facilities in the free port are mostly used for tax-free warehousing of goods imported, for exports, and for in-transit trade. Tax and duties are not payable until cargo leaves the Free Port.
For Further Information
Ministry of trade
Non Tariff Barriers
In accordance with its European Union membership, Denmark complies with the European Union (EU) laws and regulations that are in force in all European Union countries. While the EU has a rather liberal foreign trade policy, there is a certain number of restrictions, especially on farm products, following the implementation of the CAP (Common Agricultural Policy): the application of compensations on import and export of farm products aimed at favouring the development of agriculture within the EU, implies a certain number of control and regulation systems for the goods entering the EU territory.
Assessment of Commercial Policy
The WTO pages devoted to Denmark
European Union barriers
Sanitary and phytosanitary barriers, according to the European Union.

Learn more about How to Export to Denmark on Globaltrade.net, the Directory for International Trade Service Providers.

 

Standards

National Standards Organisations
Danish Standards Association
Integration in the International Standards Network
Denmark is a member of:
- The International Standard Organization (ISO);

- The International Electrotechnichal Commission (IEC);

- The European Committee for Standardization (CEN);

- The Asia-Europe Meeting (ASEM).

Obligation to Use Standards
The standards proposed by the DS are voluntary.
Classification of Standards
All new EU standards must be approved as Danish standards and they get the title DS/EN. If a standard initially is international and gets the status of an EU and Danish standards then the title is DS/EN ISO. Like e.g. DS/EN ISO 9001 which is the standard for quality management.
Assessment of the System of Standardization
The company may use the logo DS in its marketing activities, such as on stationery and in brochures. By using the logo, the company signals that it has introduced and implemented, for instance, a quality management and/or an environmental management system. The DS logo is known in the market and is associated with confidence, safety and guarantee.
Online Consultation of Standards
Publication of standards is entrusted by the Danish Standards Association. On their website you can see a complete list of standards.
Certification Organisations
Danish Certification of Standards
Associations of Standards Users
List of Standardization Committees in respective fields

 

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Last Updates: August 2017