• Analysis and Studies
• Denmark: a look at the market

In 2022, Denmark ranked as the 39th largest global economy by GDP (current US$), 37th in both total exports and imports, 10th in GDP per capita (current US$), and 27th in terms of economic complexity according to the Economic Complexity Index (ECI).

Exports: Denmark’s top exports include packaged medicaments ($15.9B), electricity ($3.66B), refined petroleum ($3.01B), pig meat ($2.89B), and vaccines, blood, antisera, toxins, and cultures ($2.06B). Key export destinations are Germany ($18.9B), the United States ($13.1B), Sweden ($11.6B), the Netherlands ($7.26B), and Norway ($6.53B). In 2022, Denmark was the world’s leading exporter of enzymes ($1.54B) and pigs ($932M).

Imports: Denmark's primary imports include cars ($5.61B), refined petroleum ($3.87B), electricity ($3.75B), packaged medicaments ($3.67B), and crude petroleum ($3.41B). The main suppliers are Germany ($25.4B), Sweden ($14.6B), China ($10.9B), the Netherlands ($10.5B), and Norway ($6.43B).

Geography: Denmark shares a land border with Germany and maritime borders with Norway, Poland, Sweden, and the United Kingdom.

Denmark's Trade in Services (2020)

Exports services: $69 billion
Imports of Services: $59.5 billion

In 2020, Denmark exported services valued at $69 billion. The leading services exported were:

• Sea transport ($36.3 billion)
• Miscellaneous business, professional, and technical services ($8.52 billion)
• Other transport ($4.74 billion)
• Other royalties and license fees ($3.94 billion)
• Construction abroad ($3.68 billion).

Denmark imported services worth $59.5 billion in 2020. The main services imported were:

• Sea transport ($25.7 billion)
• Miscellaneous business, professional, and technical services ($11 billion)
• Other transport ($5.08 billion)
• Personal travel ($4.02 billion)
• Air transport ($1.94 billion).

Source: UN Comtrade, United Nations International Trade Statistics Database.

Overview

Economic Complexity (Trade)

1.01 Rank 27 of 133

Economic Complexity (Technology)

1.02 Rank 19 of 96

Economic Complexity (Research)

1.79 Rank 12 of 135

Summary: in 2022, Denmark was ranked 39th in global GDP, 37th in exports and imports, and 10th in GDP per capita. Its main exports include medicaments, electricity, refined petroleum, pig meat, and vaccines, mainly going to Germany, the US, and Sweden. Denmark was the leading exporter of enzymes and pigs. On the import side, Denmark primarily brought in cars, refined petroleum, and electricity, mostly from Germany, Sweden, and China. Geographically, Denmark borders Germany by land and several countries by sea.

Denmark's Specialized Exports

Denmark excels in exporting specific products, particularly Pigs (48.3), Enzymes (41.5), Raw Furskins (32.6), Fishing Ships (21), and Plant Foliage (18.3). The RCA index measures this specialization by comparing the country's actual exports to expected values.

Source: BACI HS6 REV. 1992 (1995–2022).

Denmark's Most Complex Exports

Denmark's most complex exports, based on the Product Complexity Index (PCI), include specialized machinery (1.89), instruments for physical or chemical analysis (1.68), original prints and engravings (1.62), metal-finishing machine tools (1.52), and cutting blades for machines (1.45). The PCI evaluates a product's knowledge intensity by analyzing the expertise of its exporters.

Source: BACI HS6 REV. 1992 (1995–2022) and OEC Economic Complexity Indicators.

Export Opportunities by Relatedness

Denmark's top export opportunities, based on the relatedness index, include Hard Liquor, Recreational Boats, Ice Cream, Fermented Milk Products (all 0.41), and Water (0.4). The relatedness index evaluates how closely a product aligns with a country's existing export profile.

Source: https://oec.world/en/