Danish Export in June 2023 Sees 1.4% Drop, Annual Growth Rate Slows

In the month of June 2023, Denmark experienced a 1.4% decline in its overall exports compared to May. The annual growth rate for the past 12 months versus the preceding 12 months was reduced to 12.8%.

According to the latest seasonally adjusted data from Denmark’s Statistical Office, the total exports of goods and services dropped by 1.4% in June 2023 compared to May. Goods exports fell by 0.3%, while service exports took a larger hit with a 3.0% decrease.

The breakdown of Danish exports in June 2023, in million Danish krone (Mia.kr.), showed the following growth rates compared to the same period in the previous year:

  • Total Goods and Services: 12.8% growth
  • Goods: 15.7% growth
  • Cross-border Goods: 12.2% growth
  • Non-cross-border Goods: 33.8% growth
  • Services: 9.2% growth

In the first half of 2023, the overall exports of goods and services were 1.3% lower than in the first half of 2022. The decrease was primarily due to reduced income from services, particularly in maritime transportation, while revenues from goods exports saw a positive increase of 11.3%. The annual growth rate for the entire export sector was brought down to 12.8%.

Notably, during the first half of 2023, Denmark’s exports saw significant growth in trading partners like the United Kingdom (+11.9%), Germany (+7.9%), and France (+7.6%). However, exports to China (-12.2%) and Norway (-5.7%) experienced declines.