Danish Export in July 2023 Shows Modest Growth

In July 2023, Denmark’s total exports saw a 0.3 percent increase compared to June. However, the annual growth rate, measured over the past 12 months compared to the preceding 12 months, decreased to 8.7 percent.

According to the latest seasonally adjusted data from Statistics Denmark, the total export of goods and services in July 2023 increased by 0.3 percent in current prices compared to June. While the export of goods rose by 2.1 percent, the export of services declined by 2.5 percent. The annual growth rate for the overall export, measured over the past 12 months compared to the preceding 12 months, dropped to 8.7 percent.

Year-to-Date Export Decline

In the first seven months of this year, the total export has fallen by 2.8 percent compared to the same period in 2022. This decline is attributed to a 16 percent decrease in earnings from service exports, while the export of goods has grown. The portion of goods exports that do not cross the Danish border (meaning they are produced and sold abroad) has increased by 37.8 percent, while the portion crossing the border has increased by 4.2 percent this year.

Significant Drop in Exports to Non-EU Countries

The substantial decline in exports to non-EU countries this year is primarily due to a decrease of DKK 93.9 billion, equivalent to 25.8 percent, in revenue from sea transport originating from non-EU countries.