Danish export companies have had a bad start to the year, with exports to the US falling to their lowest level in two years. This is according to a report from Statistics Denmark on Wednesday. Total exports of goods and services to the US were 25.9 billion kroner in January. This corresponds to a decrease of around 26 percent from December.
According to Tore Stramer, chief economist at the Confederation of Danish Industry, one should be careful not to interpret monthly fluctuations too harshly. Nevertheless, he calls today's export figures "grim".
- Today's grim export figures are unfortunately a big blow to the balance sheet, which could very well be a sign that the higher tariffs and the weakening of the US economy have begun to weaken our exports to the US, he writes in a comment.
He is supported by Allan Sørensen, chief economist at the Confederation of Danish Industry. He writes in a comment that companies are struggling to fill their order books.
- Many companies are being hit by tariffs on the American market, while at the same time facing tough competition from China, it says.
Uncertainty will further push development
The decline in exports to the United States is helping to pull down total Danish exports in the first month of the year. Total exports fell 5.9 percent to 176.8 billion kroner.
According to Allan Sørensen, the world economy is currently in a chaotic situation with several armed conflicts and rising oil prices. This is something that can further push development, he estimates.
- Exports have been the major engine in the Danish economy over the past five years. Exports are extremely crucial to maintaining solid growth in the Danish economy, he writes further.
- Private consumers will swing a larger part of the economic baton in the coming years, but we still need the positive impact of exports to keep growth going.
/ritzau/
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