In recent days, the incoming US president, Donald Trump, has almost tried to take Danish goods hostage with his tariff threats. Meanwhile, Danish exports to the US constitute an increasingly large share of Denmark's total export market. This is shown by a new calculation from Statistics Denmark on Thursday.
In the first 11 months of 2024, exports worth DKK 326 billion were made to the US. This corresponds to 17.3 percent of total exports. In the corresponding period the year before, exports to the US accounted for 15.3 percent. of total exports.
The increase is mainly due to increases in exports of goods that do not cross the border, as well as various services, including maritime transport, writes Statistics Denmark.
Donald Trump's threats have been made as part of the case about Greenland, which he has expressed a desire to control.
In isolation, the statement does not give rise to concern, says Jeppe Juul Borre, chief economist at Arbejdernes Landsbank.
- What can give rise to worrying signs, however, is that there are major uncertainties, he writes in a comment.
- Tariff threats are flying around from the other side of the Atlantic. And even if nothing has been implemented, it is triggering a certain form of concern. So it will be a theme and focal point over the next long period.
According to Tore Stramer, chief economist at Dansk Erhverv, exports to the US increased by 50 billion kroner in the first 11 months of 2024 compared to the same period the year before.
- It is an incredibly impressive increase, which is quite unprecedented in the long history of statistics, he writes in a comment.
He also points out - like Statistics Denmark - that the increase has particularly occurred for goods that do not cross the border.
- Specifically, almost 80 percent of Danish exports of goods to the US do not currently cross the Danish border, but instead occur primarily from factories in the US, which will not be directly affected by any higher tariffs. It is a clear position of strength if the US takes a more protectionist course with high tariffs and other trade barriers, says Tore Stramer.
/ritzau/
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