Danish exports of goods and services to the US have fallen by 25 percent from the fourth quarter of 2024 to the first quarter of 2025. This is shown by figures from Statistics Denmark, writes Tore Stramer, chief economist at the Danish Business Association, in a comment.
- This is a very sharp drop over a single quarter, which is unprecedented in the history of statistics. Before you let yourself be scared out of your wits and senses, it is important to point out that exports to the US, on the contrary, increased sharply towards the turn of the year, says the chief economist.
Recently, US President Donald Trump has introduced tariffs against a number of countries around the world. This has created unrest in global markets. Among other things, the president has introduced a basic tariff of ten percent and has announced additional punitive tariffs against several countries. The decline in exports to the US should be seen in the context of Trump's tariff announcements, says Tore Stramer.
- We must also expect that trade with the US will come under further pressure in the coming period, he writes.
When you look at total Danish exports of goods and services, it has also fallen in the first quarter of 2025. Figures from Statistics Denmark show that total exports fell by 3.6 percent in the first three months of the year. According to Allan Sørensen, chief economist at the Confederation of Danish Industry, Denmark's exports have run into major challenges.
- In the coming period, exports will be hit by a tariff war and global unrest. The global growth outlook has suffered a major blow in the wake of the Americans' tariff war with the rest of the world. The IMF (International Monetary Fund, ed.) has downgraded forecasts for almost all countries in the world. The tariff war will weaken growth and give us headwinds worldwide, he writes in a comment.
Like Tore Stramer, he assesses that it is Danish exports to the US in particular that face a difficult future.
/ritzau/
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