Danish exports to the US were not immediately affected by the higher tariffs imposed by US President Donald Trump in May. Total exports to the US increased by approximately one billion kroner in May to 30.4 billion kroner. This is shown by figures published by Statistics Denmark on Wednesday.
The lack of impact may be due to the fact that many Danish companies that export to the US have production outside Denmark and are therefore not affected by the tariffs, economists say.
In April, US President Donald Trump imposed a ten percent tariff on goods from the EU - and thus also Denmark - but the tariff does not affect either medicine or goods produced in the US.
- Today's robust figures for exports to the US confirm that the majority of Danish export companies are in a good position to handle the current trade dispute with the US, says Tore Stramer, chief economist at the Danish Business Association, in a written statement.
- This of course applies primarily to companies that have production in the US.
DI chief economist: Major challenges
However, everything is far from rosy if you look over a longer period, points out Allan Sørensen, chief economist at the Danish Confederation of Industry. He emphasizes that if you look at the last five months of 2024 and compare it with the first five of 2025, exports to the US have fallen significantly.
- There are currently major challenges in the US market. We have already been hit by a ten percent tariff on the US market, the dollar has weakened significantly, and growth is declining, Sørensen emphasizes in a written statement.
In general, the US president has created great uncertainty with a long series of changing statements about tariffs. This applies to the world economy more generally and thus also to the conditions of Danish companies.
The EU and the US are still negotiating an agreement on trade. This is happening amid threats of further increased US tariffs, which are set to come into effect on August 1 - a deadline that has, however, been changed several times.
Las Olsen, chief economist at Danske Bank, does not believe that "there is a major threat to the Danish economy in the short term".
- Unless it becomes significantly more severe than we have seen in the past. Of course, there is also a risk that it will, he assesses.
/ritzau/
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