Danish exports to the US have plunged quite significantly in August. This is according to figures from Statistics Denmark, published on Thursday. Total exports to the US fell to 27.1 billion kroner, which is 4.3 billion kroner below July.
Economists see a number of reasons, including a weakening of the dollar and signs of weakness in the US economy. At the same time, US President Donald Trump's policy of increased tariffs probably also plays a role.
- Donald Trump has erected a 15 percent tariff wall against Danish goods, while the dollar has weakened by 11 percent since the New Year, writes Allan Sørensen, chief economist at the Confederation of Danish Industries, in a comment.
- The combination of high tariffs and a weak dollar makes Danish goods more expensive on the US market, he explains.
It was both exports of goods and services to the US that fell in August. Exports of goods thus fell by 2.4 billion kroner to 19.7 billion kroner. Meanwhile, exports of services fell by 1.9 billion kroner to 7.4 billion kroner.
Tore Stramer, chief economist at Dansk Erhverv, also points to the weakened dollar, the US economy more generally and tariffs as reasons. He sees in particular problems with competitiveness "for companies that send their goods across the US border".
- It is honestly a bit worrying that exports to the US have been hit by a rather abrupt slowdown over the summer, he assesses.
- This is happening at a time when the US economy in general is showing signs of weakness, and when US private consumption in particular is developing weakly.
/ritzau/
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