A new analysis by the Danish Ministry of
Foreign Affairs shows that Danish exports fell by 8.1 per cent in 2020 compared
to 2019. The decrease in merchandise exports was 4.0 per cent, while service
exports fell 13.9 per cent. The decline affected all product groups with the
exception of Chemicals incl. medico, which increased by 12.5%. One of the major
product groups, machinery, fell by 12%.
If the COVID-19 situation comes under
global control in 2021, rapid recovery of Danish merchandise exports is
forecast. The background is an expected strong economic growth in Denmark’s
large export markets in 2021 and 2022.
The outlook for economic growth varies for
individual export markets. A recovery to 2019 level is estimated to be realized
already in 2020 for China, Switzerland, Sweden and the Netherlands, where relatively good growth is also
expected in 2021 and 2022.
The Corona crisis has caused a massive
economic downturn – particularly driven by the service industry, as commodity
consumption is running at full speed. In general, world trade is expected to be
back to pre-crisis levels as early as 2021, just as calmer is expected in the
Among the most promising major Danish
export markets are Sweden, Norway, China, Poland,
Czech Republic, Australia and South Korea.
The United States is also promising. In Germany, which is Denmark’s largest
market for goods crossing the Danish border, good growth is also expected.
Brexit is far from over yet, but the UK still offers the expectation of
If we look at the markets that may contain
extraordinary growth potential, it is especially China, Taiwan, South Korea,
Australia and India that can be highlighted. In this regard, it is worth
looking at the opportunities offered by the strengthened FTA agreements in the
ASEAN–China Free Trade Area (ACFTA) continue
to ease trade barriers in the region which make up almost 30% of the world’s
population. The markets offer enormous opportunities for Nordic companies – the
approach requires the mobilization of new innovative collaborations and
volume with 17 Central and Eastern European countries totalled USD103.5 billion
last year, up by 8.4 percent from 2019, rising faster than the Asian country’s
global figure. This, along with 60% increase in investments, indicate China’s
interest in the European market – and advantages by establishment of
progression of the ASEAN-China trade agreement involving 2,2Billion people market
access, the New silk-road (Bridge & Belt) program include estimated 1500B$
investments and trade
network that involves Asia, Africa, and Europe – with more than 70 countries
are already involved, The Green
Agenda pave way for multiple markets and will include the organizations who
understand how to create value.
China have introduced the e-Yuan, the first state controlled digital
currency, the digitalization level is world leading, with e-commerce accounting
for 44% of all retail and continued progress in several areas.
The potential in
establishing collaboration between Nordic and Chinese businesses is significant.
opportunities are favourable for Chinese and Nordic organizations – and a
number of successful collaborations have already proved, that companies with
the potential for international success have to establish good innovation
combination of Nordic and Chinese competences, values and interactions are
extremely competitive – internationally AND in each home market.
businesses, the reality is that your competitive edge in near market countries
increasingly will depend on your ability to collaborate with Chinese
organizations – just as Chinese businesses success in their home market AND
other international markets will depend upon the ability to include Nordic
innovation, design and values.