Denmark is more export-orientated than its Nordic neighbours
10 November 2014
A new analysis ranks Denmark first among the Nordic countries on the ability of providing business conditions for its local companies that enable them to reach the global market.
A new analysis by Statistics Denmark, produced for the Danish Business Authority and The Nordic Council of Ministers, puts Denmark on the first place among the Nordic countries in export orientation. This indicates that good business conditions provide business in Denmark with better opportunities to reach the global markets.
Denmark’s top ranking partly owes to successful Danish small and middle-sized enterprises (SMEs), according to the analysis. From 2008 to 2011, the SMEs increased their export by 11%, making up 48% of Denmark’s total export to the global markets.
“It is pleasing to see that our small and middle-sized enterprises are doing so well in exporting to the global market. Growth within the SMEs is extremely important to encourage further development, and it is always good to hear that Denmark is doing well compared to the rest of the high ranking Nordic countries,” says Claus Lønborg, CEO of Copenhagen Capacity.
The overall basis for the Statistics Denmark analysis is a ratio of the country’s export relative to its GDP. Denmark tops the list among the Nordic countries with exports accounting for 33.7% of GDP. Sweden comes in second with exports accounting for 32.9% of GDP, Norway comes third with 31% and Finland fourth with 29.2%.
The SMEs’ share of 48% of the total export is where Denmark really is ahead of the other Nordic countries. Only Norway comes close with 43%, while Sweden and Finland only reach 31% and 23% respectively.