The overall surplus in the balance of payments in 2018 was just DKK 158 billion, meaning that without the enormous contribution of DKK 297 billion from international industrial companies, the picture would be quite another. The five largest contributors alone accounted for a surplus of DKK 145 billion.

“An impressive portion of our net exports can be ascribed to just five international industrial groups. These few companies are vital for ensuring the balance of payments surplus,” says Morten Granzau, Chief Economist at the Confederation of Danish Industry.

He emphasises that this makes Denmark dependent on a small number of companies.

“The major concentration of net exports makes the country highly dependent on these companies choosing to retain such a large portion of their activities in Denmark. International industrial companies are highly mobile and could easily transfer their activities between production sites in several countries,” says Morten Granzau.

The large net exports come especially from traditional exports, in which industrial goods are sent abroad from Denmark. However, an increasing portion of earnings comes from exports of goods that have never been in Denmark as well as exports of services.

“It is safe to assume that particularly Denmark’s exports of goods that have never been in the country can quickly be moved out of Denmark. It is therefore vital that we continue to ensure favourable conditions for such activities in Denmark,” says Morten Granzau.