New figures: Danish exports defy global headwinds
Exports hit a record high already in the first month of the year after sluggish growth in 2018. However, slowing global growth may give Danish export companies a run for their money when it comes to securing new orders, says DI’s senior analyst.
Denmark’s exports increased by a whopping 7.8 per cent in January and are currently 11 per cent higher than last year, show new figures from Statistics Denmark.
“Exports are off to an excellent start in 2019, defying global headwinds. With record-high exports, we’re putting 2018 behind us. Last year exports grew by just 0.8 per cent, but in 2019 exports are off to a much better start,” says Allan Sørensen, Senior Analyst at the Confederation of Danish Industry.
“It’s vital that exports increase if we’re to keep the economic upswing going. Last year growth in Denmark was primarily driven by private consumption. Increased exports will mean growth is more balanced,” says Allan Sørensen.
“We’re pleased with the good start to 2019 and hope that the positive trend will continue, but unfortunately companies may find themselves fighting hard to bring in new orders. The OECD has reduced its forecast for 2019’s global economy. Unfortunately, it’s likely that growth in our important European export markets will be disappointingly low, and at the same time we’re facing a very chaotic Brexit,” says Allan Sørensen.