Danish exports face sharp decline at 2024 start

Denmark’s export suffered a significant setback at the start of 2024, with a 7% fall to DKK 160 billion in January, the largest monthly drop in nearly four years. Both goods and services exports declined broadly, but this is viewed within the context of potential monthly fluctuations and a preceding 10% growth over the last four months. According to Arbejdernes Landsbank’s chief economist, Jeppe Juul Borre, there’s no cause for alarm based on January alone. Despite inflation, rate hikes, and economic uncertainty impacting trade partners, Danish exports have generally fared well. Dansk Erhverv expects export growth in 2024 across sectors, particularly anticipating advances in important markets like Sweden and Germany. The pharmaceutical industry, led by Novo Nordisk, is projected to spearhead this growth alongside a generalized recovery.