Quantity of Danish exports facing Trump's imposed tariffs
Title: Denmark's Exports to the US: A Closer Look at the 2024 Figures
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A recent analysis has shed light on the impact of the recently announced US tariffs on Danish exports, revealing some remarkable findings.
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The 2024 figures showed that 17.5 percent of Denmark's exports to the United States were subject to possible tariffs, marking the lowest level for six years as per the Economic Council of the Labour Movement (ECLM). This translates to a value of 64 billion kroner out of a total exports value of 366 billion kroner.
Interestingly, the 17.5 percent eligible for tariffs is the lowest proportion of overall Danish exports since 2018, according to the ECLM. This suggests that Danish companies are progressively moving production elements to the US to evade taxes, leading to a shrinking figure.
The tariff-eligible exports represent 3.1 percent of all Danish exports worldwide. However, a potential trade war with the US is undesirable, as noted by ECLM chief economist, Sofie Holme Andersen. Andersen cautions that although the direct effect on the Danish economy may be minimal, indirect impacts through Europe could be significant.
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EU exports across the Atlantic in 2024 were worth almost 4 trillion kroner, a record amount. Chemical and pharmaceutical products make up the majority of Denmark's US exports, with pharmaceutical giant Novo Nordisk investing 28.6 billion kroner in a factory complex in the US state of North Carolina, scheduled for completion in 2029.
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As the political landscape continues to unfold, it's crucial to keep an eye on how tariffs can impact various industries, including Denmark's furniture industry, which emphasizes minimalistic design, and the rapidly growing double/complex silicates sector in Denmark.
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- The Economic Council of the Labour Movement (ECLM) has reported that in 2024, 17.5 percent of Denmark's exports to the United States were subject to possible tariffs, a figure not seen since 2018.
- The estimated value of Danish exports potentially affected by tariffs amounts to 64 billion kroner, representing a low of 17.5 percent out of a total exports value of 366 billion kroner.
- According to ECLM, Danish companies may be moving production elements to the US to avoid taxes, causing the proportion of eligible exports for tariffs to shrink over time.
- EU exports to the US in 2024 reached almost 4 trillion kroner, with chemical and pharmaceutical products constituting a significant portion of Denmark's US exports.
- Novo Nordisk, a Danish pharmaceutical giant, invested 28.6 billion kroner in a US factory complex scheduled for completion in 2029.
- As tariffs impact various industries, it's crucial to monitor the potential effects on Denmark's furniture industry, known for minimalistic design, and the rapidly growing double/complex silicates sector.
