Danish export has been badly hit since the financial crisis began and the consequent decline in economic activity worldwide took effect. However, Danish companies have managed to maintain a positive growth in the export to China in the midst of crisis.
The general trend in Danish exports has been a downward spiral since October 2008 with a monthly decline in exports of up to 22 percent. Even so, the Danish export to China is dominated by a quite positive trend. With the exception of December 2008 there has been a general growth in exports to China compared to the same months the year before the crisis.
Even during the economic crisis, China has managed to sustain significant growth rates. According to the IMF, the Chinese economy is expected to grow by 6.5 percent over the next year. Compared to the negative growth rates in industrialized countries, China thus remains an attractive market. According to the global investment firm Goldman Sachs, China will be the world's largest economy by 2030 while the U.S. will be the second largest.
Over the last few years the trend has been obvious: The Danish export to China has been growing rapidly and grew by 16 percent to 11.2 billion DKK in 2008. This export growth made China the 13th largest Danish market. Sales of machinery and mechanical equipment represented the majority of the exported goods.
On the Chinese market, Denmark has not only kept pace with the exports of the EU27 countries - last year Denmark's export to China grew more than any other EU country, and therefore Denmark gained significant market shares. From 1999 to 2008, the Danish exports to China have doubled 5-fold, while exports from the EU27 countries doubled 4-fold. Danish export in 2008 amounted to nearly two percent of the total EU27 export to China.
It is especially a significant export of energy technology to China which is making the total Danish export rise. From 2006 to 2007 the export of energy technology grew from 1.2 billion DKK to 2.2 billion DKK.
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