Danish export to the United States climbed to a record 375 billion kroner in 2025, despite tariff challenges and a weakening dollar. However, industry experts warn that this growth pace is unlikely to continue in 2026 as competition intensifies in key sectors.
Record Export Year Defies Economic Headwinds
Danish companies achieved unprecedented export success in the American market last year, pushing total sales of goods and services to 375 billion kroner. This represents a 14 billion kroner increase from 2024 and marks the highest level ever recorded between the two trading partners.
The growth surprised many economic observers given the challenging conditions. US tariffs on Danish goods remained in place throughout the year. At the same time, the dollar weakened against the kroner, which typically reduces the value of American sales when converted back to Danish currency.
Strong US Demand Drove Sales Higher
American consumer spending and business investments remained robust throughout 2025. This created sustained demand for Danish products despite the economic headwinds. Chief economist Las Olsen at Danske Bank described the export rise as surprising given the circumstances.
The growth trend appeared consistent across monthly data. Between January and July, exports to the United States increased by 14.1 billion kroner, representing a 7.6 percent gain. This made the US the strongest performing non-EU market for Danish exporters during that period.
Goods Outperformed Services Significantly
The export increase came primarily from physical products rather than services. Goods exports to America surged by 21 billion kroner over the course of the year. Meanwhile, service exports actually declined by six billion kroner, driven largely by reduced shipping and maritime transport activities.
By November, monthly goods exports reached 65.4 billion kroner, up 12.4 percent from the same month in the previous year. This strong performance in tangible products helped offset the service sector weakness.
Pharmaceutical and Medical Products Led the Way
Medical and pharmaceutical products remained the cornerstone of Danish exports to the United States. These items accounted for 15.6 billion kroner in trade during 2024, the most recent year for which detailed product breakdowns are available.
Technical and scientific instruments also performed strongly. Machinery exports contributed significantly to the overall total. These three categories combined represent the bulk of what Denmark sells to American customers.
Non-Border Goods Showed Exceptional Growth
A particular bright spot emerged in non-border-crossing goods. These are products manufactured and sold abroad by Danish companies, often through foreign subsidiaries. This category jumped 41 percent in 2024 and continued its upward trajectory in 2025.
Danish firms operate 959 subsidiaries in the United States employing nearly 91,000 workers. These operations produce and sell goods locally, which still count as Danish exports in trade statistics. This business model has become increasingly important for maintaining competitiveness despite currency fluctuations.
Trade Balance Improved Substantially
While Danish exports climbed, imports from America moved in the opposite direction. Purchases from the United States fell by 38 billion kroner to 186 billion kroner in 2025. This shift significantly improved Denmark’s trade balance with its largest single-country export market.
The positive trade balance reached 189 billion kroner by year end. This surplus reflects growing American appetite for Danish products while Danish companies sourced fewer goods from the US market.
Industry Outlook Turns More Cautious
Despite the strong 2025 performance, business organizations expect growth to slow. Dansk Industri projects that export momentum will not maintain its current pace in 2026. Chief economist Allan Sørensen pointed specifically to increased competition facing Danish pharmaceutical companies.
Pharmaceutical Sector Faces Mounting Competition
The important medical products export segment now confronts intensified rivalry in the large American market. This poses particular concern because pharmaceuticals have driven much of Denmark’s export success to the United States in recent years.
Industry analysts worry that competitive pressures could erode market share. New entrants and established players alike are vying for position in the lucrative US healthcare market. This makes it harder for Danish companies to maintain their growth trajectory.
Broader Economic Context Adds Uncertainty
The overall Danish economy faces headwinds that could affect export performance. Currency volatility remains a concern. Exchange rate movements can quickly change the relative competitiveness of Danish goods in dollar-denominated markets.
Dansk Erhverv offered a more measured assessment. Chief economist Tore Stramer noted that export levels remained stable through the autumn months. He emphasized that the data showed no serious signs of declining sales to America during the latter part of the year.
Beyond the United States, Danish companies exported goods and services worth 2,149 billion kroner globally in 2025. This represented a 3.4 percent increase compared to 2024. The US market accounted for about 17.4 percent of Denmark’s total export value.
EU Markets Showed Mixed Results
Exports to European Union countries rose by a more modest 3.5 percent during the January to July period. However, some major EU markets actually saw declines. Sales to the Netherlands dropped 7.4 percent, while French purchases fell 3.2 percent.
This uneven performance across European markets made the strong US growth particularly valuable. It demonstrated the importance of geographic diversification for Danish exporters. Relying too heavily on any single region carries risks that balanced global sales can mitigate.
Investment Ties Strengthen Trade Relationship
Danish direct investments in the United States totaled 398,724 billion kroner at the end of 2024. This made America the top destination for Danish capital abroad. American investments in Denmark reached 190,875 billion kroner, creating substantial two-way economic ties.
These investment flows support trade in both directions. Danish subsidiaries in America need inputs and equipment from their parent companies. Meanwhile, American firms operating in Denmark create demand for US-made components and services.
Sources and References
The Danish Dream: Danish Economy In Crisis In 2025: 5 Ways You Can Prepare
The Danish Dream: Banking in Denmark for Foreigners Updated 2025
DR: Dansk eksport til USA steg i 2025
Politiken
Danmarks Statistik
Lovguiden
Udenrigsministeriet
The Trade Council
