Denmark: Market overview
Table of Contents
Source: Statistics Canada
2015 Trade and Investment between Denmark and Canada (C$, Millions)
|Trade and Investment||C$, Millions|
|Canadian Merchandise Exports to Denmark||$341.7|
|Canadian Merchandise Imports from Denmark||$1,019.1|
|Canadian Service Exports to Denmark||$281.0|
|Canadian Services Imports from Denmark||$262.0|
|Danish Direct Investment in Canada||$756.0|
|Canadian Direct Investment in Denmark||$136.0|
- Denmark is Canada’s 13th largest EU market (49th in the world) for merchandise exports.Footnote 1 Two-way trade merchandise trade between Canada and Denmark was well over $1 billion in 2015 (up 8 percent from 2014).
- Denmark is the EU’s 11th largest economyFootnote 2
- According to the World Economic Forum's Global Competitiveness Report 2015-16, Denmark is the world's 12th most competitive economy (Canada ranks 13th) and scores highly on technological readiness and business sophistication indicators.
- In 2014, Denmark announced the second in a series of reforms which plan to reach savings of nearly DKK 6 billion (over $1 billion) for businesses by 2020 through reductions in corporate energy levies and dividend taxes for unlisted companies, tax breaks for investment in start-ups, and new lending to businesses.
Read the guide Exporting to the EU.
Denmark considers itself as a world leader in Clean Technologies – particularly in the areas of wind power generation, biomass energy systems and district energy. In general it has been difficult for Canadian companies to penetrate the Clean Technologies market (with the exception of fuel cell/battery technology) due to domestic Danish competencies and strong competition from neighbouring countries Germany and Sweden – however CETA tariff reductions may well provide Canadian cleantech suppliers with a competitive edge for future Danish projects.
Denmark’s largest export category to Canada, “life sciences and biotech products”, is valued at 350 million CAD while the majority of Denmark's large health industry companies currently have a direct presence in Canada. While Canadian exports of medical devices to Denmark are currently small scale, CETA’s tariff reductions will improve the competitiveness of certain types of Canadian medical device companies.
Denmark, the seventh largest importer of fish and seafood from Canada, is a major global seafood hub and is EU's second largest importer of Canadian cold water shrimp - approximately CAD 75-80 million per year.Tariff reductions listed above will improve competitiveness for Canadian fish and seafood producers.
For more information on trade and investment opportunities in Denmark, contact your Trade Commissioner in Copenhagen, Denmark.
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