The UK and Denmark have long had a strong trade relationship. Currently, the UK is the 5th largest trade supplier for Denmark, while the Viking nation is ranked as the UK’s 23rd largest export market.
But how much is this relationship worth and what exactly are the two kingdoms sharing? The Vikings went to find out and here we present our findings, all illustrated in easy, nicely illustrated graphs and pie charts (because who doesn’t love pie charts?)
EXPORT – UK TO DK
Through figures realsed by StatBank Danmark (the Danish statistical bureau) and HM Revenue & Customs UK, The Vikings discovered that UK’s export to Denmark is a trade worth billions of pounds.
Over the course of 5-6 years, the flux of export to Denmark has been rather stable, averaging about £2 billion. The export did however drop in 2009, and this is most likely due to the financial market crash in 2008.
So we know the worth of how much the UK is exporting to DK. But what is Denmark actually importing?
The Vikings spoke to StatBank Danmark who told us that Denmark imports a whole range of goods. Though generally self-sufficient, the Danish economy still relies on a stable trade relationship with the world. In fact, according to Trading Economics, trade with other EU countries accounts for almost 69% of Denmark’s exports and 74% of its imports.
As seen from the pie chart above, the main export to Denmark from the UK was ‘intermediate goods for other industries’, accounting for 26,1% of all import from the British kingdom, followed closely by fuels and goods for household consumption.
StatBank Danmark told The Vikings that there is a whole range of materials within these three categories. For example, within the intermediate goods for other industries category, some of the things Denmark imported were:
- Oil seeds
- Textile fabric
- Plastic materials
- Aircraft engines
Being a small country in the North, Denmark also faces challenges when it comes to growing their own food due to climate conditions. That why it’s no surprise that ‘good for household consumption’ is primarily classified as ‘food, beverages and tobacco’. Neither Danish or British statistical bureaues had names on what specific foods were being imported, but The Vikings were told it was predominantly food that could not be grown in Denmark.
EXPORT – DK TO UK
By digging through many Excel sheets, The Vikings found out that Danish export to the UK has been growing over the past year. The UK seems to import more from Denmark than it exports.
Once again, we can see a slump in the 2008/2009 figures, which are most likely from the financial market crash. However, the trade relationship between the two seems to be on a recovery.
It’s interesting to see how Danish and UK imports vary. The UK seems to import a greater deal of fuels and electric current from Denmark. This is no big surprise as Denmark is an important producer in different forms of energy: oil, natural gas, wind and bio energy.
Once again, there were no specific stats on what type of food is imported from Denmark. Although, we found that more than half of bacon sold in the UK comes from Denmark (and the Netherlands), while a staggering 43% of all other pork products come from Denmark as well. However, we’re not sure where The Killing would fit in!
So, what’s next?
The economy is still very uncertain and with cuts being made unsparingly, trade between the two countries could take a hit. However, the Danish Ambassador to the UK has assured that the relationship will continue, stating on the embassy website: “In business, trade between the UK and Denmark will continue to flow despite a challenging economic climate.”
Did you find this article useful? What do you think of the current trade relationship between the two kingdoms? Let us know in the comment section below!
StatBank Danmark (web and phone) : http://www.dst.dk/en/Statistik/emner/udenrigshandel/udenrigshandel-med-varer.aspx
HM Revenue and Customs (web) : https://www.uktradeinfo.com/Statistics/BuildYourOwnTables/Pages/Table.aspx
ONS (web) : http://www.ons.gov.uk/ons/index.html
Photo credit: (c) FleetMom