In a year marked by turbulence in global trade and economic uncertainties, Denmark saw a notable increase in its exports to the United States in 2025. Despite rising tariffs, ongoing trade disputes, and a weakening dollar, Danish companies managed to boost their exports to the US, hitting a record high. According to fresh data from Statistics Denmark, total exports of goods and services reached a staggering 375 billion kroner — a 14 billion kroner increase compared to 2024. This represents the highest export level ever recorded in the history of Denmark’s trade with the US.
Resilience Amidst Challenges
Tore Stramer, Chief Economist for Policy and Analysis at the Confederation of Danish Enterprise, sees the growth as a positive sign, despite the headwinds. “The encouraging news is that there are no significant signs of a slowdown in exports to the US. If anything, there is a consistent trend of stability in trade flows, which bodes well for the future,” said Stramer.
Indeed, this resilience is particularly remarkable given the backdrop of increasing tariffs, trade tensions, and a dollar exchange rate that has fallen significantly over the past year. As geopolitical risks and economic volatility continue to influence global markets, Denmark’s performance in the US market underscores the agility and adaptability of its exporters.
However, while the numbers are impressive, the Confederation of Danish Industries (DI) does not expect the same rapid pace of growth to continue into 2026. Allan Sørensen, DI’s Chief Economist, cautions that although the overall picture for 2025 is positive, the coming year may face some headwinds.
Denmark’s Exports to the USA 2021-2025
| Year | Export volume |
| 2021 | 198.5 |
| 2022 | 296.2 |
| 2023 | 293.3 |
| 2024 | 361 |
| 2025 | 375.3 |
Key Drivers of Growth
The lion’s share of the growth in exports to the US came from goods, with sales of physical products climbing by 21 billion kroner. This increase was largely driven by the export of pharmaceutical products, machinery, and industrial goods. However, exports of services, which have been a critical component of Denmark’s economy, saw a downturn of 6 billion kroner. This was primarily due to a decline in maritime transport services, a sector that has been particularly affected by global shipping disruptions and reduced international trade volumes.
While goods exports performed strongly, the service sector’s underperformance highlights the ongoing structural challenges within Denmark’s service-oriented industries. For instance, the maritime transport industry, a key service export, continues to face headwinds from a combination of high operational costs and shifting global trade patterns.
A Decline in Imports from the US
In parallel to this positive export trend, Denmark’s imports from the US saw a notable decrease. Imports fell by 38 billion kroner, dropping to 186 billion kroner in total. This reduction in imports reflects broader trends in global supply chains, where Denmark has been diversifying its suppliers and reducing its reliance on US-based goods and services.
The overall picture for Danish exports across all markets was similarly positive. Danish companies exported a total of 2,149 billion kroner worth of goods and services globally, marking a 3.4% increase compared to 2024. While the US remains a vital trade partner, it is clear that Denmark is expanding its reach into other international markets.
The Pharmaceutical Sector: A Growing Challenge
A key concern for Danish businesses moving forward is the increasing competition in the US pharmaceutical market. Denmark’s pharmaceutical giants, like Novo Nordisk, have long enjoyed a strong foothold in the lucrative American healthcare sector. However, Sørensen points out that competition is intensifying, particularly in the weight-loss drug segment, which has become one of the most competitive areas of the pharmaceutical market.
The recent withdrawal of a copycat weight loss pill by the online pharmacy Hims & Hers highlighted the fierce competition and regulatory challenges faced by global pharmaceutical companies. While this particular incident initially led to a drop in Novo Nordisk’s stock price, the company’s shares quickly rebounded, rising by 8% following the news. This suggests that investors remain confident in the long-term prospects of Novo and its position in the US market, despite short-term fluctuations.
The Future Outlook
While 2025’s export figures provide optimism, there is reason for caution heading into 2026. The US market is showing signs of greater volatility, driven by both domestic economic challenges and international geopolitical uncertainties. Denmark’s pharmaceutical industry, in particular, faces heightened pressure as competition intensifies and regulatory scrutiny increases.
In addition, as Denmark seeks to diversify its global trade portfolio, it will need to adapt to changing global demand patterns, particularly in the services sector. With maritime transport services underperforming, there is an urgent need for innovation in this space, as well as in other service-based exports such as digital technologies, consultancy, and financial services.
Looking Ahead
As we look ahead to the next article in this series, we will explore the implications of Denmark’s trade diversification strategy. What are the emerging markets that Danish businesses should be targeting in the coming years? How will innovation in digital services and green technologies play a role in shaping the next phase of Denmark’s export economy? Join us as we unpack these critical questions in our upcoming edition.
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