A Snapshot: UK-Denmark Trade Relations

• Denmark
• United Kingdom
• 18 February 2021

By Shaan Afzal-Khan

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Shaan Afzal-Khan

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Expanding on our UK-Arctic Trade and Investment Observatory, we are now building a collage of all the relevant information pertaining to UK-Denmark trade relations – with particular attention on the everyday relationship between the two countries – so all the information is at your fingertips. 

Period: Four quarters to the end of Q2 2021 (unless specified otherwise)

• Rank as trading partner (goods and services):
  • 24th largest trading partner (accounting for 1% of total UK trade)
  • 23rd largest goods trading partner (accounting for 0.9% of UK goods trade)
  • 22nd largest services trading partner (accounting for 1.1% of UK services trade)
• Rank as export market:
  • 25th largest export market (accounting for 1% of total UK exports) 
  • 25th largest goods export market (accounting for 0.8% of UK goods exports)
  • 20th largest services export market (accounting for 1.3% of UK services exports)
• Rank of import market:
  • 21st largest import market (accounting for 1% of total UK imports)
  • 21st largest goods import market (accounting for 1% of UK goods imports)
  • 22nd largest services import market (accounting for 0.9% of UK services imports) 
• Total trade in goods and services: £11.9 billion (decrease of 9.7% or £1.3 billion from previous year) 
• Total UK exports to Denmark: £6 billion (decrease of 3.5% or £215 million from previous year) 
• Total UK imports from Denmark: £6 billion (decrease of 15.2% or £1.1 billion from previous year) 
• Outward stock of FDI (2019): £6.4 billion (0.4% of the total UK outward FDI stock)
• Inward stock of FDI (2019): £7.2 billion (0.5% of the total UK inward FDI stock)

For further information, visit DIT’s Trade and Investment Factsheet for Denmark. 

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Latest News about UK-Denmark Trade 

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1. The Nordic Investment Bank (NIB) has agreed on a 10-year loan deal with Danish grid operator Energinet to increase the co-financing to construct Denmark-UK subsea power cable (07/03/2022): http://famagusta-gazette.com/2022/03/05/denmark-uk-sign-declaration-to-strengthen-military-cooperation/
2. Defence Secretary discusses shared security response with Denmark and Estonia  in face of Russian invasion of Ukraine (04/03/2022): https://www.gov.uk/government/news/defence-secretary-discusses-shared-security-response-in-face-of-russian-invasion-of-ukraine
3. Danish lifestyle brand and e-bike retailer Mate launches first UK store in Seven Dials (28/02/2022): https://www.bikebiz.com/danish-lifestyle-brand-and-e-bike-retailer-mate-launches-first-uk-store-in-seven-dials/
4. Danish fashion retailer ‘Colourful Standard’ opens site in London’s Seven Dials (23/02/2022): https://bdaily.co.uk/articles/2022/02/23/danish-fashion-retailer-opens-site-in-londons-seven-dials
5. Danish fashion label Han Kjøbenhavn has opened two new European flagship stores in London and Copenhagen this week (22/02/2022): https://hypebeast.com/2022/2/han-kjobenhavn-london-copenhagen-flagship-store-details
6. UK law firm ‘HFW’ launches in Denmark with hire of leading shipping lawyer (14/02/2022): https://www.hellenicshippingnews.com/hfw-launches-in-denmark-with-hire-of-leading-shipping-lawyer/ 
7. The Duchess of Cambridge to head to Denmark to learn how the country has become a world leader in its approach to early childhood development (04/02/2022): https://www.standard.co.uk/news/uk/denmark-kate-cambridge-copenhagen-twitter-b980749.html
8. Danish designer Stine Goya plans to expand across the UK and US (01/02/2022): https://wwd.com/business-news/business-features/stine-goya-denmark-copenhagen-fashion-week-international-hit-1235051413/
9. Practically all Denmark COVID restrictions lifted despite rise in cases (01/02/2022): https://www.bbc.co.uk/news/world-europe-60215200
10. UK and Danish boutiques team up to launch Article 9 equity fund (24/01/2022): https://citywireselector.com/news/uk-and-danish-boutiques-team-up-to-launch-article-9-equity-fund/a2377509
11. Denmark has lifted many COVID restrictions and allowed the opening of certain venues (17/01/2022): https://www.independent.co.uk/news/helsinki-denmark-covid-visitors-mette-frederiksen-b1994103.html
12. ICE London 2022 confirms former Danish regulator Birgitte Sand as new Ambassador (12/01/2022): https://www.yogonet.com/international/news/2022/01/12/60921-ice-london-confirms-former-danish-regulator-birgitte-sand-as-new-ambassador
13. Denmark top Climate Protection Index ranking with the UK in fourth place (11/01/2022): https://www.en-former.com/en/denmark-atop-climate-protection-index-rankings/
14. British multinational medical equipment manufacturing company ‘Smith+Nephew’ opens new commercial hub in Copenhagen (06/01/2022): https://orthospinenews.com/2022/01/06/smithnephew-opens-new-commercial-hub-in-copenhagen-denmark-to-better-serve-customers-across-the-nordic-region/
15. London-based firm Zaha Hadid Architects shortlisted for £114m Danish football stadium job (05/01/2022): https://www.architectsjournal.co.uk/news/zha-shortlisted-for-114m-danish-football-stadium-job
16. London video-game maker ‘Tiny Titans Studio’ is sold to Danish firm ‘Trophy Games Development’ (20/12/2021): https://lfpress.com/business/local-business/london-game-maker-sold-to-danish-firm-as-founder-plans-move-to-bigger-platform
17. Denmark raises GDP growth outlook to 3.9% for 2021 with prediction that the recent surge in COVID will not fundamentally change this (16/12/2021): https://www.bloomberg.com/news/articles/2021-12-16/denmark-raises-growth-forecast-as-economy-overpowers-virus-surge
18. Denmark commits €26m to INEOS-led North Sea carbon capture project (10/12/2021): https://www.powerengineeringint.com/oil-and-gas-energy-transition/denmark-commits-e26-m-to-ineos-led-north-sea-carbon-capture-project/
19. UK’s Global Screen Fund backs a UK-Germany-Denmark co-production about outgoing German Chancellor Merkel (09/12/12): https://deadline.com/2021/12/uks-global-screen-fund-9-international-co-productions-1234887691/
20. British and Danish defence ministers issue a joint declaration affirming their relationship in response to rising threats (08/12/2021): https://www.gov.uk/government/news/british-and-danish-defence-ministers-issue-joint-declaration
21. Danish home retailer JYSK announces record profits for UK & Ireland (06/12/2021): https://www.retailtimes.co.uk/danish-home-retailer-jysk-announces-record-profits-for-uk-ireland/
22. Denmark to reduce fiscal stimulus in budget deal to avoid overheating ‘incredible’ economy (06/12/2021): https://www.bloomberg.com/news/articles/2021-12-06/denmark-to-cut-stimulus-for-incredible-economy-in-budget-deal
23. Danish restaurant brand Sticks’n’Sushi says UK has overtaken its home market for revenue (02/12.2021): https://www.foodserviceequipmentjournal.com/sticksnsushi-says-uk-has-now-overtaken-its-home-market-for-revenue/
24. Danish tech-start up Weld raises 4m for its all-in-one data platform and plans to expand into the UK (29/11/2021): https://www.eu-startups.com/2021/11/danish-data-platform-weld-nabs-e4-million-in-its-first-year-and-sets-sights-on-us-and-uk-expansion/
25. Danish audio start-up Podimo raises $78m from London venture capital (24/11/2021): https://sifted.eu/articles/audio-platform-podimo-raise/
26. Denmark has accused the UK of breaking the Brexit fishing deal over plans to ban bottom trawling in a North Sea conservation zone (17/11/2021): https://www.theguardian.com/politics/2021/nov/17/denmark-accuses-uk-of-breaking-brexit-fishing-deal-over-trawling-ban
27. Wales joins COP26 Danish alliance to set an end date for exploring and extracting oil and gas (11/11/2021): https://www.bbc.co.uk/news/uk-wales-59248424
28. UK opts out of COP26 Danish alliance to set an end date for exploring and extracting oil and gas (11/11/2021): https://www.thetimes.co.uk/article/cop26-uk-opts-out-of-danish-alliance-to-end-oil-and-gas-n6kqq2kl2
29. North Sea oil and gas trade bodies that represent five countries (including the UK and Denmark) sign pact to cut emissions (10/11/2021): https://www.oedigital.com/news/491977-north-sea-oil-and-gas-trade-bodies-sign-pact-to-cut-emissions
30. Denmark and the UK join other donors to pledge $12 billion in support to halt and reverse forest loss and protect land rights in developing countries (02/11/2021): https://www.gov.uk/government/news/12-billion-donor-support-to-halt-and-reverse-forest-loss-and-protect-land-rights
31. Nordic and British pension funds to invest $130 billion by 2030 to fight climate change (02/11/2021): https://finance.yahoo.com/news/climate-investment-coalition-cic-announcement-102500570.html
32. Danish investor AIP sells 25% stake in Liverpool offshore wind farm for £250 million (02/11/2021): https://www.business-live.co.uk/enterprise/major-stake-liverpool-offshore-wind-22038253
33. Danish company Green Hydrogen Systems maintains its guidance as orders grow (including an order with a UK customer) (02/11/2021): https://www.marketwatch.com/story/green-hydrogen-systems-backs-guidance-as-3q-orders-grew-271635850769
34. Danish Pharmaceutical company Novo Nordisk launches recycling for injection pens in the UK (01/11/2021): https://www.pharmacy.biz/novo-nordisk-launches-recycling-for-injection-pens-with-community-pharmacies-playing-key-role/
35. Loganair adds route from Teesside International airport to Esbjerg in Denmark by extending an existing route from Aberdeen to the Danish port (01/11/2021): https://travelweekly.co.uk/news/air/loganair-adds-teesside-to-denmark-link
36. Denmark’s DFDS have shown growing interest in their new land and sea shopping facilities connected to Britain-EU ferry routes due to the reintroduction of duty-free pricing at the start of the year (24/10/2021): https://www.forbes.com/sites/kevinrozario/2021/10/24/booming-retail-sales-from-brexit-set-new-course-for-britain-eu-ferry-market/?sh=6c7c27c63b0a
37. Ørsted signs a memorandum of understanding with Edinburgh Airport to signify a partnership with the aim of helping to decarbonise the airport in line with its 2040 target (21/10/2021): https://renews.biz/73054/orsted-gives-edinburgh-airport-net-zero-ambition-wings/
38. Ørsted completes foundations installation at Hornsea Two offshore wind farm (21/10/2021): https://www.windpowermonthly.com/article/1731095/orsted-completes-foundations-installation-hornsea-two-offshore-wind-farm
39. Pandora, a Copenhagen-headquartered Jewellery brand, has announced that it is now paying its UK workers the current living wage (19/10/2021): https://employeebenefits.co.uk/pandora-becomes-living-wage-employer/
40. Maersk diverts ships away from busy UK ports due to Trucker shortage (12/10/2021): https://www.bloomberg.com/news/articles/2021-10-12/maersk-diverts-ships-from-jammed-u-k-ports-short-on-truckers
41. Denmark joins fellow EU member states in issuing a joint warning to the UK over reduced fishing rights following Brexit (11/10/2021): https://www.theguardian.com/business/2021/oct/11/eu-member-states-to-issue-joint-warning-to-uk-over-reduced-fishing-rights
42. The British science museum has announced the opening of a new permanent gallery in 2020 designed by Copenhagen-based JAC Studios (30/09/2021): https://www.designweek.co.uk/issues/27-september-3-october-2021/science-museum-gallery-technicians/
43. Lorry driver shortages in Denmark are expected to impact imports of Christmas trees into Britain (22/09/2021): https://www.mirror.co.uk/news/uk-news/brits-face-christmas-without-tree-25043485
44. Danish firm Danfoss invests £25 million on green tech centre in Edinburgh (22/09/2021): https://www.edinburghnews.scotsman.com/business/jobs-boost-as-work-kicks-off-on-green-tech-centre-on-outskirts-of-edinburgh-3391737
45. Danish renewables giant Orsted plans to directly invest up to £12 billion in Scotland if it is successful with all five of its bids in the ScotWind offshore wind auction (21/09/2021): https://www.pressandjournal.co.uk/fp/business/scotland-business/3483059/exclusive-renewables-giant-orsted-reveals-multibillion-pound-plans-for-scotland/

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Shaan Afzal-Khan is a Global Leadership Fellow at Polar Research and Policy Initiative. He is part of the PRPI team behind the UK-Arctic Trade and Investment Observatory, and serves as the lead for the Kingdom of Denmark and Russia.