The UK's forthcoming exit from the European Union should act as a catalyst for Danish firms to seek a wider range of export markets, the Danish Chamber of Commerce, Dansk Erhverv, has said.
According to Dansk Erhverv, some 60,000 jobs are linked either directly or indirectly to exports to the UK, while in 2018, Denmark exported goods worth DKK 46 billion (€6.2 billion) and services worth DKK 60 billion (€8 billion) to the country.
The business group said that Prime Minister Boris Johnson's victory in the recent UK General Election means that the country will now almost certainly exit the European Union, in turn meaning that trade with Britain could become an 'expensive affair' for Danish companies.
Food Exports
Dansk Erhverv has said meat products, dairy products, eggs, beverages and various other food products are among the most vulnerable product groups affected by the UK's exit.
It identified Sweden, the Netherlands, Germany, Belgium, Norway, France and China as markets which could potentially purchase more Danish goods, as well as markets such as Canada, Japan and Singapore, with which the EU has free trade.
"There is a need for us to work on maintaining the markets in which we are already present and to ensure that we can make the best use of new markets," commented Brian Mikkelsen, CEO of Dansk Erhverv.
"We must not become too dependent on few markets, because we are vulnerable to events such as Brexit and trade wars. That is why we must raise our eyes now and focus on where our companies can sell in the future."
Total Market
Across all categories, Danish exports account for more than DKK 1,250 billion (€167 billion) per year, or 55% of Denmark's GDP.
Mikkelsen called on the Danish government to invest in ensuring Danish firms can more easily gain access to new markets, as well as build market share in markets in which they are already present.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
