Disappointing export figures
11-03-2010
11:11
When shall we see the turnaround?
In spite of an improving global trade, the Danish export sector lags behind. The economists are worried about today’s foreign trade figures.
While the import increased by 6.5 per cent from December to January, the export decreased in the same period by 0.5 per cent, seasonally adjusted.
»Today’s export figures deepen the current worries about the export situation. We must conclude that the export sector has not yet seen the beginning of a turnaround,« chief economist Niels Rønholdt, Jyske Bank, wrote in a comment.
The global trade has already made up for half the decrease of 20 per cent which was at first caused by the crisis,« he noted.
»But the Danish export has not made up for what has been lost. This makes the turnaround of Danish economy somewhat uncertain so far,« he added.
Also the Danske Bank economists are disappointed although the import figures imply an increase of the private consumption and the willingness to invest.
»It is disappointing, however, that the export side has not been able to follow suit. Not least considering that we have seen a general improvement in the economic conditions on our most important export markets in these last months,« economist Tore Damgaard Stramer wrote.
According to the economists, it is in particular the weakened Danish competitiveness after the crisis which is to blame for the weak export figures.
»Primarily caused by a strong increase of the Danish salaries compared to the situation abroad, a very weak development of the productivity and a considerable strengthening of the Danish krone,« Tore Damgaard Stramer wrote.
If the somewhat fragile global economic recovery keeps on track, the economists are confident that the export will gain momentum.
»We do not, however, expect a strong export increase in the near future – both because of a negative competitive effect and because the economic recovery in Europe which is our key export market will lag behind,« Christian Hilligsøe Heinig, chief analyst at Sydbank, wrote.
Also Jyske Bank expects a moderate export increase:
»We are mostly inclined to the view that the weakened competitiveness will keep the pace down at an average level,« Niels Rønholt wrote.
In spite of an improving global trade, the Danish export sector lags behind. The economists are worried about today’s foreign trade figures.
While the import increased by 6.5 per cent from December to January, the export decreased in the same period by 0.5 per cent, seasonally adjusted.
»Today’s export figures deepen the current worries about the export situation. We must conclude that the export sector has not yet seen the beginning of a turnaround,« chief economist Niels Rønholdt, Jyske Bank, wrote in a comment.
The global trade has already made up for half the decrease of 20 per cent which was at first caused by the crisis,« he noted.
»But the Danish export has not made up for what has been lost. This makes the turnaround of Danish economy somewhat uncertain so far,« he added.
Also the Danske Bank economists are disappointed although the import figures imply an increase of the private consumption and the willingness to invest.
»It is disappointing, however, that the export side has not been able to follow suit. Not least considering that we have seen a general improvement in the economic conditions on our most important export markets in these last months,« economist Tore Damgaard Stramer wrote.
According to the economists, it is in particular the weakened Danish competitiveness after the crisis which is to blame for the weak export figures.
»Primarily caused by a strong increase of the Danish salaries compared to the situation abroad, a very weak development of the productivity and a considerable strengthening of the Danish krone,« Tore Damgaard Stramer wrote.
If the somewhat fragile global economic recovery keeps on track, the economists are confident that the export will gain momentum.
»We do not, however, expect a strong export increase in the near future – both because of a negative competitive effect and because the economic recovery in Europe which is our key export market will lag behind,« Christian Hilligsøe Heinig, chief analyst at Sydbank, wrote.
Also Jyske Bank expects a moderate export increase:
»We are mostly inclined to the view that the weakened competitiveness will keep the pace down at an average level,« Niels Rønholt wrote.
*****||*****Disappointing export figures*****||*****When shall we see the turnaround?
In spite of an improving global trade, the Danish export sector lags behind. The economists are worried about today’s foreign trade figures.
While the import increased by 6.5 per cent from December to January, the export decreased in the same period by 0.5 per cent, seasonally adjusted.*****||*****
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