Denmark’s export of Aluminium scrap during 2018-20 displays gradual downfall

The economy of Denmark is a modern mixed economy with comfortable living standards, a high level of government services and transfers, and a high dependence on foreign trade. As a small open economy, Denmark generally advocates a liberal trade policy, and its exports, as well as imports, make up circa 50% of GDP. According to the updated IMF forecasts from 14th April 2020, due to the outbreak of the COVID-19, GDP growth is expected to fall to -6.5% in 2020 and pick up to 6% in 2021, subject to the post-pandemic global economic recovery.

The Scandinavian nation’s aluminium scrap export during 2018-19 has been recorded at 272,005 tonnes and the revenue generated from the export remained at $225.20 million. The export for 2020 is expected to reach at 118,212 tonnes and earnings to stand at $97.46 million; when the export volume and earnings of the existing two years get added, it denotes 390,217 tonnes and $322.66 million respectively.

In 2018, Denmark’s export of aluminium scrap stood at 136,344 tonnes and foreign revenue earning remained at $105.77 tonnes, whereas in 2019 the export exhibited with the marginal downfall of 0.50%, as the export volume dropped to 135,661 tonnes, while earnings rose by 12.91% and stood at $119.43 million.

The export for 2020 has been analysed with de-growth by 12.86%, as the export volume is expected to dip and remain at 118,212 tonnes and earnings also to drop at $97.46 million.

Denmark’s major trading destination for exportation of aluminium scrap are Albania, Austria, Belgium, China, Czech Rep., France, Germany, Hong Kong, Hungary, India, Luxembourg, Italy, etc.