Northern powerhouse
It’s not just in quality of life and educational standards that the Scandinavian countries lead the world. They are role models economically too, with low national debt, political stability and high levels of exports.
The economy in Scandinavia, like so much else there, appears to be in rude good health. Norway in particular is one of the most important exporters of oil and gas to the EU, while in the other Scandi countries, sectors such as wood and wood processing, mechanical engineering, shipbuilding and vehicle construction are all important pillars of the economy. For Denmark, Finland and Sweden, Germany is their most important trading partner for both imports and exports. For Norway, it is their second largest trading partner.
German-Scandi economic ties
Germany’s trading partners in order of value
Exports 2019
(in €1,000) 1. USA 118,666,503 15. Sweden 24,925,211 18. Denmark 19,271,282 24. Finland 11,079,851 30. Norway 9,139,275
Imports 2019
(in €1,000)
1. China 109,661,989
20. Sweden 15,430,719
22. Norway 11,868,453
23. Denmark 11,817,458
28. Finland 9,092,136
German export goods per SITC
as % of overall imports 2018
Denmark
- Equipment 13,4%
- Chemical products 12,3%
- Vehicles and parts 11,9%
- Other 62,4%
Finland
- Equipment 18,5%
- Chemical products 12,7%
- Vehicles and parts 18,8%
- Other 50%
Norway
- Equipment 15,6%
- Chemical products 13,4%
- Vehicles and parts 24,3%
- Other 46,7%
Sweden
- Equipment 16,3%
- Chemical products 12,1%
- Vehicles and parts 18,5%
- Other 53,1%
Denmark
Capital: Copenhagen
Pop. 2019*
Size
GDP/head 2019*
*provisional assessment or forecast
Key import goods 2018 as % of overall imports
- Chemical products 12,3%
- Food 11,2%
- Equipment 9,5%
Key export goods 2018 as % of overall exports
- Chemical products 21,2%
- Food 16,1%
- Equipment 14,4%
Key import countries 2018 by %
- Germany 22,5%
- Sweden 11,8%
- Netherlands 7,7%
Key export countries 2018 by %
- Germany 14,6%
- Sweden 10,7%
- UK 6,2%
Finland
Capital: Helsinki
Pop. 2019*
Size
GDP/head 2019*
*provisional assessment or forecast
Key import goods 2018 as % of overall imports
- Chemical products 10,2%
- Equipment 9,7%
- Vehicles and parts 8,9%
Key export goods 2018 as % of overall exports
- Equipment 15,5%
- Paper, cardboard 11,3%
- Raw materials (excl. fuel) 10%
Key import countries 2018 by %
- Germany 15,2%
- Russia 13,9%
- Sweden 10,8%
Key export countries 2018 by %
- Germany 14,8%
- Sweden 10,2%
- Netherlands 6,5%
Norway
Capital: Oslo
Pop. 2019*
Size
GDP/head 2019*
*provisional assessment or forecast
Key import goods 2018 as % of overall imports
- Vehicles and parts 11,4%
- Equipment 11,1%
- Chemical products 9,6%
Key export goods 2018 as % of overall exports
- Natural gas 28,9%
- Crude oil 26,9%
- Food 10,3%
Key import countries 2018 by %
- Sweden 12,1%
- Germany 10,9%
- China 10%
Key export countries 2018 by %
- UK 21,6%
- Germany 16%
- Netherlands 10,6%
Sweden
Capital: Stockholm
Pop. 2019*
Size
GDP/head 2019*
*provisional assessment or forecast
Key import goods 2018 as % of overall imports
- Vehicles and parts 11,2%
- Chemical products 10,3%
- Equipment 9,5%
Key export goods 2018 as % of overall exports
- Vehicles and parts 14,2%
- Equipment 13,9%
- Chemical products 11,6%
Key import countries 2018 by %
- Germany 17,9%
- Netherlands 9,4%
- Norway 8,6%
Key export countries 2018 by %
- Germany 10,6%
- Norway 10,4%
- Finland and Denmark each 6,9%
Source: Destatis 2020, Germany Trade & Invest 2019
