Balance of payments - current account and capital account
The balance of payments is a statement for a given period of the values of economic transactions with the rest of the world. In addition to trade in goods and trade in services wages and property income, as well as current transfers (e.g. aid to developing countries and transfers between Denmark and EU institutions) are included in the balance of payments current account.
Introduction
There are some minor differences between the compilation of trade in goods according to the statistics on international trade statistics and the balance of payments statistics. In the balance of payments international trade is supplemented by, e.g. ship’s bunkers (purchases of fuels) in foreign ports. For further information, see under the tab “documentation”.
With the exception of 1998, Denmark has had a surplus on the balance of payments current account since 1990. In 2012 Denmark had, as in the previous years, a surplus on trade in goods and services and earnings and property income, while current transfers showed a deficit.
With the exception of 1998, Denmark has had a surplus on the balance of payments current account since 1990. In 2012 Denmark had, as in the previous years, a surplus on trade in goods and services and earnings and property income, while current transfers showed a deficit.
Documentation
The Balance of Payments has been revised the 10th of October 2016. Further information on the revisions (in Danish only) can be found here.
Transition from international trade in goods statistics to the balance of payments statistics
There is a difference in the goods concept used in the international trade in goods statistics (ITGS) and in the balance of payments. The difference is due to the circumstance that the two statistics are compiled on the basis of different international guidelines.
Adjustments are made with respect to goods that do not enter the territory – with regard to imports the general trade in ITGS is supplemented by bunkering and procurements (loading of fuels for, e.g. Danish vessels in foreign ports) and goods procured abroad in connection to processing abroad. With regard to exports the net gain from selling and buying goods (merchanting), and the goods sold abroad after processing abroad, is added.
Adjustment is also made with respect to some transactions where there is no change of ownership: Goods sent for – or received after – processing is not included in the balance of payments goods account. Goods that enters or leave Denmark as part of a construction project is not included in the balance of payments as goods since they are part of construction services and are included in the balance of payments service account.
External trade, imports of goods
+ Goods procured in ports by carriers (i.e. Bunkering and procurements)
+ Goods procured abroad in connection to processing abroad
- Goods received or returned abroad after processing without change of ownership
- Returned goods
- Goods crossing the border for construction by nonresidents
- Freight on import (CIFFOB)
+/- Other goods
+ Nonmonetary gold
= Balance of payments, imports of goods
External trade, exports of goods
+ Goods sold abroad after processing abroad
- Goods received or returned abroad after processing without change of ownership
- Returned goods
- Goods crossing the border for construction by nonresidents
+/- Other goods
+ Net exports of goods under merchanting
+ Nonmonetary gold
= Balance of payments, exports of goods
Documentation of statistics
Get an overview of the purpose, content and quality of the statistics. Here you can find information on the sources that the statistics are derived from, what the statistics contains and how often it is published.
Key Figures
