19
Danish factor income content in exports of goods and service excl. coal, oil and gas amounted
to 71.6 billion DKK in 1980 and 176.1 billion DKK in 1992, corresponding to 21.2% and
22.6% of current gross factor income respectively. This factor income remunerated factor
services embedded in Danish export, mainly labour and capital but not natural energy
resources because coal, oil, and gas were excluded from the calculation. Labour and capital
services embedded in the production of coal, oil and gas are also excluded, but as they are
small, this is not important for this analysis. Danish export industries compete for productive
resources like educated labour with domestic uses of the same resources like public
employment or employment in sheltered sectors of the economy. Resources in the Danish
exports of course also compete with other countries resources in export industries for the same
international product markets. As can be seen from table 3 Danish resources improved their
export position with 1.4 percent point from 1980 to 1992.
Table 3. Decomposing current account balance change 1980-1992
|
1980 |
1992 |
% of gross |
Difference | ||
|
million DKK |
1980 |
1992 | |||
|
Danish factor income content in exports of goods and services, excl. |
71622 |
176136 |
21.2% |
22.6% |
1.4% |
|
Global factor income content in import of goods and services to final |
51090 |
109276 |
-15.1% |
-14.0% |
1.1% |
|
Trade balance in factor-prices, excl. coal, oil and gas |
20532 |
66860 |
6.1% |
8.6% |
_________2.5% |
|
Imports to final use of special categories of goods and services |
11585 |
5292 |
-3.4% |
-0.7% |
________2.7% |
|
Taxes in relation to trade |
-4448 |
-0.6% | |||
|
Factor income in net trade of coal, oil and gas |
-9893 |
-1468 |
-2.9% |
-0.2% |
2.7% |
|
Official trade balance |
-3914 |
55652 |
-1.2% |
7.1% |
________8.3% |
|
Tourism income, net |
-35 |
2602 |
0.0% |
0.3% |
________0.3% |
|
Labour income, net |
138 |
2054 |
0.0% |
0.3% |
________0.2% |
|
Interest and capital income, net |
-9420 |
-34425 |
-2.8% |
-4.4% |
________-1.6% |
|
Transfer to EU, net |
2286 |
1488 |
0.7% |
0.2% |
________-0.5% |
|
Other transfer, net |
-2713 |
-7586 |
-0.8% |
-1.0% |
________-0.2% |
|
Balance of current transaction, Danish National Accounts |
-13658 |
19785 |
-4.0% |
2.5% |
________6.6% |
|
Current balance, OECD definitions (figure 1) |
-3.7% |
3.4% |
________7.1% | ||
Imports to Denmark in a similar way compete with productive resources that in Denmark