The UK is one of the Scandinavian countries' most important trading partners and has been for centuries since journeys began across the North Sea.
There is a great interest in British goods and services which have an excellent reputation in the region. Scandinavian companies are always keen on qualitative and innovative products and solutions to stay ahead in the markets where they operate. UK companies will at the same time experience few language barriers and cultural differences in their business dealings in Scandinavia with a close geographical proximity to add.
Scandinavia should not be seen as three small countries, instead as a fairly big and prosperous region to which the UK exported goods and services for £30.6 billion in 2023. While this makes Scandinavia the UK’s 8th biggest export market, there are opportunities to improve this number.
ScandiConnect suggests UK companies consider either starting or continuing their export journey in Scandinavia. present some opportunities below that coincide with strong sectors in the Greater Manchester region.
Healthcare
Sweden, Denmark, and Norway are well known for their advanced and modern healthcare as the public health sector annually invests large sums in hospital buildings, MedTech equipment and digitisation. Healthcare in Scandinavia is being threatened by an ageing population, just like the UK, which leads to a concern for an increasing amount of chronic illnesses. The use of digital healthcare services are increasing each year and offer opportunities together with MedTech.
Energy
More than three quarters of Scandinavian electricity is renewably sourced. The Scandinavians have a great amount of renewable energy resources with vast expanses of open land and a long coastline as they harvest a majority of their electricity from wind and hydropower. The investments and focus are equally strong, which open up for exporters of innovative solutions in the area of Cleantech and low-carbon economy that can bring the Scandinavian countries renewable energy a step closer to 100%.
Manufacturing
Sweden and Denmark are both interesting markets for exporters of advanced manufacturing technology. The largest area of Swedish exports is machinery and means of transport, which accounts for 40%. £19 billion worth of vehicles was exported last year and this vertical involves everything from prominent manufacturers such as Volvo, Scania, and Husqvarna to a wide range of players throughout the value chain. Manufacturing is also important in Denmark which aims to have the world’s first climate-neutral manufacturing industry by 2030. The Danish industry manufactures a range of electronic equipment and components, generators and wind turbines to mention a few.
Technology
The Scandinavian countries are always represented high up in the Global digital readiness rankings. Scandinavian people are known as early adopters of new technologies with a high general tech affluence. Scandinavia offers great options to test new technologies as digitisation runs deep in many sectors with areas such as; industry 4.0, eHealth, mobility and smart building technologies.
If you are interested in generating more revenue for your business, then expansion is the next step you must take, and we would be pleased to connect you to our trusted partner, ScandiConnect. With their expertise and knowledge of the Scandinavian market, they can assist you in successfully expanding your UK business to Scandinavia.
Contact us today at exportbritain@gmchamber.co.uk or call us at 0161 393 4314 to discuss your expansion plans and how ScandiConnect can support your growth journey.