Denmark business fundamentals are amongst the strongest in all of Europe. With one of the most sound fiscal positions in the European Union, the most southerly Nordic nation is a strong supporter of free trade. A good reason for this is its reliance on foreign commerce. A net exporter of food and energy, Denmark enjoys a comfortable balance of payments surplus, but depends on imports of raw materials for its manufacturing sector. The nation features a high-tech agricultural sector and state of the art industry in pharmaceuticals, maritime shipping and renewable energy. Amongst its many distinctions, Denmark boasts one of the most competitive economies in the world (World Economic Forum 2008 report) and has amongst the freest financial and product markets in EU-15 (rankings by OECD). Danes also enjoy one of the highest standards of living and lowest levels of income inequality in the world (sustained by extensive government welfare measures and an equitable distribution of income).