Norway posted a trade deficit of NOK 10.2 billion in June 2020, shifting from NOK 6.1 billion surplus in the same month a year earlier. It was the second straight month of deficit in trade balance, as exports dropped while imports rose. Exports plunged 15.6 percent, due to lower sales of crude materials, inedible, except fuels (-3.1 percent), mineral fuels, lubricants & related materials (-29.4 percent), chemicals and related products n.e.s (-0.3 percent), manufactured goods classified chiefly by material (-2.4 percent), machinery & transport equipment (-13.1 percent). Meanwhile, imports rose by 10 percent, as purchases increased for food and live animals (25.1 percent), chemicals and related products n.e.s (21.1 percent), manufactured goods classified chiefly by material (17.8 percent), machinery and transport equipment (12.7 percent), and miscellaneous manufactured articles (17.8 percent).

Balance of Trade in Norway averaged 8693.34 NOK Million from 1960 until 2020, reaching an all time high of 48677.18 NOK Million in January of 2014 and a record low of -10200 NOK Million in June of 2020. This page provides the latest reported value for - Norway Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Norway Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Statistics Norway

Balance of Trade in Norway is expected to be 2500.00 NOK Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Norway to stand at 12300.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 20200.00 NOK Million in 2021, according to our econometric models.

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Norway Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-10200.00 -1392.00 48677.18 -10200.00 1960 - 2020 NOK Million Monthly
Current Prices, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-04-16 06:00 AM Mar NOK2.5B NOK17.1B NOK 17.6B
2020-05-15 06:00 AM Apr NOK3.2B NOK1.3B NOK14.4B
2020-06-15 06:00 AM May NOK-1.2B NOK3.6B NOK9.9B
2020-07-15 06:00 AM Jun NOK-10.2B NOK-1.4B NOK 6.5B
2020-08-17 06:00 AM Jul NOK-10.2B NOK7.8B
2020-09-15 06:00 AM Aug NOK11.5B
2020-10-15 06:00 AM Sep NOK 2.5B
2020-11-16 07:00 AM Oct NOK6.9B


News Stream
Norway Posts Trade Gap for 2nd Month
Norway posted a trade deficit of NOK 10.2 billion in June 2020, shifting from NOK 6.1 billion surplus in the same month a year earlier. It was the second straight month of deficit in trade balance, as exports dropped while imports rose. Exports plunged 15.6 percent, due to lower sales of crude materials, inedible, except fuels (-3.1 percent), mineral fuels, lubricants & related materials (-29.4 percent), chemicals and related products n.e.s (-0.3 percent), manufactured goods classified chiefly by material (-2.4 percent), machinery & transport equipment (-13.1 percent). Meanwhile, imports rose by 10 percent, as purchases increased for food and live animals (25.1 percent), chemicals and related products n.e.s (21.1 percent), manufactured goods classified chiefly by material (17.8 percent), machinery and transport equipment (12.7 percent), and miscellaneous manufactured articles (17.8 percent).
2020-07-15
Norway Posts Trade Gap for 1st Time in 8 Months
Norway posted a trade deficit of NOK 1.2 billion in May 2020, swinging from a NOK 8.9 billion surplus in the same month a year earlier. It was the first trade gap since last September, as exports dropped more than imports. Exports tumbled 26 percent, due to lower sales of food and live animals (-9.3 percent), mineral fuels, lubricants & related materials (-37.2 percent), machinery & transport equipment (-12 percent), and miscellaneous manufactured articles (-8.5 percent). Meanwhile, imports dropped at a softer 14.5 percent, as purchases declined for mineral fuels, lubricants and related materials (-41.1 percent), machinery and transport equipment (-24.8 percent), and miscellaneous manufactured articles (-8.4 percent).
2020-06-15
Norway Trade Surplus Narrows Sharply in April
Norway's trade surplus plunged to NOK 3.2 billion in April 2020 from NOK 15.1 billion in the same month a year earlier. Exports plummeted 24 percent, due to lower sales of food and live animals (-8.1 percent), mineral fuels, lubricants & related materials (-37.7 percent), machinery & transport equipment (-31.9 percent), and miscellaneous manufactured articles (-6.2 percent). Meanwhile, imports dropped at a softer 10.8 percent, as purchases declined for mineral fuels, lubricants and related materials (-31.7 percent), machinery and transport equipment (-28.2 percent), and miscellaneous manufactured articles (-15.7 percent).
2020-05-15
Norway Trade Surplus Smallest in 6 Months
Norway's trade surplus tumbled to NOK 2.5 billion in March 2020 from NOK 18.5 billion in the same month a year earlier. It was the smallest trade surplus since last September, when the trade balance posted a trade gap of NOK 1.5 billion, as exports plunged while imports increased. Exports plummeted 17 percent, due to lower sales of mineral fuels, lubricants & related materials (-32,7 percent), and machinery & transport equipment (-6.6 percent). Meanwhile, imports rose 2.2 percent, as purchases increased for manufactured goods (35.6 percent), chemicals and related products n.e.s (15.1 percent), and miscellaneous manufactured articles (2.2 percent).
2020-04-16

Norway Balance of Trade
The Norwegian trade balance has been in surplus since 1989. In 2019, the trade surplus narrowed sharply by 48.3 percent from the previous year to NOK 148 billion amid global trade tensions and weak external demand. The biggest trade surpluses were recorded with the UK, the Netherlands, Germany, France, Belgium, Spain, Iceland, Portugal, Singapore and Ireland; and the largest deficits were recorded with China, the US, Sweden, Russia, Italy, Canada, Brazil, Poland, Czech Republic and Switzerland.