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.