Norway's trade surplus tumbled to NOK 6.5 billion in July 2019 from NOK 26.8 billion in the same month the prior year. Imports rose 8.7% yoy to NOK 59.6 billion, led by mineral fuels, lubricants and related materials (30.9%); manufactured goods (8.2%); machinery and transport equipment (9.7%); and miscellaneous manufactured articles (13.3%). In contrast, purchases fell for crude materials, inedible, except fuels (-8.4%). Meanwhile, exports slumped 19.1% to NOK 66.1 billion, due to lower sales of mineral fuels, lubricants and related materials (-32.7%), namely petroleum products (-15.2%) and gas, natural and manufactured (-52.1%). On the other hand, sales advanced for food and live animals (10.7%), manufactured goods (5.3%) and machinery & transport equipment (5%). For January to July 2019, the trade surplus narrowed 33% yoy to NOK 102.8 billion. Balance of Trade in Norway averaged 8709.96 NOK Million from 1960 until 2019, reaching an all time high of 48677.18 NOK Million in January of 2014 and a record low of -5680 NOK Million in April of 1986.
Balance of Trade in Norway is expected to be 19700.00 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 17600.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 17200.00 NOK Million in 2020, according to our econometric models.