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.

Norway Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-05-15 06:00 AM Balance of Trade Apr NOK17.6B NOK15.8B NOK15.1B
2019-06-17 06:00 AM Balance of Trade May NOK11.3B NOK17.3B NOK12.5B
2019-07-12 06:00 AM Balance of Trade Jun NOK5.2B NOK10.6B NOK 13.3B
2019-08-15 06:00 AM Balance of Trade Jul NOK6.5B NOK5.6B NOK21.9B
2019-09-17 06:00 AM Balance of Trade Aug NOK6.5B NOK29.2B
2019-10-15 06:00 AM Balance of Trade Sep NOK 19.7B
2019-11-15 07:00 AM Balance of Trade Oct NOK36.4B


Norway Trade Last Previous Highest Lowest Unit
Balance of Trade 6457.00 5589.00 48677.18 -5680.00 NOK Million [+]
Current Account 67779.00 47321.00 122200.00 -16087.00 NOK Million [+]
Current Account to GDP 8.10 5.70 16.20 -6.10 percent [+]
Imports 59592.00 59956.00 83879.95 696.00 NOK Million [+]
Exports 66060.00 65545.00 98223.26 449.00 NOK Million [+]
External Debt 5482151.00 5425403.00 5585278.00 0.00 NOK Million [+]
Terms of Trade 95.35 95.88 115.90 75.84 Index Points [+]
Capital Flows 32462.00 46939.00 189108.00 -61109.00 NOK Million [+]
Crude Oil Production 1398.00 1417.00 3417.00 2.00 BBL/D/1K [+]
Terrorism Index 0.15 0.00 4.71 0.00 [+]
Weapons Sales 64.00 153.00 278.00 1.00 USD Million [+]
Foreign Direct Investment -11977.00 -35230.00 118173.00 -219186.00 NOK Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



Norway Balance of Trade

The Norwegian trade balance has been in surplus since 1989. In 2017, the trade surplus widened by 13 percent from the previous year to NOK 160 billion amid a recovery in oil prices, after falling by 35 percent in 2016. The biggest trade surpluses were recorded with the UK, the Netherlands, Germany, France and Belgium; and the largest deficits were recorded with China, South Korea, Sweden, Russia and Italy. 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 - actual data, historical chart and calendar of releases - was last updated on August of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
6457.00 5589.00 48677.18 -5680.00 1960 - 2019 NOK Million Monthly
Current Prices, NSA




Country Last Previous
Argentina 951.00 Jul/19
Australia 8036.00 Jun/19
Brazil 2290.00 Jul/19
Canada 135.80 Jun/19
China 450.50 Jul/19
Euro Area 20611.70 Jun/19
France -5187.00 Jun/19
Germany 16821.00 Jun/19
India -13430.00 Jul/19
Indonesia -60.00 Jul/19
Italy 5728.50 Jun/19
Japan -249.59 Jul/19
Mexico 2561.00 Jun/19
Netherlands 5158.00 Jun/19
Russia 12508.00 Jun/19
Saudi Arabia 131636.00 Mar/19
Singapore 2831.10 Jul/19
South Africa 4419.50 Jun/19
South Korea 2441.00 Jul/19
Spain -1532700.00 Jun/19
Switzerland 2671.16 Jul/19
Turkey -3177.27 Jun/19
United Kingdom 1779.00 Jun/19
United States -55154.00 Jun/19


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