Norway's trade surplus narrowed to NOK 11.3 billion in May 2019, the smallest since November 2017, from NOK 16.7 billion in the same month of the prior year. Imports rose 4.4% yoy to NOK 66.1 billion, led by machinery and transport equipment (11.4%), manufactured goods (12.8%), miscellaneous manufactured articles (8.7%), chemicals (6.2%), and food and live animals (7.1%). In contrast, purchases dropped for crude materials, inedible, except fuels (-11.6%), and mineral fuels, lubricants and related materials (-37.7%). Meanwhile, exports declined 3.2% to NOK 77.4 billion, mainly due to lower shipments of mineral fuels, lubricants and related materials (-9.3%), namely mineral oil and petroleum products (-2.2 percent) and machinery and transport equipment (-2.6%). On the other hand, sales advanced for food and live animals (5%), and chemicals and related products (4.4%). From January to May, the trade surplus narrowed 13.9% yoy to NOK 91.4 billion. Balance of Trade in Norway averaged 8719.27 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 13300.00 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 17800.00 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
2019-03-15 07:00 AM Balance of Trade NOK15.8B NOK28.8B NOK22.5B
2019-04-15 06:00 AM Balance of Trade NOK13.9B NOK15.2B NOK18.4B
2019-05-15 06:00 AM Balance of Trade NOK17.6B NOK15.8B NOK15.1B
2019-06-17 06:00 AM Balance of Trade NOK11.3B NOK17.3B NOK12.5B
2019-07-12 06:00 AM Balance of Trade NOK11.3B NOK13.3B
2019-08-15 06:00 AM Balance of Trade NOK21.9B
2019-09-17 06:00 AM Balance of Trade NOK29.2B


Norway Trade Last Previous Highest Lowest Unit
Balance of Trade 11344.00 17250.00 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 66056.00 62310.00 83879.95 696.00 NOK Million [+]
Exports 77400.00 79560.00 98223.26 449.00 NOK Million [+]
External Debt 5482151.00 5425403.00 5585278.00 0.00 NOK Million [+]
Terms of Trade 95.88 101.62 115.90 75.84 Index Points [+]
Capital Flows 32462.00 46939.00 189108.00 -61109.00 NOK Million [+]
Crude Oil Production 1420.00 1488.00 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 June of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
11344.00 17250.00 48677.18 -5680.00 1960 - 2019 NOK Million Monthly
Current Prices, NSA




Country Last Previous
Argentina 1131.00 Apr/19
Australia 4871.00 Apr/19
Brazil 6422.00 May/19
Canada -966.20 Apr/19
China 416.58 May/19
Euro Area 15671.60 Apr/19
France -4981.00 Apr/19
Germany 17900.00 Apr/19
India -15360.00 May/19
Indonesia 207.60 May/19
Italy 2884.57 Apr/19
Japan -967.11 May/19
Mexico 1370.00 Apr/19
Netherlands 4154.00 Apr/19
Russia 13705.00 Apr/19
Saudi Arabia 180059.00 Dec/18
Singapore 3962.64 May/19
South Africa -3427.45 Apr/19
South Korea 2271.00 May/19
Spain -1605300.00 Apr/19
Switzerland 1654.00 May/19
Turkey -2982.01 Apr/19
United Kingdom -2740.00 Apr/19
United States -50791.00 Apr/19


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