Norway’s trade surplus narrowed sharply to NOK 2.7 billion in October 2020 from NOK 9.7 billion in the same month a year earlier, as exports fell while imports rose. Exports tumbled 7.8 percent, due to lower sales of mineral fuels, lubricants & related materials (-10.5%), chemicals and related products n.e.s (-1.8%), food and live animals (-3.1%), manufactured goods classified chiefly by material (-10.1%), machinery and transport equipment (-14.6%). Meanwhile, imports were up 1.5 percent, as purchases increased for food and live animals (6.0%), miscellaneous manufactured articles (8.5%), machinery and transport equipment (0.8%), crude materials, inedible, except fuels (21.7%), but were down for manufactured goods classified chiefly by material (-5.2%), chemicals and related products n.e.s (-2.1%), and mineral fuels, lubricants and related materials (-10.3%). source: Statistics Norway
Balance of Trade in Norway averaged 8630.70 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 -10352 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 November of 2020.
Balance of Trade in Norway is expected to be 21700.00 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 -6400.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 22200.00 NOK Million in 2021, according to our econometric models.