Norway's trade surplus decreased to NOK 25.6 billion in December 2019 from NOK 26.3 billion in the same month a year earlier. Exports rose 5.9 percent, due to sales of mineral fuels, lubricants & related materials (2.9 percent), chemicals & related products (14.6 percent), food & live animals (14.8 percent), manufactured goods (4.8 percent), and machinery & transport equipment (12.7 percent). Meanwhile, imports increased at a faster 10.1 percent, led by purchases of crude materials, inedible, except fuels (12.3 percent), machinery & transport equipment (12.2 percent), chemicals & related products (8.9 percent), food & live animals (8.1 percent), and manufactured goods (15.1 percent). Considering 2019 full year, the trade surplus narrowed 48.3 percent year-on-year to NOK 148.3 billion, with exports falling 9.4 percent and imports rising 6.4 percent.

Balance of Trade in Norway averaged 8712.70 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. 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. source: Statistics Norway

Balance of Trade in Norway is expected to be 17600.00 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 18900.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 20200.00 NOK Million in 2020, according to our econometric models.

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Norway Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
25569.93 17924.15 48677.18 -5680.00 1960 - 2019 NOK Million Monthly
Current Prices, NSA

Calendar GMT Actual Previous Consensus TEForecast
2019-10-15 06:00 AM Sep NOK-1.2B NOK5.3B NOK 19.3B
2019-11-15 07:00 AM Oct NOK5.9B NOK-1.4B NOK36.4B
2019-12-16 07:00 AM Nov NOK18.8B NOK5.9B NOK27.9B
2020-01-15 07:00 AM Dec NOK25.6B NOK17.9B NOK 21.7B
2020-02-17 07:00 AM Jan NOK25.6B NOK23.4B


News Stream
2019-12-16
Norway Trade Surplus Narrows in November
Norway's trade surplus decreased to NOK 18.8 billion in November 2019 from NOK 22.0 billion in the same month a year earlier, as exports fell 6.7 percent, mainly due to mineral fuels, lubricants and related materials (-13.7%), and chemicals and related products n.e.s. (-4.7%). In contrast, sales grew for food and live animals (6.3%), manufactured goods (2.1%), machinery and transport equipment (7.6%), and miscellaneous manufactured articles (9.4%). Meanwhile, imports dropped at a softer 4.2 percent, led by purchases of food and live animals (-10.9%), chemicals and related products n.e.s. (-9.2%), and machinery and transport equipment (-14.7%). By contrast, purchases grew for crude materials, inedible, except fuels (33.6%); mineral fuels, lubricants and related materials (24%); and miscellaneous manufactured articles (3.3%). Considering the first eleven months of the year, the trade surplus narrowed 52 percent year-on-year to NOK 125.1 billion.

2019-11-15
Norway Trade Surplus Narrows 82% YoY in October
Norway's trade surplus plunged to NOK 5.88 billion in October 2019 from NOK 32.64 billion in the same month a year earlier. Exports slumped 26.9% yoy to NOK 71.8 billion, mainly due to mineral fuels, lubricants and related materials (-45.5%), manufactured goods (-2%), and chemicals and related products n.e.s. (-8.6%). In contrast, sales grew for food and live animals (9.3%), machinery and transport equipment (23.4%), and miscellaneous manufactured articles (21.8%). Meanwhile, imports rose 0.5% to NOK 65.9 billion, led by food and live animals (4.3%), manufactured goods (11%), machinery and transport equipment (1.8%), and miscellaneous manufactures articles (2.8%). By contrast, purchases fell for crude materials, inedible, except fuels (-23.2%); mineral fuels, lubricants and related materials (-21.3%), chemical and related products n.e.s. (-2.5%). Considering the first ten months of the year, trade surplus was at NOK 106.1 billion, down 55.6% from the same period 2018.

2019-10-15
Norway Posts First Trade Gap in Over 1-1/2 Years
Norway recorded a trade deficit of NOK 1.23 billion in September 2019, compared to a NOK 22.31 billion surplus in the same month the prior year. This was the first trade gap since November 2017, as exports plunged while imports surged. Imports jumped 12.9% yoy to NOK 66.9 billion, led by machinery and transport equipment (21.0%); miscellaneous manufactured articles (8.8%); chemicals and related products n.e.s (10.7%); crude materials, inedible, except fuels (11.8%), and manufactured goods (9.0%). Conversely, purchases fell for mineral fuels, lubricants and related materials (-13.4%). Meanwhile, exports slumped 19.5% to NOK 65.7 billion, due to lower sales of mineral fuels, lubricants and related materials (-38.5%), namely petroleum products (-17.3%), and coal, coke and briquetts (-99.5%). Also, exports fell for manufactured goods (-3.1%). Meanwhile sales advanced for both food and live animals (14.0%) and machinery & transport equipment (19.3%).

2019-09-16
Norway Trade Surplus Narrows Sharply in August
Norway's trade surplus plunged to NOK 6.7 billion in August 2019 from NOK 30.5 billion in the same month the prior year. Imports rose 4.6% yoy to NOK 59.0 billion, led by machinery and transport equipment (12.2%); mineral fuels, lubricants and related materials (6.5%); miscellaneous manufactured articles (1.7%), chemicals and related products n.e.s (5.0%). Conversely, purchases fell for crude materials, inedible, except fuels (-9.2%) and manufactured goods (-1.4%). Meanwhile, exports slumped 24.5% to NOK 65.7 billion, due to lower sales of mineral fuels, lubricants and related materials (-36.3%), namely petroleum products (-22.9%), gas, natural and manufactured (-52.8%), and electric current (-35.0%). Also, exports fell for machinery & transport equipment (-25.4%) and manufactured goods (-1.5%) while sales advanced for food and live animals (5.6%). For January to July 2019, the trade surplus narrowed sharply by 40.7% yoy to NOK 109.1 billion.

2019-08-15
Norway Trade Surplus Plunges in July
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.

2019-07-12
Norway Trade Surplus Smallest in Over 1-1/2 Years
Norway's trade surplus narrowed to NOK 5.2 billion in June 2019, the smallest since November 2017, from NOK 20.3 billion in the same month of the prior year. Imports rose 1.5% yoy to NOK 59.9 billion, led by raw materials, inedible, except fuels (29.8%); fuels, lubricants and related materials (10.1%); food and live animals (2.9%), and machinery and transport equipment (1.0%). In contrast, purchases dropped for manufactured goods (-4.0%), miscellaneous manufactured articles (-3.4%). Meanwhile, exports tumbled 17.9% to NOK 65.1 billion, mainly due to lower shipments of mineral fuels, lubricants and related materials (-27.5%), namely mineral oil and petroleum products (-26.4 percent) and coal, coke and briquettes (-99.7%). Also, sales of chemicals and related products plunged (-12.1%). On the other hand, sales advanced for food and live animals (0.7%). For the first half of the year, the trade surplus narrowed 6.1% yoy to NOK 95.9 billion.


Norway Balance of Trade
The Norwegian trade balance has been in surplus since 1989. In 2019, the trade surplus narrowed sharply by 48.3 percent from the previous year to NOK 148 billion amid global trade tensions and weak external demand. The biggest trade surpluses were recorded with the UK, the Netherlands, Germany, France, Belgium, Spain, Iceland, Portugal, Singapore and Ireland; and the largest deficits were recorded with China, the US, Sweden, Russia, Italy, Canada, Brazil, Poland, Czech Republic and Switzerland.

Norway Trade Last Previous Highest Lowest Unit
Balance of Trade 25569.93 17924.15 48677.18 -5680.00 NOK Million [+]
Current Account 23927.00 26527.00 122730.00 -16125.00 NOK Million [+]
Current Account to GDP 7.10 4.60 16.20 -6.10 percent [+]
Imports 58831.96 63655.79 83879.95 696.00 NOK Million [+]
Exports 84401.89 81579.94 98223.26 449.00 NOK Million [+]
External Debt 5631357.00 5526407.00 5631357.00 0.00 NOK Million [+]
Terms of Trade 94.46 96.40 115.90 75.84 points [+]
Capital Flows -23983.00 102574.00 189108.00 -61109.00 NOK Million [+]
Crude Oil Production 1321.00 1392.00 3417.00 2.00 BBL/D/1K [+]
Terrorism Index 0.08 0.15 4.71 0.00 [+]
Weapons Sales 64.00 153.00 278.00 1.00 USD Million [+]
Foreign Direct Investment 27945.00 -49328.00 118173.00 -220006.00 NOK Million [+]