Norway's trade surplus narrowed to NOK 82 billion October 2022 from NOK 84.4 billion in the corresponding month of the previous year, and the smallest since November 2021. Imports rose by 25.2% year-on-year to NOK 91.2 billion, underpinned by soaring purchases for mineral fuels, lubricants and related materials (113.9%), crude materials, inedible, except fuels (48%), machinery and transport equipment (24.2%), manufactured goods (19.2%), chemicals and related products n.e.s (18.9%), and miscellaneous manufactured articles (16.9%). Meanwhile, exports were up at a softer 10.2% to NOK 173.2 billion as sales increased for chemicals and related products n.e.s. (27.8%), miscellaneous manufactured articles (24.6%), mineral fuels, lubricants and related materials (8.2 percent), machinery and food and live animals (23.2%). source: Statistics Norway

Balance of Trade in Norway averaged 10713.33 NOK Million from 1960 until 2022, reaching an all time high of 199068.87 NOK Million in August of 2022 and a record low of -9403.41 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 2022.

Balance of Trade in Norway is expected to be 204900.00 NOK Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Norway Balance of Trade is projected to trend around 197800.00 NOK Million in 2023 and 149800.00 NOK Million in 2024, according to our econometric models.

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Norway Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-10-17 06:00 AM Sep NOK122.4B NOK197.9B NOK 199.6B
2022-11-15 07:00 AM Oct NOK82B NOK122.2B
2022-12-15 07:00 AM Nov NOK82B


Related Last Previous Unit Reference
Balance of Trade 82005.14 122180.37 NOK Million Oct 2022
Current Account 276801.00 335156.00 NOK Million Jun 2022
Current Account to GDP 15.00 1.10 percent of GDP Dec 2021
Imports 91225.60 95832.05 NOK Million Oct 2022
Exports 173230.75 218012.42 NOK Million Oct 2022
External Debt 7110386.00 6462276.00 NOK Million Jun 2022
Terms of Trade 100.75 107.04 points Sep 2022
Capital Flows 216799.00 320040.00 NOK Million Jun 2022
Oil Exports 47238.00 42144.00 NOK Million Oct 2022
Foreign Direct Investment 97364.00 -56833.00 NOK Million Jun 2022

Norway Balance of Trade
The Norwegian trade balance has been in surplus since 1989 and hit NOK 531 billion in 2021, the highest trade surplus ever, mainly due to a much higher price growth on average of goods exported than those imported. Exports increased by 77% to NOK 1,377.8 billion, strongly driven by high prices for energy products, metals and fish. Export income from oil and gas accounted for more than 60% of all merchandise exports in 2021. Imports rose by NOK 82.1 billion from a year earlier to NOK 846.8 billion in 2021. Around a quarter of this increase is due to high imports of passenger cars, which increased by 36.5% and amounted to NOK 72.1 billion. The EU countries, Great Britain, China and the United States are the most important trading partners for Norway.
Actual Previous Highest Lowest Dates Unit Frequency
82005.14 122180.37 199068.87 -9403.41 1960 - 2022 NOK Million Monthly
Current Prices, NSA

News Stream
Norway Trade Surplus Smallest in 11 Months
Norway's trade surplus narrowed to NOK 82 billion October 2022 from NOK 84.4 billion in the corresponding month of the previous year, and the smallest since November 2021. Imports rose by 25.2% year-on-year to NOK 91.2 billion, underpinned by soaring purchases for mineral fuels, lubricants and related materials (113.9%), crude materials, inedible, except fuels (48%), machinery and transport equipment (24.2%), manufactured goods (19.2%), chemicals and related products n.e.s (18.9%), and miscellaneous manufactured articles (16.9%). Meanwhile, exports were up at a softer 10.2% to NOK 173.2 billion as sales increased for chemicals and related products n.e.s. (27.8%), miscellaneous manufactured articles (24.6%), mineral fuels, lubricants and related materials (8.2 percent), machinery and food and live animals (23.2%).
2022-11-15
Norway Trade Surplus Widens Sharply in September
Norway's trade surplus surged to NOK 122.4 billion in September 2022 from NOK 53.9 billion in the same month a year earlier, amid a surge in exports. Shipments jumped 66.5% yoy to NOK 217.8 billion, boosted by mineral fuels, lubricants & related materials (88.0%), food & live animals (21.7%), manufactured goods (21.6%), chemicals (22.2%), and miscellaneous manufactured articles (25.8%), machinery and transport equipment (28.4%). Meanwhile, imports grew much softer by 24.1% to NOK 95.4 billion, as arrivals increased for miscellaneous manufactured articles (12.2%), manufactured goods (10.4%), chemicals and related products n.e.s (19.9%), food and live animals (16.3%), crude materials, inedible, except fuels (34.8%), and machinery and transport equipment (9.3%). For the first nine months of the year, the trade surplus was at NOK 1,049.1 billion, a 291.8% surge from the same period in 2021.
2022-10-17
Norway Trade Surplus Hits New Peak
Norway's trade surplus surged to a new record high of NOK 197.7 billion in August 2022 from NOK 44.0 billion in the same month a year earlier, amid a sharp jump in exports. Shipments soared 143.6% yoy to NOK 287.8 billion, underpinned by mineral fuels, lubricants & related materials (199.2%), food & live animals (29.4%), manufactured goods (13.4%), chemicals (21.8%), and miscellaneous manufactured articles (30.6%), machinery and transport equipment (20.0%). Meanwhile, imports rose much slower by 21.6% to NOK 90.2 billion, as arrivals grew for miscellaneous manufactured articles (12.3%), manufactured goods (12.4%), chemicals and related products n.e.s (23.1%), food and live animals (28.1%), and crude materials, inedible, except fuels (19.6%). In contrast, purchases of machinery and transport equipment edged down (-0.1%). For the first eight months of the year, the trade surplus was at NOK 927.0 billion, a 333.6% jump from the same period in 2021.
2022-09-15