Norway's trade surplus narrowed sharply to NOK 13.9 billion in March 2019 from NOK 17.9 billion in the same month of the previous year. It was the smallest trade surplus since November 2017, when the trade balance posted a deficit of NOK 6.1 billion. Exports fell 3.2 percent to NOK 79.7 billion, mainly dragged by mineral fuels, lubricants and related materials (-11.3 percent) and manufactured goods (-1.9 percent). By contrast, exports of machinery and transport equipment jumped 29.7 percent while those of food and live animals increased 3.5 percent. Meanwhile, imports rose 2.2 percent to NOK 65.8 billion, boosted by purchases of miscellaneous manufactures articles (17.6 percent); food and live animals (8.6 percent); chemicals and related products, n.e.s (13 percent); and machinery and transport equipment (16.9 percent). Considering the first quarter of the year, the trade surplus narrowed 21.5 percent year-on-year to NOK 57.5 billion. Balance of Trade in Norway averaged 8692.09 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 -6100.20 NOK Million in November of 2017.
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.