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. Balance of Trade in Norway averaged 8707.21 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 19660.00 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 15500.00 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
2019-06-17 06:00 AM Balance of Trade May NOK11.3B NOK17.3B NOK12.5B
2019-07-12 06:00 AM Balance of Trade Jun NOK5.2B NOK10.6B NOK 13.3B
2019-08-15 06:00 AM Balance of Trade Jul NOK6.5B NOK5.6B NOK21.9B
2019-09-16 06:00 AM Balance of Trade Aug NOK6.7B NOK6.0B NOK29.2B
2019-10-15 06:00 AM Balance of Trade Sep NOK6.7B NOK 19.3B
2019-11-15 07:00 AM Balance of Trade Oct NOK36.4B
2019-12-17 07:00 AM Balance of Trade Nov NOK27.9B


Norway Trade Last Previous Highest Lowest Unit
Balance of Trade 6674.00 6033.00 48677.18 -5680.00 NOK Million [+]
Current Account 30587.00 73082.00 122200.00 -16087.00 NOK Million [+]
Current Account to GDP 8.10 5.70 16.20 -6.10 percent [+]
Imports 58997.00 59983.00 83879.95 696.00 NOK Million [+]
Exports 65672.00 66016.00 98223.26 449.00 NOK Million [+]
External Debt 5526407.00 5482151.00 5585278.00 0.00 NOK Million [+]
Terms of Trade 95.35 95.88 115.90 75.84 Index Points [+]
Capital Flows 120750.00 25419.00 189108.00 -61109.00 NOK Million [+]
Crude Oil Production 1296.00 1398.00 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 -50633.00 13462.00 118173.00 -220006.00 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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
6674.00 6033.00 48677.18 -5680.00 1960 - 2019 NOK Million Monthly
Current Prices, NSA




Country Last Previous
Argentina 951.00 Jul/19
Australia 7268.00 Jul/19
Brazil 3280.00 Aug/19
Canada -1124.40 Jul/19
China 348.30 Aug/19
Euro Area 24789.70 Jul/19
France -4607.00 Jul/19
Germany 21449.00 Jul/19
India -13450.00 Aug/19
Indonesia 85.10 Aug/19
Italy 7630.87 Jul/19
Japan -136.30 Aug/19
Mexico -1117.00 Jul/19
Netherlands 4127.00 Jul/19
Russia 11224.00 Jul/19
Saudi Arabia 131636.00 Mar/19
Singapore 3787.85 Aug/19
South Africa -2880.82 Jul/19
South Korea 1723.00 Aug/19
Spain -1532700.00 Jun/19
Switzerland 1152.71 Aug/19
Turkey -3191.93 Jul/19
United Kingdom -219.00 Jul/19
United States -53989.00 Jul/19


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