Norway trade surplus narrowed slightly to NOK 25.04 billion in December 2018 from NOK 25.44 billion in the same month of the prior year. Imports rose 0.9 percent year-on-year to NOK 53.2 billion, mainly led by food and live animals (3.2 pct); mineral fuels, lubricants and related materials (17.5 pct); and crude materials, inedible, except fuels (31.9 pct). Meantime, exports grew at a softer 0.1 percent to NOK 78.2 billion, mainly driven by food and live animals (3.1 pct); miscellaneous manufactured articles (9.2 pct); and crude materials, inedible, except fuels (0.6 pct). For full 2018, the trade surplus widened to NOK 287.97 billion from NOK 176.11 in a year earlier. Balance of Trade in Norway averaged 8647.72 NOK Million from 1960 until 2018, 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 25400.00 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 30700.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 14900.00 NOK Million in 2020, according to our econometric models.