Norway Balance of Trade  1960-2017 | Data | Chart | Calendar | Forecast

Norway's trade surplus rose to NOK 14.32 billion trade surplus in July 2017 from NOK 13.38 billion in the same month a year earlier. Exports went up 2.3 percent from a year earlier to NOK 60.65 billion, mainly driven by higher sales of natural gas (22.7 percent), natural gas condensates (18.7 percent) and mainland exports (6.8 percent), in particular fish (2.9 percent). Imports increased 1 percent to NOK 46.33 billion, due to higher purchases of crude materials, inedible, except fuels (19.4 percent); manufactured goods (9.5 percent); chemicals (8 percent); and miscellaneous manufactured articles (4.3 percent). Meantime, imports of ships and oil platforms dropped 100 percent. Considering the first seven months of 2017, the trade surplus increased by 35.5 percent from the same period of 2016 to NOK 106.94 billion, as exports grew 14 percent to NOK 481.38 billion and imports rose 9 percent to NOK 374.43 billion. Balance of Trade in Norway averaged 8371.35 NOK Million from 1960 until 2017, 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.

Norway Balance of Trade
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Calendar GMT Actual Previous Consensus Forecast (i)
2017-06-16 06:00 AM May NOK7.8B NOK22.2B NOK 10.5B
2017-07-14 06:00 AM Jun NOK-0.8B NOK6.9B NOK 6.9B
2017-08-15 06:00 AM Jul NOK14.32B NOK-0.8B NOK 5.1B
2017-09-15 06:00 AM Aug NOK14.32B
2017-10-16 06:00 AM Sep
2017-11-15 07:00 AM Oct


Norway Trade Last Previous Highest Lowest Unit
Balance of Trade 14316.84 -767.13 48677.18 -5680.00 NOK Million [+]
Exports 60650.42 66185.46 91186.74 449.00 NOK Million [+]
Imports 46333.58 66952.58 66952.58 696.00 NOK Million [+]
Current Account 77487.00 61656.00 122316.00 -16087.00 NOK Million [+]
Current Account to GDP 4.90 8.70 16.20 -6.10 percent [+]
External Debt 5388325.00 5247666.00 5388325.00 0.00 NOK Million [+]
Terms of Trade 108.68 105.95 115.90 75.84 Index Points [+]
Capital Flows 127397.00 75965.00 186517.00 -61109.00 NOK Million [+]
Gold Reserves 36.70 36.73 36.83 36.70 Tonnes [+]
Crude Oil Production 1730.00 1769.00 3417.00 2.00 BBL/D/1K [+]
Foreign Direct Investment -31842.00 -197185.00 118173.00 -197185.00 NOK Million [+]
Terrorism Index 2.08 2.74 4.71 0.00 [+]
Weapons Sales 150.00 240.00 278.00 1.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



Norway Balance of Trade Notes

The trade surplus went down to NOK 233.7 billion in 2015 from NOK 347.7 billion in 2014, a decline of NOK 114 billion, as exports shrank 7 percent mainly due to a dramatic drop in oil exports of about 30 percent while imports expanded 10 percent. In parallel with the drop in oil price, the Norwegian krone weakened against major international currencies leading to a higher value of Norwegian exports, but at the same time made Norwegian imports more expensive. Norway exports natural gas, crude oil, machinery and transport equipment, manufactured goods and food. The country imports machinery and equipment, chemicals, metals, and foodstuffs. European Union is by far its largest trading partner (mainly UK, Germany and Sweden), accounting for about 80 percent of exports and 60 percent of imports. 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 August of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
14316.84 -767.13 48677.18 -5680.00 1960 - 2017 NOK Million Monthly
Current Prices, NSA



balance of trade by Country

Last
Australia 856.00 Jun/17
Brazil 6298.00 Jul/17
Canada -3601.90 Jun/17
China 467.36 Jul/17
Euro Area 21417.50 May/17
France -4657.00 Jun/17
Germany 22324.00 Jun/17
India -11449.80 Jul/17
Indonesia -271.20 Jul/17
Italy 4502.18 Jun/17
Japan 418.77 Jul/17
Mexico 61.53 Jun/17
Netherlands 6620.00 Jun/17
Russia 8690.00 Jun/17
South Korea 10646.00 Jul/17
Spain -1431000.00 May/17
Switzerland 2812.51 Jun/17
Turkey -6010.95 Jun/17
United Kingdom -4564.00 Jun/17
United States -43642.00 Jun/17