Norway's trade surplus jumped to a fresh record high of NOK 84.5 billion in October 2021 from NOK 5.26 billion in the same month a year earlier, boosted by a sharp jump in exports. Sales climbed 114.8% yoy to a new peak of NOK 156.8 billion, amid higher shipments of mineral fuels, lubricants & related materials (207.1%), food and live animals (14.9%), manufactured goods (63.0%), chemicals, and related products n.e.s (13.4%), and crude materials, inedible, except fuels (21.0%). Meanwhile, imports rose at a much softer 6.8% to NOK 72.3 billion, with arrivals growing for miscellaneous manufactured articles (1.3%), manufactured goods (3.1%), crude materials, inedible, except fuels (5.7%), food and live animals (17.1%), and chemicals and related products n.e.s (29.6%). Considering January to October, the country's trade surplus was at NOK 348.6 billion. source: Statistics Norway

Balance of Trade in Norway averaged 8851.02 NOK Million from 1960 until 2021, reaching an all time high of 53700 NOK Million in September of 2021 and a record low of -9303 NOK Million in September 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 December of 2021.

Balance of Trade in Norway is expected to be 18200.00 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 19300.00 NOK Million in 2022, according to our econometric models.

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Norway Balance of Trade


Calendar GMT Actual Previous Consensus TEForecast
2021-10-15 06:00 AM Sep NOK53.7B NOK42.0B NOK -8.4B
2021-11-15 07:00 AM Oct NOK84.5B NOK52.6B NOK49.1B
2021-12-15 07:00 AM Nov NOK84.5B


Related Last Previous Unit Reference
Balance of Trade 84466.00 52554.00 NOK Million Oct/21
Current Account 148337.00 104409.00 NOK Million Sep/21
Current Account to GDP 2.00 2.80 percent of GDP Dec/20
Imports 72296.44 76622.70 NOK Million Oct/21
Exports 156800.00 129500.88 NOK Million Oct/21
External Debt 6116277.00 6063991.00 NOK Million Jun/21
Terms of Trade 91.63 84.86 points Sep/21
Capital Flows 11235.00 98474.00 NOK Million Jun/21
Oil Exports 32710.00 30351.00 NOK Million Oct/21
Foreign Direct Investment 52736.00 25899.00 NOK Million Jun/21

News Stream
Norway Trade Surplus Hits New High
Norway's trade surplus jumped to a fresh record high of NOK 84.5 billion in October 2021 from NOK 5.26 billion in the same month a year earlier, boosted by a sharp jump in exports. Sales climbed 114.8% yoy to a new peak of NOK 156.8 billion, amid higher shipments of mineral fuels, lubricants & related materials (207.1%), food and live animals (14.9%), manufactured goods (63.0%), chemicals, and related products n.e.s (13.4%), and crude materials, inedible, except fuels (21.0%). Meanwhile, imports rose at a much softer 6.8% to NOK 72.3 billion, with arrivals growing for miscellaneous manufactured articles (1.3%), manufactured goods (3.1%), crude materials, inedible, except fuels (5.7%), food and live animals (17.1%), and chemicals and related products n.e.s (29.6%). Considering January to October, the country's trade surplus was at NOK 348.6 billion.
2021-11-15
Norway Posts Largest Trade Surplus on Record
Norway registered a record high trade surplus of NOK 53.7 billion in September 2021, compared with a gap of NOK 9.3 billion in the same month a year earlier, boosted by a sharp jump in exports. Sales climbed 117.4% yoy to NOK 129.5 billion, amid higher shipments of mineral fuels, lubricants & related materials (230.1%), chemicals and related products n.e.s (28.2%), manufactured goods (30.7%), food and live animals (38.1%), machinery and transport equipment (25.3%) and crude materials, inedible, except fuels (29.3%). Meanwhile, imports rose at a much softer 10% to NOK 75.8 billion, with arrivals growing for machinery and transport equipment (2.1%), manufactured goods (12.5%), crude materials, inedible, except fuels (42%), food and live animals (9.8%), chemicals and related products n.e.s (25.2%) and miscellaneous manufactured articles (4.6%). Considering January to September, the country's trade surplus was at NOK 263.8 billion, down by 11.26% from the same period of 2020.
2021-10-15
Norway Trade Surplus Largest Since 2014
Norway’s trade balance swung to a surplus of NOK 42.6 billion in August 2021 from a deficit of NOK 3.6 billion in the same month a year earlier. It was the largest trade surplus since January 2014, due to a surge in exports amid improving in global demand. Exports jumped by 96.9 percent, due to higher sales of mineral fuels, lubricants & related materials (164.4%), chemicals and related products n.e.s (37.4%), manufactured goods classified chiefly by material (45.6%), food and live animals (31.3%), machinery and transport equipment (4.4%) and crude materials, inedible, except fuels (14.7%). Meanwhile, imports rose at a softer 17.3 percent, as purchases grew for machinery and transport equipment (13.3%), manufactured goods classified chiefly by material (20.5%), crude materials, inedible, except fuels (28.4%), food and live animals (12.9%), chemicals and related products n.e.s (37.5%) and miscellaneous manufactured articles (10.2%).
2021-09-15

Norway Balance of Trade
The Norwegian trade balance has been in surplus since 1989. In 2019, the trade surplus narrowed sharply by 48.3 percent from the previous year to NOK 148 billion amid global trade tensions and weak external demand. The biggest trade surpluses were recorded with the UK, the Netherlands, Germany, France, Belgium, Spain, Iceland, Portugal, Singapore and Ireland; and the largest deficits were recorded with China, the US, Sweden, Russia, Italy, Canada, Brazil, Poland, Czech Republic and Switzerland.