Norway's trade surplus surged to a record figure of NOK 153.2 billion in July 2022 from NOK 42.4 billion in the same month a year earlier, amid a sharp jump in exports. Shipments soared 112.2% yoy to NOK 229.0 billion, boosted by mineral fuels, lubricants & related materials (173.1%), food & live animals (20.9%), manufactured goods (31.2%), chemicals (27.3%), and miscellaneous manufactured articles (27.5%). On the flip side, sales of machinery and transport equipment shrank 41.7%. Meanwhile, imports grew much softer by 16.7% to NOK 75.8 billion, as arrivals were up for miscellaneous manufactured articles (12.3%), manufactured goods (19.3%), chemicals and related products n.e.s (34.9%), and food and live animals (14.0%). In contrast, purchases shrank for both machinery and transport equipment (-4.8%), crude materials, inedible, except fuels (-11.5%). For the first seven months of the year, the trade surplus was at NOK 729.4 billion, a 329.6% climb from the same period in 2021. source: Statistics Norway
Balance of Trade in Norway averaged 10066.75 NOK Million from 1960 until 2022, reaching an all time high of 153200 NOK Million in July of 2022 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 August of 2022.
Balance of Trade in Norway is expected to be 11700.00 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 2023, according to our econometric models.