Norway’s trade surplus increased sharply to NOK 23.08 billion in January 2021 from NOK 14.95 billion in the same month a year earlier. This was the largest trade surplus since December 2019, as exports rose while imports plunged, amid an improving in global demand. Exports rose by 2.5 percent, due to higher sales of mineral fuels, lubricants & related materials (14.0%), chemicals and related products n.e.s (1.2%), and miscellaneous manufactured articles (2.0%). Meanwhile, imports slumped 10.1 percent, as purchases shrank for mineral fuels, lubricants and related materials (-54.2%), machinery and transport equipment (-14.6%), manufactured goods classified chiefly by material (-9.7%), chemicals and related products n.e.s (-3.3%), miscellaneous manufactured articles (-1.6%), crude materials, inedible, except fuels (-1.5%) but were up for food and live animals (4.4%). source: Statistics Norway
Balance of Trade in Norway averaged 8531.84 NOK Million from 1960 until 2021, reaching an all time high of 48677.18 NOK Million in January of 2014 and a record low of -68101 NOK Million in May 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 February of 2021.
Balance of Trade in Norway is expected to be 10200.00 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 17200.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 17200.00 NOK Million in 2022 and 22200.00 NOK Million in 2023, according to our econometric models.