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.

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Norway Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-07-08 06:00 AM Jun NOK87.5B NOK86.6B NOK 27.8B
2022-08-15 06:00 AM Jul NOK153.2B NOK87.5B NOK82.5B
2022-09-15 06:00 AM Aug NOK153.2B


Related Last Previous Unit Reference
Balance of Trade 153200.00 87500.00 NOK Million Jul 2022
Current Account 341055.00 341055.00 NOK Million Mar 2022
Current Account to GDP 15.00 1.10 percent of GDP Dec 2021
Imports 75757.66 89072.20 NOK Million Jul 2022
Exports 228956.76 176781.44 NOK Million Jul 2022
External Debt 6462276.00 6389569.00 NOK Million Mar 2022
Terms of Trade 107.04 104.04 points Jun 2022
Capital Flows 320040.00 238212.00 NOK Million Mar 2022
Oil Exports 43186.00 53431.00 NOK Million Jun 2022
Foreign Direct Investment -30582.00 36743.00 NOK Million Dec 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
153200.00 87500.00 153200.00 -9303.00 1960 - 2022 NOK Million Monthly
Current Prices, NSA

News Stream
Norway Trade Surplus Notches Record High
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%), and 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.
2022-08-15
Norway Trade Surplus Soars in June
Norway's trade surplus surged sharply to NOK 87.5 billion in June 2022 from NOK 22.07 billion in the same month a year earlier, amid a sharp jump in exports. Shipments soared 77.9% yoy to NOK 176.6 billion, boosted by mineral fuels, lubricants & related materials (126.0%), manufactured goods (34.1%), chemicals (10.4%), food and live animals (34.5%), and crude materials, inedible, except fuels (19.7%), and miscellaneous manufactured articles (3.4%). On the flip side, sales of machinery and transport equipment shrank 26.3%. Meanwhile, imports grew much softer by 20.1% to NOK 89.1 billion, as arrivals were up for manufactured goods (29.7%), miscellaneous manufactured articles (8.6%), chemicals and related products n.e.s (29.4%), crude materials, inedible, except fuels (19.8%), and food and live animals (19.2%). By contrast, purchases of machinery and transport equipment fell 07%. For the first six months of the year, the trade surplus was at NOK 575.1 billion.
2022-07-08
Norway Trade Surplus Jumps Sharply
Norway's trade surplus surged sharply to NOK 86.6 billion in May 2022 from NOK 17.45 billion in the same month a year earlier, amid a sharp jump in exports. Shipments soared 93.6% yoy to NOK 175.8 billion, boosted by mineral fuels, lubricants & related materials (121.8%), manufactured goods (68.1%), chemicals (30.7%), food and live animals (47.3%), and crude materials, inedible, except fuels (20%), machinery and transport equipment (38.1%) and miscellaneous manufactured articles (27.1%). Meanwhile, imports grew much softer by 23.0% to NOK 89.2 billion, as arrivals were up for machinery and transport equipment (14.7%), miscellaneous manufactured articles (18.7%), chemicals and related products n.e.s (25.1%), crude materials, inedible, except fuels (85.2%), and food and live animals (36.3%). By contrast, purchases of manufactured goods fell (-1.4%). For the first five months of the year, the trade surplus was at NOK 487.7 billion.
2022-06-15