Norway's trade surplus surged to NOK 34.9 billion in October 2018 from NOK 18.8 billion in the same month of the previous year. Exports soared 32.2 percent to NOK 99.5 billion, driven by sales of mineral fuels, lubricants & related materials (47.3 percent), in particular petroleum, petroleum products (60.3 percent) and gas, natural and manufactured (34.3 percent); food and live animals (12.1 percent); manufactured goods (9.4 percent); machinery & transport equipment (7.6 percent); and chemicals (24.5 percent). Meantime, imports rose at a softer 14.3 percent to NOK 64.6 billion, led by machinery and transport equipment (16 percent); miscellaneous manufactured articles (9.2 percent); manufactured goods classified chiefly by material (9.4 percent); and chemicals (23 percent). So far this year, the trade surplus widened 48.9 percent to NOK 233.4 billion from NOK 156.8 billion in the same period of 2017. Balance of Trade in Norway averaged 8593.25 NOK Million from 1960 until 2018, reaching an all time high of 48677.18 NOK Million in January of 2014 and a record low of -6100.20 NOK Million in November of 2017.
Balance of Trade in Norway is expected to be 27800.00 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 22859.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 34600.00 NOK Million in 2020, according to our econometric models.