Norway's trade surplus plunged to NOK 6.7 billion in August 2019 from NOK 30.5 billion in the same month the prior year. Imports rose 4.6% yoy to NOK 59.0 billion, led by machinery and transport equipment (12.2%); mineral fuels, lubricants and related materials (6.5%); miscellaneous manufactured articles (1.7%), chemicals and related products n.e.s (5.0%). Conversely, purchases fell for crude materials, inedible, except fuels (-9.2%) and manufactured goods (-1.4%). Meanwhile, exports slumped 24.5% to NOK 65.7 billion, due to lower sales of mineral fuels, lubricants and related materials (-36.3%), namely petroleum products (-22.9%), gas, natural and manufactured (-52.8%), and electric current (-35.0%). Also, exports fell for machinery & transport equipment (-25.4%) and manufactured goods (-1.5%) while sales advanced for food and live animals (5.6%). For January to July 2019, the trade surplus narrowed sharply by 40.7% yoy to NOK 109.1 billion. Balance of Trade in Norway averaged 8707.21 NOK Million from 1960 until 2019, reaching an all time high of 48677.18 NOK Million in January of 2014 and a record low of -5680 NOK Million in April of 1986.
Balance of Trade in Norway is expected to be 19660.00 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 15500.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 17200.00 NOK Million in 2020, according to our econometric models.