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.

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Norway Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
23081.00 12111.00 48677.18 -68101.00 1960 - 2021 NOK Million Monthly
Current Prices, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-11-16 07:00 AM Oct NOK2.7B NOK-8.6B NOK6.9B
2020-12-15 07:00 AM Nov NOK0.2B NOK2.6B NOK9.1B
2021-01-15 07:00 AM Dec NOK12.1B NOK0.2B NOK10.2B
2021-02-15 07:00 AM Jan NOK23.1B NOK12.1B NOK15.1B
2021-03-15 07:00 AM Feb NOK23.1B
2021-04-15 06:00 AM Mar
2021-05-18 06:00 AM Apr
2021-06-15 06:00 AM May


News Stream
Norway Trade Surplus Largest in 13 Months
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%).
2021-02-15
Norway Trade Surplus Narrows Sharply in December
Norway’s trade surplus declined sharply to NOK 12.1 billion in December 2020 from NOK 23.83 billion in the same month a year earlier, as exports slumped while imports rose. Exports tumbled 11 percent, due to lower sales of mineral fuels, lubricants & related materials (-19.1%), food and live animals (-3.9%) and machinery and transport equipment (-4.3%). Meanwhile, imports increased 3.8 percent, as purchases grew for food and live animals (12.4%), miscellaneous manufactured articles (12.5%), machinery and transport equipment (6.2%), manufactured goods classified chiefly by material (8.4%), chemicals and related products n.e.s (15.2%), crude materials, inedible, except fuels (6.9%) but were down for mineral fuels, lubricants and related materials (-56.6%). For 2020 full year, the trade surplus narrowed sharply to USD 10.40 billion from USD 156.75 billion in 2019, amid weakening global demand, due to the coronavirus pandemic.
2021-01-15
Norway November Trade Surplus Narrows Sharply
Norway’s trade surplus declined sharply to NOK 0.2 billion in November 2020 from NOK 23 billion in the same month a year earlier, as exports plunged while imports jumped. Exports tumbled 17 percent, due to lower sales of mineral fuels, lubricants & related materials (-26.1%), food and live animals (-9.9%), machinery and transport equipment (-14.9%) and crude materials, inedible, except fuels (-0.6%). Meanwhile, imports surged 13 percent, as purchases increased for food and live animals (20.9%), miscellaneous manufactured articles (11.6%), machinery and transport equipment (26.4%), manufactured goods classified chiefly by material 14.0%), chemicals and related products n.e.s (7.9%), but were down for crude materials, inedible, except fuels (-1-1%) and mineral fuels, lubricants and related materials (-45.0%).
2020-12-15
Norway Trade Surplus Narrows Sharply in October
Norway’s trade surplus narrowed sharply to NOK 2.7 billion in October 2020 from NOK 9.7 billion in the same month a year earlier, as exports fell while imports rose. Exports tumbled 7.8 percent, due to lower sales of mineral fuels, lubricants & related materials (-10.5%), chemicals and related products n.e.s (-1.8%), food and live animals (-3.1%), manufactured goods classified chiefly by material (-10.1%), machinery and transport equipment (-14.6%). Meanwhile, imports were up 1.5 percent, as purchases increased for food and live animals (6.0%), miscellaneous manufactured articles (8.5%), machinery and transport equipment (0.8%), crude materials, inedible, except fuels (21.7%), but were down for manufactured goods classified chiefly by material (-5.2%), chemicals and related products n.e.s (-2.1%), and mineral fuels, lubricants and related materials (-10.3%).
2020-11-16

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.