Norway Posts Largest Trade Surplus in Over 3 Years

Norway’s trade surplus widened to NOK 97.5 billion in March 2026 from NOK 58.9 billion in the same month a year ago. This marked the largest trade surplus since January 2023, as exports rose much faster than imports. Exports surged by 28.5% year-on-year to NOK 199.9 billion, driven mainly by a 33.7% jump in shipments of mineral fuels, lubricants, and related materials. Exports of machinery and transport equipment (54.4%), food and live animals (3.1%), and manufactured goods classified chiefly by material (7.5%) also went up. Meanwhile, imports grew by 5.9% to NOK 102.5 billion, largely due to increased purchases of machinery and transport equipment (14.7%), miscellaneous manufactured articles (5.8%), and chemicals and related products n.e.s. (12.8%). For the first quarter of the year, the country recorded a trade surplus of NOK 218.2 billion, down 5.6% from the same period last year, with exports (-2.6%) falling more than imports (-0.1%).

Norway recorded a trade surplus of NOK 44.8 billion in February 2026, narrowing from NOK 80.9 billion in the corresponding month of the previous year, as exports dropped while imports rose. Year-on-year, exports plunged by 20.9% to NOK 133.1 billion, mainly due to lower shipments of natural gas (-34.4%) and crude oil (-12.4%). Among commodity groups, exports of fuels, lubricating oils, electric power (-26.6%), animal and vegetable oils, fats and waxes (-6.3%), and machinery and means of transport (-31.5%) mostly declined. Meanwhile, imports rose by 1.2% to NOK 88.3 billion, largely driven by higher purchases of fuels, lubricating oils, electric power (21.7%), machinery and means of transport (9.1%), and chemical products (3.2%), while imports of ships and oil platforms dropped by 35.8%. For the first two months of the year, the country recorded a trade surplus of NOK 120.6 billion, down 30% from the same period last year, as exports (-16.7%) decreased more than imports (-3.4%).

Norway's trade surplus narrowed to NOK 75.9 billion in January 2026 from NOK 91.5 billion in the corresponding month of the previous year, as exports fell much faster than imports. Exports declined by 12.6% year-on-year to NOK 154.5 billion, largely due to lower sales of fuels, lubricating oils, electric power (-18.5%). Shipments of processed goods grouped mainly by material (-12.0%) and chemical products (-10.5%) also decreased. Meanwhile, imports dropped by 8.0% to NOK 78.6 billion amid reduced purchases across most commodity groups, particularly machinery and transport equipment (-2.4%), different finished goods (-4.8%), and processed goods grouped mainly by material (-14.7%).