Norway Trade Surplus Largest in 4 Months

Norway recorded a trade surplus of NOK 89.3 billion in July 2026, widening from NOK 89.2 billion in the same month a year earlier. This marked the largest surplus since March, as exports climbed by 21.5% year-on-year to NOK 173.6 billion, driven by higher shipments of fuels, lubricating oils, and electric power (+29.8%), animal and vegetable oils, fats and waxes (29.8%), chemical products (+17.9%), and processed goods grouped mainly by material (18.2%). Meanwhile, imports grew by just 0.1% to NOK 89.3 billion, as increased purchases for raw materials (+30.5%) and animal and vegetable oils, fats and waxes (+48.5%) offset lower arrivals for food and live animals (-10.1%), processed goods (-6.3%), and other goods and transactions (-37%). For the January–July period, the country posted a trade surplus of NOK 502.1 billion, compared to NOK 430.3 billion, up 16.7% from the corresponding month a year ago, as exports (8.1%) rose much faster than imports (2.3%).

Norway’s trade surplus widened to NOK 61.9 billion in June 2026 from NOK 46.9 billion in the same month a year earlier, as exports outpaced imports. Exports jumped 12.5% year-on-year to NOK 158.3 billion, lifted by higher shipments of fuels, lubricants, and related materials (+24.8%), raw materials, excluding fuels (+17.3%), animal and vegetable oils, fats, and waxes (+48.7%), and food and live animals (+7.1%). These gains more than offset declines in exports of beverages and tobacco (-14.6%), chemical products (-0.2%), and machinery and means of transport (-23.1%). Meanwhile, imports rose 2.7% to NOK 96.4 billion, driven largely by increased purchases of raw materials, excluding fuels (+20.9%), fuels, lubricants, and related materials (+53.9%), and animal and vegetable oils, fats and waxes (+8.4%). For the January–June period, Norway recorded a trade surplus of NOK 419.9 billion, up 11.3% from the corresponding month a year ago, as exports (5.7%) rose much faster than imports (1.8%).

Norway’s trade surplus widened to NOK 62.6 billion in May 2026 from NOK 44.1 billion in the corresponding month a year ago, as exports rose much faster than imports. Exports grew 15.2% year-on-year to NOK 158.1 billion, led by a sharp rise in shipments of mineral fuels, lubricants, and related materials (25.7%), followed by manufactured goods classified chiefly by material (11.2%). These gains more than offset declines in exports of food and live animals (-3.3%) and machinery and transport equipment (-10.6%). Meanwhile, imports went up 2.6% to NOK 95.5 billion, mainly due to increased imports of machinery and transport equipment (9.6%), chemicals and related products n.e.s. (6.4%), and mineral fuels, lubricants and related materials (12.8%). For the January–May period, Norway recorded a trade surplus of NOK 357.5 billion, up 8.5% from the same period last year, as exports rose 4.5%, outpacing the 1.6% increase in imports.