Norway Trade Surplus Hits Three-Year High

Norway’s trade surplus widened sharply to NOK 100.4 billion in August 2026 from NOK 59.3 billion in the same month a year earlier. This marked the largest surplus since January 2023, as exports jumped by 32.9% year-on-year to NOK 191.0 billion, mainly driven by higher shipments of food and live animals (+11.2%), fuels and lubricating oils, and electric power (+51.9%), animal and vegetable oils, fats, and waxes (+20.5%), and processed goods grouped mainly by material (+14.0%). Meanwhile, imports rose by 7.3% to NOK 90.6 billion, lifted by increased purchases of raw materials (non-edible), except fuels (+36.5%), fuels and lubricating oils, and electric power (+68.6%), machinery and means of transport (+2.7%), and different finished products (+0.7%). For the January–August period, the country posted a trade surplus of NOK 608.9 billion, compared to NOK 489.6 billion, up 24.4% from the corresponding month of the previous year, as export growth (11.7%) far outpaced imports (3.1%).

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%).