Norway’s trade balance swung to a surplus of NOK 42.6 billion in August 2021 from a deficit of NOK 3.6 billion in the same month a year earlier. It was the largest trade surplus since January 2014, due to a surge in exports amid improving in global demand. Exports jumped by 96.9 percent, due to higher sales of mineral fuels, lubricants & related materials (164.4%), chemicals and related products n.e.s (37.4%), manufactured goods classified chiefly by material (45.6%), food and live animals (31.3%), machinery and transport equipment (4.4%) and crude materials, inedible, except fuels (14.7%). Meanwhile, imports rose at a softer 17.3 percent, as purchases grew for machinery and transport equipment (13.3%), manufactured goods classified chiefly by material (20.5%), crude materials, inedible, except fuels (28.4%), food and live animals (12.9%), chemicals and related products n.e.s (37.5%) and miscellaneous manufactured articles (10.2%). source: Statistics Norway
Balance of Trade in Norway averaged 8790.78 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 -9303 NOK Million in September 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 September of 2021.
Balance of Trade in Norway is expected to be -8400.00 NOK Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Norway Balance of Trade is projected to trend around 19300.00 NOK Million in 2022, according to our econometric models.