Norway's trade surplus surged sharply to NOK 86.6 billion in May 2022 from NOK 17.45 billion in the same month a year earlier, amid a sharp jump in exports. Shipments soared 93.6% yoy to NOK 175.8 billion, boosted by mineral fuels, lubricants & related materials (121.8%), manufactured goods (68.1%), chemicals (30.7%), food and live animals (47.3%), and crude materials, inedible, except fuels (20%), machinery and transport equipment (38.1%) and miscellaneous manufactured articles (27.1%). Meanwhile, imports grew much softer by 23.0% to NOK 89.2 billion, as arrivals were up for machinery and transport equipment (14.7%), miscellaneous manufactured articles (18.7%), chemicals and related products n.e.s (25.1%), crude materials, inedible, except fuels (85.2%), and food and live animals (36.3%). By contrast, purchases of manufactured goods fell (-1.4%). For the first five months of the year, the trade surplus was at NOK 487.7 billion. source: Statistics Norway

Balance of Trade in Norway averaged 9772.27 NOK Million from 1960 until 2022, reaching an all time high of 138370.71 NOK Million in March of 2022 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 July of 2022.

Balance of Trade in Norway is expected to be 27800.00 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 2023, according to our econometric models.

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Norway Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-05-16 06:00 AM Apr NOK92.6B NOK138.4B NOK110B
2022-06-15 06:00 AM May NOK86.6B NOK92.6B NOK85B
2022-07-08 06:00 AM Jun NOK86.6B NOK 27.8B


Related Last Previous Unit Reference
Balance of Trade 86600.00 92600.00 NOK Million May 2022
Current Account 341055.00 341055.00 NOK Million Mar 2022
Current Account to GDP 2.00 2.80 percent of GDP Dec 2020
Imports 89219.33 72692.47 NOK Million May 2022
Exports 175836.43 165526.99 NOK Million May 2022
External Debt 6462276.00 6389569.00 NOK Million Mar 2022
Terms of Trade 104.04 95.46 points Mar 2022
Capital Flows 320040.00 238212.00 NOK Million Mar 2022
Oil Exports 53431.00 42291.00 NOK Million May 2022
Foreign Direct Investment -30582.00 36743.00 NOK Million Dec 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
86600.00 92600.00 138370.71 -9303.00 1960 - 2022 NOK Million Monthly
Current Prices, NSA

News Stream
Norway Trade Surplus Jumps Sharply
Norway's trade surplus surged sharply to NOK 86.6 billion in May 2022 from NOK 17.45 billion in the same month a year earlier, amid a sharp jump in exports. Shipments soared 93.6% yoy to NOK 175.8 billion, boosted by mineral fuels, lubricants & related materials (121.8%), manufactured goods (68.1%), chemicals (30.7%), food and live animals (47.3%), and crude materials, inedible, except fuels (20%), machinery and transport equipment (38.1%) and miscellaneous manufactured articles (27.1%). Meanwhile, imports grew much softer by 23.0% to NOK 89.2 billion, as arrivals were up for machinery and transport equipment (14.7%), miscellaneous manufactured articles (18.7%), chemicals and related products n.e.s (25.1%), crude materials, inedible, except fuels (85.2%), and food and live animals (36.3%). By contrast, purchases of manufactured goods fell (-1.4%). For the first five months of the year, the trade surplus was at NOK 487.7 billion.
2022-06-15
Norway Trade Surplus Jumps Sharply
Norway's trade surplus surged to NOK 92.6 billion in April 2022 from NOK 23.04 billion in the same month a year earlier, amid a sharp jump in exports. Shipments soared 93.9% yoy to NOK 165.6 billion, boosted by mineral fuels, lubricants & related materials (136.6%), manufactured goods (63.4%), chemicals (11%), crude materials, inedible, except fuels (30.7%), and food and live animals (34.4%). By contrast, sales fell for both machinery and transport equipment (-5.6%) and miscellaneous manufactured articles (-0.4%). Meanwhile, imports grew much softer by 9.2% to NOK 73.0 billion, as arrivals were up for manufactured goods (13.6%), chemicals and related products n.e.s (29.1%), miscellaneous manufactured articles (5.2%), crude materials, inedible, except fuels (6.1%), and food and live animals (6.9%). By contrast, purchases of machinery and transport equipment fell (-11.6%). For the first four months of the year, the trade surplus was at NOK 400.7 billion.
2022-05-16
Norway Posts Fresh Record Trade Surplus
Norway's trade surplus surged to a new record high of NOK 138.4 billion in March 2022 from NOK 21.1 billion in the same month a year earlier, amid a sharp jump in exports. Sales soared 138.9% yoy to NOK 226.3 billion, with sales rising for mineral fuels, lubricants & related materials (230.5%), manufactured goods (50.8%), chemicals (20.0%), crude materials, inedible, except fuels (18.2%), and food and live animals (15.6%). By contrast, sales fell for both machinery and transport equipment (-5.8%) and miscellaneous manufactured articles (-6.9%). Meanwhile, imports grew much softer by 19.4% to NOK 87.9 billion, as arrivals were up for machinery and transport equipment (8.1%), chemicals (30.1%), miscellaneous manufactured articles (13.9%), manufactured goods (23.5%), crude materials, inedible, except fuels (59.0%), food and live animals (13.6%), and chemicals and related products n.e.s (30.1%). In the first quarter of the year, the trade surplus was at NOK 384.2 billion.
2022-04-19