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.