Norway Balance of Trade

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Norway recorded a trade surplus of 23.54 NOK billion in February of 2017, a surge of 80.8 percent from the same month a year earlier, as exports jumped while imports fell. Year-on-year, sales grew by 18.0 percent to 71.24 NOK billion, driven by ships and oil platforms (728.5 percent), natural gas condensates (633.8 percent), crude oil (51.9 percent) and natural gas (21.8 percent). Imports declined by 3.7 percent to 47.71 NOK billion, mainly due to a 12.1 percent fall in purchases of food and live animals, a 10.3 percent drop in purchases of beverages and tobacco and a 6.3 percent fall in imports of machinery and transport equipment. In contrast, imports rose for ships and oil platforms (3.9 percent). In January, trade surplus was upwardly revised to 26.66 NOK billion. Balance of Trade in Norway averaged 8348.41 NOK Million from 1960 until 2017, reaching an all time high of 48677.18 NOK Million in January of 2014 and a record low of -5680 NOK Million in April of 1986.


Norway Balance of Trade

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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2017-01-16 07:00 AM Dec NOK 23.3 NOK 15.8B NOK 12.9B
2017-02-15 07:00 AM Jan NOK25.0B NOK 23.3B NOK 21.6B
2017-03-16 07:00 AM Feb NOK23.5B NOK 26.7B NOK 19.1B
2017-04-21 06:00 AM Mar NOK23.5B
2017-05-15 06:00 AM Apr
2017-06-15 06:00 AM May


The trade surplus went down to NOK 233.7 billion in 2015 from NOK 347.7 billion in 2014, a decline of NOK 114 billion, as exports shrank 7 percent mainly due to a dramatic drop in oil exports of about 30 percent while imports expanded 10 percent. In parallel with the drop in oil price, the Norwegian krone weakened against major international currencies leading to a higher value of Norwegian exports, but at the same time made Norwegian imports more expensive. Norway exports natural gas, crude oil, machinery and transport equipment, manufactured goods and food. The country imports machinery and equipment, chemicals, metals, and foodstuffs. European Union is by far its largest trading partner (mainly UK, Germany and Sweden), accounting for about 80 percent of exports and 60 percent of imports. 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 – actual data, historical chart and calendar of releases – was last updated on March of 2017.

Actual Previous Highest Lowest Dates Unit Frequency

23539.00 26661.00 48677.18 -5680.00 1960 – 2017 NOK Million Monthly

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