Norway Balance of Trade  1960-2017 | Data | Chart | Calendar | Forecast

Norway recorded a trade surplus of 23.28 NOK billion in December of 2016, an increase of 47.0 percent from the same month a year earlier. It was the largest trade surplus since July 2015, as exports rose while imports fell. Year-on-year, sales grew by 8.5 percent to 72.52 NOK billion, driven by crude oil (+70.9 percent) and natural gas condensates (+10.4 percent). In contrast, exports fell for natural gas (-2.9 percent) and ships & oil platforms (-6.4 percent). Imports fell 3.5 percent to 49.18 NOK billion, mainly due to a 4.8 percent fall in purchases of ships and & oil platforms. Considering January to December 2016, exports declined by 10.6 percent compared to the same period a year earlier to 747.14 NOK billion while imports fell 1.5 percent to 606.70 NOK billion. That brought the trade surplus to 140.4 NOK billion during the period, the lowest surplus since 1999. Balance of Trade in Norway averaged 8294.05 NOK Million from 1960 until 2016, 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)
2016-11-15 07:00 AM Oct NOK10.4B NOK 3.6B NOK 12.6B
2016-12-15 07:00 AM Nov NOK15.1B NOK10.4B NOK 8.7B
2017-01-16 07:00 AM Dec NOK 23.3 NOK 15.8B NOK 12.9B
2017-02-15 07:00 AM Jan NOK 23.3B
2017-03-15 07:00 AM Feb
2017-04-21 06:00 AM Mar




Norway Trade Last Previous Highest Lowest Unit
Balance of Trade 23279.00 15765.00 48677.18 -5680.00 NOK Million [+]
Exports 72520.00 68032.00 91186.74 449.00 NOK Million [+]
Imports 49175.00 52923.00 64327.68 696.00 NOK Million [+]
Current Account 24898.00 28496.00 122316.00 -16087.00 NOK Million [+]
Current Account to GDP 9.00 12.00 17.80 -6.10 percent [+]
External Debt 0.00 0.00 70780.00 0.00 NOK Million [+]
Terms of Trade 104.77 102.26 115.90 75.84 Index Points [+]
Capital Flows 28191.00 155695.00 166636.00 -61109.00 NOK Million [+]
Gold Reserves 36.70 36.73 36.83 36.70 Tonnes [+]
Crude Oil Production 1430.00 1603.00 3417.00 2.00 BBL/D/1K [+]
Foreign Direct Investment 26658.00 66328.00 118173.00 -59079.00 NOK Million [+]
Terrorism Index 2.08 2.74 4.71 0.00 [+]
Weapons Sales 155.00 114.00 278.00 1.00 USD Million [+]



Norway Balance of Trade Notes

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 January of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
23279.00 15765.00 48677.18 -5680.00 1960 - 2016 NOK Million Monthly
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