Norway Balance of Trade

Last Release

Feb 29, 2024

Actual

51,796

Units In

NOK Million

72,900

Frequency

Monthly

Next Release

Apr 15, 2024

Time to Release

29 Days 5 Hours

Highest	Lowest	Average	Date Range	Source
197,858 Aug 2022	-9,303 Sep 2020	11,890.83 NOK Million	1960-2024	Statistics Norway

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.

Latest Updates

Norway's trade surplus narrowed to NOK 51.8 billion in February 2024 from NOK 78.9 billion in the corresponding month of the previous year. It was the smallest trade surplus since September 2023, as exports shrank 21.3% from a year earlier to NOK 129.6 billion, dragged down by lower sales of mineral fuels, lubricants & related materials (-31.9%), manufactures goods classified chiefly by material (-7.2%) and chemicals & related products (-6.5%). Meanwhile, imports fell 2.4% year-on-year to NOK 77.8 billion, mainly due to decreased purchases of mineral fuels, lubricants & related materials (-39%) and machinery & transport equipment (-11.5%). Considering the first two months of 2024, the trade surplus was at NOK 117.1 billion, a 39.3% fall compared to the same period a year earlier, with exports declining 20.7% while imports rising 2.3%.