Norway Balance of Trade

Last Release

Jan 31, 2025

Actual

94,819

Units In

NOK Million

83,187

Frequency

Monthly

Next Release

Mar 17, 2025

Time to Release

26 Days 7 Hours

Highest	Lowest	Average	Date Range	Source
197,858 Aug 2022	-9,303 Sep 2020	12,645.26 NOK Million	1960-2025	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 expanded to NOK 94.8 billion in January 2025 from NOK 66.1 billion in the same month last year, driven by a double-digit growth in exports that outpaced the rise in imports. Exports surged 19.9% year-on-year to NOK 177.5 billion, boosted by higher sales across all product categories, particularly beverages & tobacco (32.1%), mineral fuels, lubricants & related materials (24.9%), miscellaneous manufactured articles (21.1%), and animal and vegetable oils, fats & waxes (17.8%). Meanwhile, imports rose at a softer 1% to NOK 82.7 billion, supported mainly by sharp increases in imports of animal & vegetable oils, fats & waxes (48.3%) crude materials, inedible, except fuels (40.6%). However, these gains were largely offset by a decline in imports of mineral fuels, lubricants & related materials (-21%).