Norway Balance of Trade

Last Release

Dec 31, 2024

Actual

83,187

Units In

NOK Million

74,200

Frequency

Monthly

Next Release

Feb 17, 2025

Time to Release

1 Months 0 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
197,858 Aug 2022	-9,303 Sep 2020	12,539.91 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 widened to NOK 83.2 billion in December 2024 from NOK 77.3 billion in the corresponding month of the previous year. Exports climbed 8.4% from a year earlier to NOK 169.1 billion, primarily driven by higher sales of beverages and tobacco (30.2%), machinery and means of transport (25.3%), and processed goods grouped mainly by material (19.8%). However, sales declined most for animals and vegetable oils, fats and waxes (-6.2%) and raw materials (non-edible), excluding fuels (-2.7%). Meanwhile, imports surged 9.3% year-on-year to NOK 85.9 billion, mainly due to increased purchases of machinery and means of transport (21.1%), raw materials (non-edible), excluding fuels (17.7%), and chemical products (13.8%). However, purchases fell significantly for fuels, lubricating oils, electric power (-44.4%). Considering the whole period of 2024, the country posted a trade surplus of NOK744.7 billion, a 13.1% lower compared to the previous year.