Norway Balance of Trade

Last Release

Nov 30, 2024

Actual

74,240

Units In

NOK Million

62,606

Frequency

Monthly

Next Release

Jan 15, 2025

Time to Release

28 Days 7 Hours

Highest	Lowest	Average	Date Range	Source
197,858 Aug 2022	-9,303 Sep 2020	12,449.28 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 74.2 billion in November 2024 from NOK 75.6 billion in the same month last year, as exports dropped more than imports. Exports declined by 0.9% year-on-year to NOK 165.8 billion, dragged down by lower sales of chemical and related products n.e.s. (-11.7%) and animal & vegetable oils, fats & waxes (-8.8%). Meanwhile, the imports fell at a softer 0.1% to NOK 91.6 billion, primarily due to reduced purchases of mineral fuels, lubricants & related materials (-37.8%) and animal & vegetable oils, fats & waxes (-37.6%). Considering the first eleven months of the year, the country posted a trade surplus of NOK 661.9 billion, a 15.1% decrease compared to the same period a year ago.