Oil and gas increase trade surplus in April

Published:

In April, Norwegian exports amounted to NOK 66.2 billion, 7.5 per cent more than in April 2016. Increased revenues from the continental shelf commodities - crude oil and natural gas - contributed to a solid trade surplus in April. Imports of goods, and machines in particular, were also low.

The trade surplus almost doubled to NOK 22.2 billion in April this year compared with the same month in 2016. Total exports increased by NOK 4.6 billion, despite a decrease in mainland exports during the same period, down NOK 812 million. Exports of fish were particularly low this April.

Imports of goods were 12.8 per cent lower this year and ended at NOK 43.9 billion. Imports of machinery and transport equipment accounted for the largest decline.

The figures may be affected by Easter falling in April this year and in March last year. 

Figure 1. The trade balance
Figure 1. The trade balance
Total imports Total exports The trade balance
April 2012 38.5 75.9 37.4
44.4 81.9 37.5
44.3 71.8 27.6
41.0 72.0 30.9
41.4 74.0 32.6
43.0 65.1 22.1
49.4 82.0 32.7
44.8 77.2 32.4
38.4 74.7 36.3
43.0 76.7 33.7
39.6 74.6 35.0
38.4 77.1 38.7
April 2013 45.9 70.4 24.5
44.1 73.2 29.1
42.0 74.3 32.3
43.0 79.7 36.7
43.7 73.2 29.6
47.7 67.5 19.8
49.2 80.4 31.2
46.2 87.2 41.1
44.8 82.1 37.3
42.5 91.2 48.7
43.3 78.1 34.8
46.6 82.1 35.5
April 2014 44.1 75.4 31.4
45.1 71.8 26.7
46.4 66.0 19.6
51.8 69.9 18.2
46.6 67.8 21.1
50.6 71.7 21.1
52.1 85.6 33.5
46.7 73.3 26.5
46.7 76.2 29.5
45.4 70.0 24.6
45.3 68.9 23.6
56.4 79.1 22.7
April 2015 64.3 65.8 1.5
46.2 67.4 21.2
54.1 70.5 16.4
44.6 69.7 25.1
47.1 67.7 20.6
53.3 68.3 15.0
53.6 73.8 20.2
54.2 67.2 13.0
51.0 66.8 15.8
43.7 60.7 17.0
49.5 60.4 10.9
50.5 61.9 11.4
April 2016* 50.4 61.5 11.2
49.7 58.2 8.6
53.8 60.4 6.6
45.9 59.3 13.4
52.9 60.0 7.1
54.3 57.5 3.2
52.7 68.9 16.2
56.9 70.5 13.5
49.3 72.2 22.9
51.4 74.8 23.4
48.9 69.8 20.9
57.2 77.1 19.9
April 2017* 43.9 66.2 22.2

Figure 3. Mainland exports
Figure 3. Mainland exports
2015 2016* 2017*
Jan. 33.4 30.8 31.9
Feb. 31.1 32.3 31.8
Mar. 37.3 33.0 38.7
Apr. 32.0 32.9 32.0
May 32.2 30.6
Jun. 35.6 34.8
Jul. 33.7 30.1
Aug. 29.5 31.4
Sep. 35.6 34.9
Oct. 35.8 30.8
Nov. 33.5 33.2
Dec. 34.4 32.2

Higher oil prices increased continental shelf revenues

Crude oil exports in April reached NOK 19.2 billion, an increase of 30 per cent compared to the same month last year. Because the number of exported barrels of crude oil was approximately the same as in April last year, the rise is due to a price increase of almost NOK 100 per barrel. 

Figure 4

Figure 4. Exports of crude oil

In April this year, exports of natural gas came to NOK 14.4 billion. This corresponds to an increase of 11.5 per cent compared with April last year. Increases in both export volumes and prices lie behind the growth.

Figure 2. Exports of crude oil, natural gas and natural gas condensates
Figure 2. Exports of crude oil, natural gas and natural gas condensates
2015 2016* 2017*
Jan. 35.9 29.4 39.2
Feb. 37.2 28.0 35.9
Mar. 41.6 28.8 37.1
Apr. 32.8 28.0 34.1
May 35.1 27.5
Jun. 34.7 24.0
Jul. 35.1 28.5
Aug. 34.4 27.8
Sep. 32.7 22.3
Oct. 37.9 34.9
Nov. 33.4 35.6
Dec. 31.5 37.3

Other significant twelve-month changes

  • Exports of machinery and transport equipment dropped to NOK 6.0 billion, corresponding to a fall of NOK 1.3 billion from April last year. Lower exports of industrial machinery pull down this category.
  • In April, exports of refined petroleum products were high, with a value of NOK 4.2 billion. This is NOK 1.9 billion more than a year ago, due to higher prices in 2017.
  • Imports of machinery and transport equipment came to NOK 17.0 billion, 15.6 per cent less than in April last year. Imports of road vehicles as well as other industrial machinery and equipment declined, while we received more expensive mobile phones.
  • In April, imports of raw materials was about the same as last year. Total imports of metals, on the other hand, declined to NOK 3.7 billion. Lower imported volume for metals explains the reduction this year.

Contact