External trade in services, Q4 2016

In the 1st quarter of 2016, exports of services decreased considerably compared to the 4th quarter of 2015. The levels of sales in service trade subsequently remained at low levels during the 2nd and 3rd quarter, while increasing in the last quarter of 2016. Imports of services fell during the first quarter of 2016 from the previous quarter, and were relatively stable throughout the year.

Exports of services increased nearly 15 per cent from the 3rd to the 4th quarter in 2016: up nearly NOK 7.4 billion. Compared with the 4th quarter in the previous year, exports in services decreased by NOK 6.8 billion or 10.5 per cent.

Services imported to Norway increased by NOK 1.8 billion from the 3rd quarter of 2016. Imports of services ended at NOK 61.2, a decline of NOK 5.6 billion from the 4th quarter of 2015.

The balance of trade in services in the 4th quarter improved by NOK 5.6 billion from the previous quarter. However, even with a strong increase in exports of services in the 4th quarter of 2016, the deficit in the balance of trade in services continued throughout 2016.

Services related to sea and costal transport dominate exports of services

The sale of services related to sea and costal water transport services was almost NOK 20 billion, and constituted one third of exports in services in the 4th quarter of 2016. These services continued to be the largest group of export of services, despite a decrease of 14.3 per cent compared to the 4th quarter of 2015.

Business services were the largest group of services imported in the 4th quarter of 2016, accounting for 20.4 per cent of the total value of imported services. This was an increase of 27 per cent from the previous quarter. Other important services being imported in the 4th quarter were oil and gas services and transportation services, both having a share of 15 per cent of imports.

Transport and storage industry largest export service

Enterprises within the transport and storage industry accounted for nearly 42.9 per cent of services exported in the 4th quarter, with a value of NOK 25 billion. Exports from this industry saw an 18.5 per cent decrease of NOK 5.6 billion from the same quarter in the previous year.

The largest importing sector was transportation and storage. Its imports were worth NOK 16.7 billion, a decrease of 14.2 per cent from the 4th quarter last year. Enterprises within the mining and quarrying sector imported services worth NOK 16 billion.

Trading partners in Europe important

Trade with non-Nordic EU countries accounted for the largest share of trade in services in 2016. Exports of services to these countries amounted to 33.5 per cent of the total export throughout the year, with a value of NOK 72 billion. Imports from the same countries had a share of 40.8 per cent of the total imports in services, corresponding to NOK 98 billion.

Exports of services to Nordic countries increased by 3.3 per cent from 2015 to 2016, ending at NOK 36 billion. Imports from Nordic countries ended at NOK 50 billion: down 1.1 per cent from 2015.