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The trade surplus for January-August was NOK 60.3 billion, up 67.5 per cent from the same period last year. For traditional goods the trade balance shows a deficit of NOK 36.3 billion, somewhat less compared to the same period last year.
Norway's surplus in merchandise trade with other countries in August totalled NOK 9.5 billion, the highest figure ever recorded for a single month. Exports of oil and gas were much higher compared to the same month last year, accounting for NOK 13.3 billion. Traditional exports of goods amounted to NOK 12.3 billion. Norway imported NOK 16.2 billion worth of goods, down 5.7 per cent from NOK 17.1 billion in August last year.
High exports of crude oil
In August, Norway exported 91.5 million barrels of oil, up 19.6 per cent compared to the same month last year. At a price of NOK 129 per barrel the export value amounted to NOK 11.8 billion. The value of crude oil exports during the first eight months of the year came to NOK 84.4 billion, 33.6 per cent higher than for the same period last year. In terms of volume, gas exports climbed 53.4 per cent compared with August 1995. The value of gas exports totalled NOK 1.5 billion in August, and NOK 12.2 billion in the first eight months of the year.