Crude oil yields record trade surplus

Norway's trade surplus in merchandise totalled a record NOK 11.1 billion in the first month of this year. Exports of goods accounted for NOK 28.8 billion in January this year, which is 17.5 per cent higher than in January last year. Imports totalled NOK 17.7 billion, a seven per cent increase. This has yielded the largest surplus registered in the trade statistics for a single month, when ships and oil platforms are not included.

In addition to January this year, the only other month with a trade surplus of over NOK 10 billion was November 1996. Crude oil is the largest single factor in the growth of the economy and the large surplus. In January this year, the value of oil exports soared to NOK 12.9 billion, which is 33 per cent higher than in January 1996. Together with exports of natural gas valued at NOK 2.2 billion, oil and gas account for 52.6 per cent of all exports excluding ships and platforms.

The price of oil exports went from NOK 133 per barrel in January 1996 to NOK 151 per barrel in January this year. Compared to the three last months of last year, the price and quantity of crude oil exported in January this year was at about the same level.

Stable traditional exports

Exports of traditional goods totalled NOK 13.7 billion in January, an increase of 2.8 per cent compared to January last year. This is a little higher than the average of NOK 13.5 billion for the last three months in 1996. The preliminary figure for the increase in value from January last year to January this year is NOK 370 million. Exports of refined oil products increased by NOK 450 million, with auto diesel oil and lighter distillates contributing the most. The export value of liquid propane and butane increased by NOK 245 million.

Fish and fish products rose by NOK 120 million, with frozen mackerel accounting for NOK 96 million. Exports of industrial machines also climbed in January, contributing to a 12 per cent increase for the entire machinery and transport equipment group compared to January last year. The finished products group increased even more, by 21 per cent, largely propelled by higher export values for scientific and technical instruments and devices.

The export value of ores sank by NOK 200 million, with tin ore sinking the most. Exports of paper and cardboard were down NOK 157 million in January this year compared to January 1996. Declines were also seen in fertilizer, metals and paper pulp.

New Statistics

Foreign trade in goods, January 1997. Preliminary figures.
Statistics are published every month in the Weekly Bulletin of Statistics and the Monthly Bulletin of External Trade. The figures are available from Customer Services, Foreign Trade, tel. +47 21 09 47 52/53, and will be published Week 10 in the Monthly Bulletin of External Trade. More information: Hans Kristian Østereng, tel. +47 21 09 47 13, e-mail: hko@ssb.no.

Weekly Bulletin issue no. 8, 1997