Reduced oil and gas exports in August

Norway exported NOK 13.9 billion worth of traditional goods in August, 12.9 per cent more than during the same month last year. Exports of oil and gas declined significantly, totalling respectively NOK 10.4 and 1.5 billion compared to August last year. With an import value of NOK 18 billion in August this yielded a trade surplus of NOK 7.8 billion. Trade in ships and oil platforms is not included.

As a result of maintenance work Norway exported less crude oil and natural gas than normal in August. Output amounted to 2.4 million barrels per day, or 73.8 million for the entire month. This is the smallest quantity of crude exported so far this year. During the same month last year Norway exported 91.6 million barrels. Despite preliminary estimates showing the highest crude oil price (NOK 140 per barrel) since February, the export value fell 13.3 per cent compared to August 1996. The value of gas exports was NOK 200 million lower than in August.

In the first eight months of the year combined exports of gas and oil amounted to NOK 97 billion in the same period last year. Both the value of traditional exports and imports have increased nearly six per cent from January to August. Norway's trade balance improved by 16.1 per cent or NOK 9.2 billion during this period.

New Statistics

External trade with commodities, August 1997. Main figures.
Statistics are published every month in the Weekly Bulletin of Statistics and Monthly Bulletin of External Trade, which are also available on the Internet at http://www.ssb.no. Figures are also available from Customer Services, External Trade, tel. +47 21 09 47 52/53. More information: Øyvind Hagen, tel. +47 21 09 47 26, e-mail: ayh@ssb.no.

Weekly Bulletin issue no. 38, 1997