High imports of goods

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Imports of goods amounted to almost NOK 59.2 billion in May 2017 - 19.2 per cent more than the previous year. Exports of goods rose by 14.9 per cent and came to NOK 66.9 billion. The trade surplus decreased by 9.5 per cent.

Imports increased by almost NOK 10 billion compared to the corresponding month in 2016. The increase was caused by a broad rise all main commodity groups. Exports also rose considerably, up almost NOK 9 billion amounting to NOK 66.9 billion. the increase is caused by both increased crude oil, natural gas and mainland exports. The trade surplus decreased and came to NOK 7.8 billion.

Higher export value of crude oil

Exports of crude oil came to NOK 18.1 billion in May - 16.6 per cent more than the previous year. Both higher price and volume contributed to the increase in value. A total of 43.2 million1 barrels of crude oil were shipped abroad at a price of NOK 420 per barrel. This is an increase in number of barrels of 7.4 per cent and in price of 8.6 per cent compared to May 2016.

Natural gas at a value of NOK 13.1 billion were exported in May - an increase of 10.8 per cent. This constituted 8.9 billion cubic meters of natural gas in a gaseous state, which is a decrease of 0.4 per cent compared to May 2016.

1 The word were corrected 19 June 2017.

Figure 1. The trade balance

Total imports Total exports The trade balance
May 2012 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
45.9 70.4 24.5
May 2013 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
44.1 75.4 31.4
May 2014 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
64.3 65.8 1.5
May 2015 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
50.4 61.5 11.2
May 2016 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
48.8 69.8 20.9
57.2 77.1 19.9
43.9 66.1 22.2
May 2017* 59.2 66.9 7.7

Figure 2. Exports of crude oil, natural gas and natural gas condensates

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 31.6
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

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 38.8
Apr. 32.0 32.9 32.0
May 32.2 30.6 35.2
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

Figure 4

Exports of crude oil

Other significant twelve month changes

  • Imports of machines and transport equipment increased by 21.7 per cent and amounted to NOK 23.8 billion in May. All commodity sub groups except one increased.
  • A total of NOK 2.5 billion of mineral oil and products thereof were imported. this is more than double as much as the corresponding month the previous year.
  • Exports of fish amounted to NOK 7.4 billion - 13.4 per cent more than the corresponding month in 2017.
  • Metals (the sum of the SITC-categories 67 and 68) at a value of NOK 5.9 billion were shipped abroad in May, which is 36.4 per cent more compared to in 2016. High commodity prices for several of the metals we are exporting lots of are the main reason to the rise.

 

 

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