Increase in mainland exports

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Exports of goods accounted for NOK 60.7 billion in July, 2.3 per cent more than in July last year. Mainland exports increased while income from crude oil declined. 

Mainland exports rose close to NOK 2 billion in July 2017, amounting to NOK 32.2 billion. High exports of power generating machinery and equipment contributed to the increase.

Imports were about the same as in July 2016 - NOK 46.3 billion. Thus the trade surplus ended at NOK 14.3 billion.

Revenues from crude oil and natural gas exports were about the same as in July 2016. Overall, the value from crude oil and natural gas exports reached NOK 28.0 billion. Fluctuations in exported volumes of crude oil and natural gas are common in summer months due to maintenance work.

Figure 1. The trade balance

Total imports Total exports The trade balance
July 2012 41.0 72.0 30.9
Aug. 2012 41.4 74.0 32.6
Sep. 2012 43.0 65.1 22.1
Oct. 2012 49.4 82.0 32.7
Nov. 2012 44.8 77.2 32.4
Dec. 2012 38.4 74.7 36.3
Jan. 2013 43.0 76.7 33.7
Feb. 2013 39.6 74.6 35.0
Mar. 2013 38.4 77.1 38.7
Apr. 2013 45.9 70.4 24.5
May 2013 44.1 73.2 29.1
June 2013 42.0 74.3 32.3
July 2013 43.0 79.7 36.7
Aug. 2013 43.7 73.2 29.6
Sep. 2013 47.7 67.5 19.8
Oct. 2013 49.2 80.4 31.2
Nov. 2013 46.2 87.2 41.1
Dec. 2013 44.8 82.1 37.3
Jan. 2014 42.5 91.2 48.7
Feb. 2014 43.3 78.1 34.8
Mar. 2014 46.6 82.1 35.5
Apr. 2014 44.1 75.4 31.4
May 2014 45.1 71.8 26.7
June 2014 46.4 66.0 19.6
July 2014 51.8 69.9 18.2
Aug. 2014 46.6 67.8 21.1
Sep. 2014 50.6 71.7 21.1
Oct. 2014 52.1 85.6 33.5
Nov. 2014 46.7 73.3 26.5
Dec. 2014 46.7 76.2 29.5
Jan. 2015 45.4 70.0 24.6
Feb. 2015 45.3 68.9 23.6
Mar. 2015 56.4 79.1 22.7
Apr. 2015 64.3 65.8 1.5
May 2015 46.2 67.4 21.2
June 2015 54.1 70.5 16.4
July 2015 44.6 69.7 25.1
Aug. 2015 47.1 67.7 20.6
Sep. 2015 53.3 68.3 15.0
Oct. 2015 53.6 73.8 20.2
Nov. 2015 54.2 67.2 13.0
Dec. 2015 51.0 66.8 15.8
Jan. 2016 43.7 60.7 17.0
Feb. 2016 49.5 60.4 10.9
Mar. 2016 50.5 61.9 11.4
Apr. 2016 50.4 61.5 11.2
May 2016 49.7 58.2 8.6
June 2016 53.8 60.4 6.6
July 2016 45.9 59.3 13.4
Aug. 2016 52.9 60.0 7.1
Sep. 2016 54.3 57.5 3.2
Oct. 2016 52.7 68.9 16.2
Nov. 2016 56.9 70.5 13.5
Dec. 2016 49.3 72.2 22.9
Jan. 2017 51.4 74.8 23.4
Feb. 2017 48.8 69.8 20.9
Mar. 2017 57.2 77.1 19.9
Apr. 2017 43.9 66.1 22.2
May 2017 59.8 66.7 6.9
June 2017 67.0 66.2 -0.8
July 2017* 46.3 60.7 14.3

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 35.1
Jun. 35.6 34.8 37.2
Jul. 33.7 30.1 32.2
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

Increase in exports of natural gas

In July this year crude oil exports reached NOK 14.8 billion, a decrease of 14.7 per cent compared to the same month last year. The decline was caused by a lower exported volume, as the price rose by NOK 16 per barrel. 

Exports of natural gas came to NOK 13.2 billion in July 2017. This corresponds to an increase of NOK 2.4 billion compared with July last year. Higher exported volume explained the increase.

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

2015 2016 2017*
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 28.5
Jul. 35.1 28.5 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

Figur 4

Figure 4. Exports of crude oil

Other significant twelve-month changes

  • Imports of machinery and transport equipment reached NOK 17.3 billion, 7.1 per cent less than in July 2016. Imports of road vehicles on the other hand, went up by 15.4 per cent, ending at NOK 3.4 billion.
  • In July exports of fish came to NOK 6.5 billion. Salmon prices have been high throughout 2017, but in July this year it was mainly an increase in volume.
  • Exports of iron and steel amounted to NOK 1.2 billion in July, up 39.3 per cent from July 2016. Higher prices explained the increase.
  • Export value for other industrial machines, a total of NOK 955 million, was almost halved in July this year compared with the same month last year. However, a longer time series shows that it is common with monthly fluctuations for this product type.

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