Increase in trade surplus

Published:

Exports totalled NOK 63.9 billion in September, 11.2 per cent more than in the same month in 2016. Imports were approximately unchanged from September last year and contributed to a trade surplus of NOK 9.2 billion.

The trade surplus increased by NOK 6.0 billion compared to September 2016. The surplus was mainly due to less export of natural gas as well as a significant rise in imports of ships in September last year. The trade surplus, excluding ships and oil platforms, amounted to NOK 8.5 billion, which is NOK 2.4 billion more than in the same month a year back.

Figure 1. The trade balance

Total imports Total exports The trade balance
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 67.0 7.2
June 2017 67.4 66.4 -0.9
July 2017 47.0 60.6 13.5
Aug. 2017 54.2 65.3 11.1
Sep. 2017* 54.8 63.9 9.2

Increased exports of crude oil and natural gas

Exports of crude oil amounted to NOK 15.8 billion in September - NOK 1.6 billion more than in the same month in 2016. The increased value was mainly due to a rise in oil prices, on average NOK 417 per barrel against NOK 383 a year earlier. In total, 37.8 million barrels of crude oil were exported in September.

The value of exported natural gas came to NOK 12.5 billion rising from to NOK 7.9 billion in the same month previous year. Exports were less in September 2016 due to maintenance work. In total, 8.9 billion standard cubic meters of natural gas in a gaseous state were exported, compared to 5.8 billion in the same month a year ago.

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 30.4
Sep. 32.7 22.3 28.5
Oct. 37.9 34.9
Nov. 33.4 35.6
Dec. 31.5 37.3

Figur 3

Figure 3. Exports of crude oil

Stable mainland exports

Mainland exports ended at NOK 34.6 billion in September, approximately unchanged compared to the same month in 2016.

Figure 4. 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 35.0
Jun. 35.6 34.8 37.2
Jul. 33.7 30.1 32.1
Aug. 29.5 31.4 34.5
Sep. 35.6 34.9 34.6
Oct. 35.8 30.8
Nov. 33.5 33.2
Dec. 34.4 32.2

Other significant twelve-month changes

Exports of refined mineral oil products amounted to NOK 3.6 billion, almost NOK 700 million more than in September last year. The rise was both due to a bigger exported volume as well as higher prices.

Exports of fish fell from NOK 8.5 to NOK 7.8 billion. The exported volumes fell for most species. The decline, in value, was greatest for mackerel, herring and cod with a total fall of nearly NOK half a billion. Exports of salmon fell by about NOK 40 million, however, both the exported quantity as well as the export value was high compared to the previous months in 2017.

Imports of passenger cars were all times high in September amounting to NOK 5.2 billion of which NOK 2 billion was for electric cars. A total of 18 500 cars were imported and 5 100 of these were electric cars.

 

Contact