Increased external trade in goods

Neither export, nor import values ​​have been this high in a single month since spring 2015. There was a rise in most of the main commodity groups, for both exports and imports.

By comparing the numbers between months, it is important to be aware of that the Easter holidays last year was in March, and will be in April this year.

The trade surplus came to NOK 22.7 billion, over twice as much as in March last year, however not as high as in the past three previous months.

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• More figures and tables from External trade in goods

Increased oil and gas exports

Exports of crude oil amounted to NOK 18.2 billion in March – NOK 6 billion more than in the same month previous year. The increased value was due both to a rise in exported volumes as well as higher oil prices, on average NOK 113 more per barrel than in March last year. In total, 42.0 million barrels of crude oil were exported compared to 37.6 million barrels in the same month a year ago.

The value of exported natural gas came to NOK 21.0 billion rising from NOK 16.2 billion in March 2016. Exported volumes were about the same as last year, - 10.5 billion standard cubic meters of natural gas in gaseous form. Higher gas prices accounted for the value increase.

 

All times high mainland exports

Mainland exports rose to NOK 38.8 billion, up NOK 5.7 billion, 17.4 per cent more than in March last year. The increase is mainly due to larger exports of refined mineral oil products and exports of fish.

This is the highest mainland export value ever measured for a single month.

Exports of refined mineral oil products accounted for NOK 4.4 billion in March. This is NOK 1.9 billion more than in same month last year. The increase is due to higher prices. Fish exports rose by NOK 1.4 billion compared to March 2016, amounting to over NOK 8.8 billion. Higher volumes and higher prices, both for salmon and cod were decisive. Fish exports alone accounted for 23 per cent of the mainland export value in March.

Other significant twelve-month changes

- Exports of non-ferrous metals increased by NOK 969 million. More aluminum exported at a higher price accounted for most of the increase.

- The import value of passenger cars was record high - NOK 4.4 billion compared to NOK 3.6 billion in March last year. In total, 18 100 cars were imported against 17 050 in the same month in 2016. About 3 900 passenger cars were hybrid cars and almost 3 200 were electrical cars.