Low export of oil and gas

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Exports of goods amounted to NOK 751.4 billion in 2016, down 10 per cent from 2015. The main reason for the decline is lower exports of natural gas, but crude oil and mainland exports also contributed to the fall.

Low prices are the main reason for the decline in oil and gas exports. The total value of oil and gas exports is the lowest since 2004. This in turn caused the trade surplus to decline by 35.4 per cent to just under NOK 142 billion. 

Lower value for export of natural gas

Despite a high export volume of natural gas, exports of natural gas fell by more than 27 per cent in 2016, amounting to NOK 160.8 billion. A total of 109.7 billion standard cubic metres of gas in a gaseous state were exported, approximately the same as the previous year.

Crude oil exports amounted to NOK 187.6 billion, a decrease of 4.8 per cent from 2015. Lower prices caused the decline. The price per barrel of crude oil ended at NOK 364 in 2016 compared to NOK 414 kroner in 2015, a decrease of 12 per cent. A total of 515 million barrels of crude oil were shipped abroad, which corresponds to an increase from 2015 of 8 per cent. Compared to 2002, when we exported 1 010 million barrels of crude oil, exports of crude oil are now nearly halved. Since the publication of the preliminary figures in January 2017, crude oil export figures have been revised up by NOK 1.8 billion.

Figure 1

Figure 1. The trade balance. NOK Billion

Figure 2

Figure 2. The trade balance, main trading partners. NOK million

Figure 3

Figure 3. Exports of crude oil

Figure 4

Figure 4. Exports of crude oil

Figure 5

Figur 5. Imports of goods from different continents. 2016

Figure 6

Figur 6. Mainland exports of goods to different continents. 2016

Reduced exports of mainland goods

Mainland goods accounted for more than 50 per cent of exported goods in 2016, and amounted to NOK 387 billion. This is a decline of 4.2 per cent compared to 2015. The main commodity groups (goods classified by SITC 1-digit. For more information about this nomenclature consult the Statistical Classifications and Codelists website) machinery and transport equipment together with various miscellaneous goods accounted for the biggest decline. These commodity groups decreased by 7.8 per cent and 6.2 per cent and amounted to NOK 91.1 billion and NOK 72.5 billion respectively. Fish exports increased the most, up 23.9 per cent to NOK 89.2 billion. The value of salmon exports alone increased by almost 29 per cent and ended at NOK 61.3 billion. Higher prices caused the increase, the volume decreased by 5.3 per cent to approximately 979 000 tons.

Some of the most important changes by country

Exports of mainland goods to three of our four biggest recipients decreased in 2016. Shipment of goods to the Netherlands, Germany and Great Britain decreased by a total of 8.6 per cent, amounting to NOK 94.0 billion.

  • Exports to the USA fell by 19.5 per cent from 2015 to 2016, thereby ending at NOK 25.9 billion. Most of the large main commodity groups decreased, but mineral fuels together with machinery and transport equipment fell the most.
  • The Asian countries China, South Korea and Singapore imported less Norwegian goods last year. We shipped goods at a total of NOK 37 billion to these countries in 2016, which is 27.4 per cent less than in 2015.
  • Exports of goods to Spain and Italy increased by 19.1 per cent and amounted to NOK 18.2 billion in 2016.
  • The countries we imported most from in 2016 were Germany, Sweden and China. From these countries, we imported goods for more than NOK 208 billion, which represents almost 35 per cent of total Norwegian imports, excluding ships and platforms

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