External trade in goods, July 2002

The exports are highly influenced by a steep fall in the crude oil. For July the export values of crude oil summed up to 16.9 billion NOK - a drop of more than 28 per cent compared with July last year. The changes refer to substantially lower prices on crude oil measured in NOK and a somewhat more moderate reduction in volumes. During the last 12 months the NOK/USD exchange rate has had a major impact on the export values measured in NOK. In July last year the NOK/USD rate was 9.26 NOK. In July this year the rate was 7.46 NOK - an appreciation of more than 19 per cent. The exchange rate change has made Norwegian commodities more expensive for foreign buyers. The change also implies lower prices and reduced profits measured in NOK for the companies selling in USD.

Exchange rate changes have also influenced the exports of traditional goods which in July amounted to NOK 14.4 billion - down 3.9 per cent compared with July last year. Many of the important main groups have faced noticeable reductions in the value of exports. Exports of food commodities fell by 6.8 per cent, having fish and fish commodities as a dominating subgroup. Exports of paper and paper products dropped by 15.8 per cent, while pulp decreased by 32 per cent. Similar problems are experienced in the metal industry.

Seasonal aspects are found in exports. Seasonal adjusted figures for total export value excluding ships and oil platforms showed a decrease by 5.1 per cent in July, while June-figures showed a 2.2 per cent increase.

A slight reduction in imports

The value of imports amounted to 21.3 billion NOK in July -a moderate decrease of 1.4 per cent compared with July last year. Seasonal adjusted figures indicate a moderate growth of 0.6 per cent from June to July this year, and a decrease of 1 per cent for the period May-July compared with February-April. During the last 12 - 15 months the development in the seasonal adjusted 3-month figures indicates a falling trend for imports.

Tables:

• Table 1 Imports of traditional commodities in July and January to July 2001 and 2002. Preliminary figures. Million NOK
• Table 2 Exports of commodities, ships and oil platforms excluded, in July and January-July 2001 and 2002. Preliminary figures. Million kroner
• Table 3 Trade with countries and regional groups of countries. Traditional commodities. January-July. 2001 and 2002. Preliminary figures. Million NOK.