External trade in goods, January 2003

Imports came to NOK 21.6 billion in January 2003. Exports amounted to NOK 41.1 billion, an increase of 6.8 per cent compared with figures from January 2002. The rise was mainly due to the fact that the price of oil increased by 28 per cent, from NOK 171 per barrel to NOK 218 per barrel, in spite of a fall in the exchange rate (NOK/USD) by 23 percentage points during the period. Exports of natural gas decreased by 13.2 per cent, mainly due to lower prices.

Seasonally adjusted figures for exports of crude oil, natural gas and gas condensates show an increase of 1.6 per cent from December 2002 to January 2003 and a 5.5 per cent increase for the last three months.

Exports of traditional goods decreased

Exports of traditional goods amounted to NOK 16 billion in January 2003, a decrease of 5.5 per cent from last year. Seasonally adjusted figures show a decline of 0.2 per cent from December last year to January this year. Corresponding figures for imports show an increase of 1.4 per cent. A comparison of the two last three-month periods shows a decline of as much as 4.5 per cent for exports and 0.4 per cent for imports.

Less trade with most commodity groups- except imports of electricity

Imports of “machinery and transport equipment” decreased the most from January 2002 to January 2003, by NOK 820 million or 9.3 per cent. In this group imports of “general industrial machinery” and “office machines and data processing machines” decreased by 28.7 and 18.1 per cent respectively. Imports of the group “fish, crustaceans etc. and preparations thereof” decreased by NOK 306 million, or 50.1 per cent, whereas imports of electricity increased by as much as NOK 480 million or 400.9 per cent. On the other hand exports of electricity declined by as much as 44.8 per cent.

Less trade with Norway's most important trade partners

Imports from Great Britain and Northern Ireland have declined by 19 per cent, and from France and Germany by 17.6 and 3.8 per cent respectively. For the USA the decline is 31.3 per cent. Imports from Denmark and Sweden, however, have increased by 14.4 and 0.8 per cent respectively.

Exports of traditional goods to Denmark have decreased by 10.8 per cent, to Sweden by 4 per cent and to Italy by as much as 27 per cent.

On the other hand exports to the USA and to China have increased considerably, by 27.7 and 95.6 per cent respectively.

Tables:

• Table 1 Imports of traditional commodities in January 2002 and 2003. Preliminary figures. Million NOK
• Table 2 Exports of commodities, ships and oil platforms excluded, in January 2002 and 2003. Preliminary figures. Million NOK
• Table 3 Trade with countries and regional groups of countries. Traditional commodities. January 2002 and 2003. Preliminary figures. Million NOK