External trade in goods, November 2005

The export value of crude oil was NOK 22.7 billion in November. The crude oil price averaged NOK 374 per barrel. The number of barrels sold was down by 15.3 million while the average price was down by nearly NOK 13 compared with figures from October 2005.

Seasonally adjusted figures, decrease in exports for November

Seasonally adjusted figures for export goods excluding ships, oil platforms, crude oil, condensates and natural gas show a decline of 11.8 per cent from October to November. The cause of this is a fall in exports of chemical products and metals. On the contrary, for the last three months the export is up by 1.6 per cent compared with the previous period.

Corresponding figures for imports (all goods except from ships and oil platforms) for the last three months show a 1.0 per cent decline, compared with the June to August period. There is also a decline of 3.0 per cent from October to November.

Increased imports, exports only slightly higher

The growth of total imports of goods excluding ships and oil platforms came to NOK 2.6 billion in November compared to last years figures.

The November exports excluding ships, oil platforms, crude oil, condensates and natural gas was only slightly higher than in November 2004.

Considering the whole period, from January to November, it is worth noticing that the value of exports of fish already has exceeded the total value of last year by about NOK 400 million. The reason for this is both a jump in quantity and price, mainly increased price of salmon.

Furthermore, exports of iron and steel are on a steady decline, hence the total export value will probably not exceed the 2004 level substantially. However, so far this year, the imports of commodities within this group have risen by almost 30 per cent.

Trade with China and Sweden

By November, the total value of import from China has already exceeded the level of 2004 with NOK 1.3 billion. This country is now the fourth most important trade partner for Norway, the figures are still somewhat lower than Denmark, though far lower than those for Germany and Sweden.

During the same period exports to Sweden has increased by almost NOK 3.5 billion, while imports remain almost the same, measured in value. Partly this is due to the fact that SEK has depreciated considerably against NOK throughout the year. Another reason for the climb in exports value is the refined mineral products. Both quantity and value have gone up. The value is up by more than NOK 1 billion or almost a 50 per cent increase.

See also :

External trade with commodities - 2004 ( http://www.ssb.no/english/subjects/09/05/uhaar_en/ )

Tables:

• Table 1 Imports of commodities, ships and oil platforms excluded . November and January-November 2004 and 2005. Preliminary figures. NOK million
• Table 2 Exports of commodities, ships and oil platforms excluded. November and January-November 2004 and 2005. Preliminary figures. NOK million
• Table 3 Trade with countries and regional groups of countries. January-November 2004 and 2005. Preliminary figures. NOK million