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38033
Record oil price behind strong trade surplus
statistikk
2007-12-17T10:00:00.000Z
External economy
en
muh, External trade in goods, import, export, balance of trade (export minus import), mainland exports, imports excluding ships and oil platforms, trade ( between countries, continents and trade regions), international product groups (for example hs, sitc and bec), product groups (for example food, crude oil and metals)External trade , External economy
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External trade in goods, November 2007

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Record oil price behind strong trade surplus

Exports of goods in November reached NOK 72.3 billion in November, compared with imports of NOK 41 billion. Record prices of crude oil contributed to a trade surplus of NOK 31.3 billion.

The total export value of crude oil, natural gas and condensates came to NOK 41.3 billion in November. The exported value of crude oil alone was NOK 26 billion. Natural gas and condensates reached NOK 14.3 billion and NOK 906 million respectively. The crude oil price average rose from NOK 379 in November last year to NOK 508 per barrel in November this year. This is the highest crude oil price ever recorded.

External trade in goods, excl. ships and oil platforms. NOK million
  January-November Change in per cent November Change in per cent
  2006 2007 2006 2007
1 Imports       370 134       424 299 14.6      40 618      40 995 0.9
2 Exports  713 056  728 870 2.2 67 221 72 287 7.5
Of which            
Crude oil  287 240  277 526 -3.4 23 993 26 049 8.6
Natural gas  131 522  137 864 4.8 14 214 14 337 0.9
Condensates 17 157 6 766 -60.6  260  906  249.0
3 Exports excl. crude oil, natural gas and condensates  277 138  306 714 10.7 28 755 30 995 7.8
4 Trade balance (2-1)  342 921  304 571 -11.2 26 603 31 291 17.6
5 Trade balance excl. oil, natural gas and condensates (3-1) -92 997 -117 585 . -11 863 -10 001 .

The export value of goods excluding ships, oil platforms, crude oil, condensates and natural gas came to NOK 31 billion in November, an increase of 7.8 per cent compared with the corresponding month last year.

From January to November this year the export value of non-ferrous metals amounted to NOK 58.1 billion, up NOK 11 billion or 9.5 per cent compared with the same period last year. Refined mineral products reached NOK 34.2 billion in the first eleven months of 2007, an increase of NOK 457 million. The export value of fish from January to November this year reached NOK 32.7 billion, an increase of NOK 1.2 billion or 3.9 per cent compared with the corresponding months in 2006. Other chemical products and machinery specialized for particular industries showed an increase of NOK 4.8 and 2.7 billion respectively compared with the January to November 2006 period.

High imports of road vehicles

Imports of goods excluding ships and oil platforms came to NOK 41 billion in November 2007. This represents a small increase of NOK 377 million, or 0.9 per cent, from November 2006.

From January to November, imports of metalliferous ores and metal scrap came to NOK 29.4 billion, up 44.5 per cent or NOK 9.1 billion compared with the corresponding period in 2006. Imports of general industrial machinery rose by NOK 3.3 billion to NOK 22.9 billion. Furthermore, electrical machinery and manufactures of metals increased by NOK 3.2 billion and NOK 2.6 billion respectively. From January to November, imports of road vehicles came to NOK 43.7 billion, an increase of NOK 6.3 billion from last year. Imports of clothes in November came to NOK 1.1 billion. The main import countries for clothes were China, Turkey and Italy, accounting for NOK 447, NOK 102 and NOK 54 million respectively.

Seasonally adjusted figures

Seasonally adjusted figures show an 8.4 per cent rise in exports of crude oil, condensates and natural gas in the period September to November 2007 compared with the previous three-month period. Corresponding figures show a 0.7 per cent decline from October to November this year.

Seasonally adjusted figures show a 6.5 per cent decline in exports of goods excluding ships, oil platforms, crude oil, condensates and natural gas in the period September to November 2007 compared with the previous three-month period. Corresponding figures show a 4.6 per cent rise from October to November this year.

Similar figures for imports excluding ships and oil platforms show a 1.7 per cent increase in the period September to November compared with the previous three-month period. Corresponding figures show a7.6 per cent drop from October to November.

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