External trade in goods, February 2008

The total export value of crude oil, natural gas and condensates came to NOK 45.6 billion in February. The export value of crude oil came to NOK 28.9 billion, a rise of 31.2¹ per cent compared with February last year. This was due to higher prices as the quantity was reduced by more than 5.3 million barrels, or 8.8 per cent. The crude oil price averaged NOK 523 per barrel in February 2008, compared with NOK 364 per barrel in the corresponding period last year. A higher volume caused the growth of 16.2¹ per cent in the exports value of natural gas.

¹ Corrected 14 March 2008 at 10:45 a.m.

Other commodities - seasonally adjusted and absolute figures

Seasonally adjusted figures for imports excluding ships and oil platforms show a decrease of 1.4 per cent in the last three months compared with the previous three-month period. Corresponding figures for exports excluding ships, oil platforms, crude oil, natural gas and condensates show an increase of 9.9 per cent.

When absolute figures are concerned, the export value of goods excluding ships, oil platforms, crude oil, natural gas and condensates came to NOK 30.3 billion in February, an increase of about NOK 5 billion, or 19.6 per cent compared with February 2008. Imports of goods, excluding ships and oil platforms rose by NOK 5.9 billion or 17.4 per cent compared with February last year.

Increase in exports of refined mineral products and machinery

Detailed figures show that the growth took place in many commodity groups and across many different products. However, with a rise of NOK 1.7 billion, refined mineral products experienced the strongest increase in export value. This is a growth of 80.3 per cent compared with February last year. Furthermore, the export value of machinery and transport equipment rose by almost NOK 1.5 billion (+33.5 per cent). The only main commodity group with a decline was manufactured goods, caused by a drop in the exports of non-ferrous metals by NOK 627 million.

Increase in imports of machinery, cars and other transport equipment

As for exports, the growth was distributed across a wide range of products. Nevertheless, the commodity group machinery and transport equipment stands out with a rise in imports of NOK 2.4 billion, resulting in an import value of NOK 15.5 billion for this group. Passenger cars, other transport equipment and industrial machinery accounted for the majority of this growth. Among other commodities with a strong growth were miscellaneous manufactured articles with NOK 874 million (+16.1 per cent) and inedible crude materials with NOK 667 million (+23.9 per cent).

¹Corrected 14 March 2008 at 10:45 a.m.

Tables:

• Table 1 Imports of commodities, ships and oil platforms excluded. February and January-February 2007 and 2008. Preliminary figures. NOK million
• Table 2 Exports of commodities, ships and oil platforms excluded. February and February-December 2007 and 2008. Preliminary figures. NOK million
• Table 3 Trade with countries and regional groups of countries. January-February 2007 and 2008. Preliminary figures. NOK million