External trade in goods, June 2009

In the first half of 2009, exports reached NOK 367.6 billion, while imports came to NOK 207.8 billion. The trade balance in the same period ended at NOK 159.9 billion, down 33.5 per cent from the corresponding months in 2008.

The trade balance in the first half of 2009 for external trade devlined NOK 80.5 billion, or 33.5 per cent from the corresponding months in 2008. The low trade surplus is mainly due to a decline in crude oil exports.

Low crude oil price

In the first six months of 2009, the total export value of crude oil came to NOK 105 billion, down 46.2 per cent from 2008. The decline is mainly due to lower crude oil prices, but also to fewer barrels being exported. The average crude oil price was NOK 580 per barrel in the first half of 2008 and NOK 346 per barrel in the same period in 2009. In the six first months of this year, we exported more than 303 million barrels of crude oil, as opposed to 337 million barrels in the corresponding months in 2008.

Increased exports of natural gas

The value of exports of natural gas came to NOK 111.3 billion in the first half of 2009, up 11.9 per cent from the corresponding period in 2008. The exported quantum of natural gas in gaseous state amounted to 49.4 billion Sm3 (Standard cubic metres), about the same as in 2008.

Less other exports

The export value of goods excluding ships, oil platforms, crude oil, condensates and natural gas came to NOK 147.4 billion in the first half of 2009, down 18 per cent from the corresponding period in 2008.

The table shows selected commodity groups and their effect on the value of exports in the period January to June. Machinery and transport equipment reached NOK 38.6 billion, up a mere 2.9 per cent from 2008. Within this group, general industrial machinery, machinery specialised for particular industries, electrical machinery and power generating machinery and equipment show small changes in exported values so far in 2009.

Also the main group, miscellaneous manufactured articles, is unchanged from January to June this year, ending at NOK 10.7 billion; a decline of only 1.4 per cent from 2008.

Contributing to the decline in exports, the value of manufactured goods declined 35.8 per cent, ending at NOK 30.1 billion. Non-ferrous metals as well as iron and steel decreased in the period from January to June 2009, by NOK 11 and 4.4 billion respectively.

Exports of chemicals and related products went down 13.9 per cent, ending at NOK 18.8 billion. The decrease was caused by several commodities, including organic chemicals, plastics in primary forms and fertilizers.

Within the main group, mineral fuels, excluding crude oil, natural gas and condensates, refined mineral products, electric current and liquefied propane and butanes all declined.

Increase in exports of fish

The export value of fish goods in the first half of 2009 came to NOK 19.9 billion, up 17.4 per cent or NOK 2.9 billion from 2008.

Russia was our largest market for fish exports so far in 2009, both in terms of quantity and value. We exported fish for NOK 2.3 billion to this country in the first six months of 2009, compared with NOK 1.6 billion in 2008. Next we find France, closely followed by Denmark and Poland.

Fresh farmed salmon was the largest commodity of fish in the first half of 2009. The revenues from farmed salmon exports increased from NOK 6.4 billion in 2008, to NOK 8.1 billion in 2009, mainly due to increased prices.

Decline in imports

Imports of goods in the first half of 2009, excluding ships and oil platforms, came to NOK 207.8 billion. Corresponding figures for the previous year ended at NOK 240.2 billion. This is a decline of 13.5 per cent.

The table above shows selected commodity groups and their effect on the value of imports in the period January to June. The decrease in imports in the first half of 2009 was partly due to the commodity group machinery and transport equipment, which ended at NOK 80.6 billion, down 15.4 per cent from the corresponding months in 2008. Among others, general industrial machinery and equipment, machinery specialised for particular industries and road vehicles declined. Imports of passenger cars from January to June this year fell both in value (down 41.1 per cent) and number (down 40 per cent or 36 800 cars) compared with the corresponding period in 2008.

Our imports of manufactured goods reached NOK 32.8 billion in the first six months of 2009. The manufacture of metals, iron and steel and non-ferrous metals all declined in this period. The imported value for non-ferrous metals is almost half that of the fist half of 2008, ending at NOK 2.7 billion.

Inedible crude materials fell 37.6 per cent and came to NOK 12.2 billion. Metalliferous ores and metal scrap contributed to the decline in the import value in this period.

Imports from the group miscellaneous manufactured articles, chemicals and related products as well as food and live animals ended almost unchanged at NOK 32.7, 21.7 and 13.1 billion respectively, in the first half of 2009.

European Union, our main trade area

Our most important trade area was the European Union. In the first half of 2009, trade with the EU amounted to 68.3 per cent of our imports, excluding ships and oil platforms. This is a 15.2 per cent decline from 2008. Exports, excluding ships, oil platforms, crude oil, condensates and natural gas declined NOK 31.7 billion.

Sweden was our largest trading partner, both for imports and exports, excluding ships, oil platforms, crude oil, condensates and natural gas. From January to June 2009, imports from Sweden reached NOK 30 billion and exports NOK 15.1 billion. We import the second most from Germany, followed by China, Denmark and the USA. With regard to exports, Germany is also the second largest destination, followed by the USA, Netherlands and United Kingdom.

When we include ships, oil platforms, crude oil, condensates and natural gas, the order differs somewhat. Large exports of crude oil and natural gas put United Kingdom at the top of this list, followed by Germany, the Netherlands, France and Sweden.

In the period from January to June 2009, imports from Asia stay the same as in 2008, up only 0.5 per cent. China dominates the Asian market, with Japan in second place. Imports from China increased 7.5 per cent ending at NOK 15 billion in the first half of 2009. Clothes, with NOK 3 billion, are the most important commodities from China in 2009. In the next places we find office machines and automatic data processing equipment as well as telecommunications apparatus and equipment, with NOK 2.1 and 1.8 billion respectively in the corresponding period.