External trade in goods, January 2010

The increase in the January trade surplus compared with the previous month is mainly due to a decline in the import value. Imports fell by NOK 3.5 billion compared with December of 2009, with a decline in the import value of machinery and transport equipment as a highly actuating factor. The export value showed only small changes compared with the previous month.

The trade surplus also increased compared with January last year, mainly due to a NOK 6 billion decline in import value for January this year.

Reduction in export volume of crude oil

Exports of crude oil in January declined by NOK 2.8 billion compared with December, amounting to NOK 20.9 billion. The decline in export value was due to a reduction in export volume of 7.8 million barrels, related to poor weather conditions in the North Sea. The average price reached NOK 444 per barrel in January, as to NOK 432 last month.

The value of the oil export increased by NOK 3 billion compared with January last year. While the amount of barrels exported in January this year was significantly lower - 47 million barrels, the price was considerably higher.

Small changes in the export of natural gas

Natural gas worth NOK 15.6 billion was exported in January, a small increase of NOK 863 million- or 2.9 per cent from December. Compared with January last year, the export value of natural gas decreased by NOK 9.2 billion, mainly explained by the particularly high prices of natural gas in gaseous state at the start of 2009.

Import - the lowest monthly import value since 2006

Imports of goods excluding ships and oil platforms came to NOK 29 billion, which represents a decline of 17.1 per cent compared with January last year. The import value has been low for a period now, and the value in January was the lowest monthly import value since April 2006. As was the case last month, the commodity groups machinery and transport equipment as well as processed goods showed the greatest decline.

The import value of machinery and transport equipment amounted to NOK 10.5 billion; a decrease of NOK 2.4 billion compared with the corresponding period last year. Within this group, general industrial machinery showed the largest decline, of NOK 1.1 billion, or 43.7 per cent. An increase in import value of road vehicles muted the decline in the trade of the group as a whole. This must be viewed in relation to the particularly low import values of passenger cars at the end of 2008 and the start of 2009.

Processed goods worth NOK 4.4 billion were imported in January 2010; a decrease of NOK 1 billion compared to January 2009. Within the processed commodities, the subgroup iron and steel had the greatest decline in import value, down NOK 600 million, or 47.2 per cent.

Increased exports of refined oil products

For goods excluding crude oil, natural gas, condensates, ships and oil platforms, the export value amounted to NOK 26.4 billion. Compared with January last year, this is an increase of NOK 1.8 billion.

The biggest increase was in the group of refined petroleum products, which increased by NOK 8.1 billion, and ended at NOK 3.6 billion. Gasoline and diesel contributed the most within this group. There was also a large increase in the commodity group propane and butane, which reached NOK 2.4 billion; an increase of NOK 1.3 billion since January last year.

The export value of machinery and transport equipment had the largest decline and fell by NOK 1.2 billion compared with January last year, ending at NOK 4.8 billion. All export values of goods in this group were reduced with the exception of a small increase in office machines and automatic data processing equipment. It was particularly the exports of power generating machinery and equipment that dropped, with a decline of NOK 544 million, or 56.5 per cent.

The group of processed goods fell by NOK 340 million, and ended at NOK 5.3 billion. Within this group, iron and steel fell by NOK 203 million, while aluminium fell by NOK 144 million. The decline in export value for aluminium is mainly due to lower prices in January this year compared to January last year. After the low levels in March 2009, the export value for aluminium has had a positive development, mainly due to an increase in the quantity exported. The export value of nickel pulled in the opposite direction, and rose by NOK 273 million compared to last year. The increase in export value for nickel is primarily due to an increase in the prices, which have been increasing since the beginning of the second quarter of 2009. Other groups that increased were chemical products and fish, which increased by NOK 197 and NOK 182 million respectively. In January, the export value of fish was NOK 3.5 billion and chemical products amounted to NOK 3.5 billion.

Tables:

• Table 1 Imports of commodities, ships and oil platforms excluded. January 2009 and 2010 Preliminary figures. NOK million
• Table 2 Exports of commodities, ships and oil platforms excluded. January 2009 and 2010. Preliminary figures. NOK million
• Table 3 Trade with countries and regional groups of countries. January 2009 and 2010. Preliminary figures. NOK million