External trade in goods, September 2010

The trade surplus in September was higher than the corresponding month last year. However, September was the month that had the lowest trade surplus so far this year, except from August. A large proportion can be explained by low exports of natural gas and relatively high imports in September. Exports of crude oil and natural gas have increased from last month, but as of August, maintenance work affected the exports of crude oil and natural gas in September.

Increase in the export value of crude oil

Exports of crude oil worth NOK 24.5 billion was exported in September. Compared with September last year, the export value increased by NOK 4.6 billion, or 23 percent, this is mainly explained by the rise in oil prices. The average price per barrel of crude oil reached NOK 479, an increase of NOK 80 compared to September last year. The amount of barrels went up 1.2 million, or 2.5 percent.

Reduction in export volume of natural gas

The export value of natural gas decreased by NOK 2.7 billion, or 24.5 percent, compared with September last year, and ended at NOK 8.4 billion. The fall in export value was due to a reduction in export volume of natural gas in gaseous state that went down 1.8 billion cubic meters.

Record exports of mackerel and salmon

For goods excluding crude oil, natural gas, condensates, ships and oil platforms the export value amounted to NOK 30.3 billion. Compared to last year, this is an increase of NOK 2.6 billion, or 9.6 percent.

The biggest increase was in the fish exports. Exports of frozen mackerel and fresh salmon reached record levels and contributed to a total fish export of NOK 5.6 billion in September. This is an increase of NOK 1.8 billion compared to September last year. There was also a large increase in the group of manufactured goods, which reached NOK 6.7 billion; up NOK 910 million since last year. Within this group the aluminum exports rose by NOK 406 million, nickel exports went up NOK 282 million, while iron and steel exports increased by NOK 181 million. The export value of manufactures of metals pulled in the opposite direction, and fell by NOK 300 million.

The value of exports of refined petroleum products had the largest decline and fell by NOK 506 millions compared with September last year, ending at NOK 2.4 billion. There was also a decrease in the commodity group propane and butane, which reached NOK 1 billion, down NOK 222 million.

Higher imports - increase in several commodity groups

Imports of goods excluding ships and oil platforms came to NOK 40.5 billion in September, up NOK 2.7 billion, or 7.2 percent compared with September last year.

The biggest increase was in the commodity group metalliferous ores and metal scrap, which went up NOK 840 million, and ended at NOK 2 billion. Import value of articles of apparel and clothing accessories increased with NOK 341 million and amounted to NOK 1.9 billion. Other groups that showed a large increase was inorganic chemicals, which went up NOK 327 million and electric current that rose by NOK 282 million.

The import value of machinery and transport equipment came to NOK 14.1 billion. This is a decrease of NOK 348 million compared with the corresponding period last year. Within this group, other transport equipment showed the largest decline, of NOK 602 million. Imports of industrial machinery also decreased. Within this group, general industrial machinery showed the largest decline and fell by NOK 299 million. An increase in import value of telecommunications apparatus and equipment by NOK 266 million muted the decline in the trade of the group as a whole.

Tables:

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