External trade in goods, May 2012

Norway exported goods amounting to NOK 78.7 billion in May. The increase of over NOK 10.5 billion could mainly be attributed to a higher level of oil and gas exports. Imports were only 1 per cent lower than last year, at NOK 43.2 billion, while the value of mainland exports declined by the same percentage, coming to NOK 31.7 billion.

Falling oil prices, yet higher than last year

We exported crude oil amounting to NOK 29.3 billion in May 2012. The increase of NOK 5.4 billion, or 22.6 per cent, compared to the same month last year was mostly due to a higher export volume. A total of 44.7 million barrels of oil were exported in May, up 6.5 million compared to 2011. The oil price was still almost NOK 30 higher per barrel than for the same time period in 2011, coming to NOK 657 per barrel this year, but falling drastically from April. The fall was related to increasing economic concerns in Europe and reduced growth in the Chinese economy.

Gas up from 2011, down from levels this year

The exported value of natural gas in May came to NOK 16.8 billion; an increase of 37.2 per cent compared to 2011. The exported amount of natural gas in a gaseous state was 818 million standard cubic metres (sm3) higher than last May but fell considerably compared to April and the preceding months this year. The 1.9 billion sm3 reduction in volume compared to April was due to maintenance work.

Stable mainland exports helped by Munch art sale

Increases and decreases cancelled each other out for mainland exports, resulting in an increase of only 1 per cent compared to May 2011. Total export value thus amounted to NOK 31.7 billion.

The main commodity groups of mineral fuels, miscellaneous manufactured articles and other commodities showed the greatest increases. The sub group liquefied propane and butane rose by NOK 716 million, while refined mineral products grew almost NOK 600 million. Of the manufactured articles it was the export of art and antiquities that led the growth of nearly NOK 600 million, dominated by the sale of Edvard Munch’s “The Scream” at an auction. The painting was included in the external trade numbers for May with its real sale value of NOK 615 million and the United States as country of destination, as this is the last known destination.

The largest declines of the months were found in the groups manufactured goods, chemical products and machinery and transport equipment - down NOK 931, 560 and 273 million respectively. The biggest single reduction was for non-ferrous metals, totalling NOK 3.5 billion in May 2012; 18 per cent lower than last year. The main cause was reduced demand internationally, which contributed to lower metal prices. Machinery specialised for particular industries and other electrical machinery also fell, by NOK 406 and 348 million respectively. However, these groups are quite volatile and can easily be influenced by large transactions related to particular projects.

Few changes for imports

The import value of goods excluding ships and oil platforms totalled NOK 43.2 billion in May, which was almost identical to last year.

The biggest increases were found in the groups mineral fuels, manufactured goods and miscellaneous manufactured articles. The import of mineral oil products was NOK 1.7 billion higher than in May 2011, coming to NOK 3.7 billion in total. Growth in imported volume made the largest contribution to the rise. Iron and steel increased by NOK 412 million to a total of NOK 1.7 billion, while other manufactured articles grew by NOK 348 million to NOK 2.8 billion in total.

On the other hand, the main commodity groups inedible crude materials, machinery and transport equipment plus chemical products showed the largest declines. Of the sub groups, the value of metalliferous ores and metal scrap was halved, ending at NOK 1.5 billion. The equivalent relative reduction hit other transport equipment, which consequently totalled around NOK 950 million for May. The fall was caused by the import of two aeroplanes last year. Lastly, the group inorganic chemicals fell by NOK 340 million.

Tables:

• Table 1 Imports of commodities, ships and oil platforms excluded. May and January-May 2011 and 2012. NOK million
• Table 2 Exports of commodities, ships and oil platforms excluded. June and January-June 2011 and 2012. Preliminary figures. NOK million
• Table 3 Trade with countries and regional groups of countries. January-May 2011 and 2012. Preliminary figures. NOK million