External trade in goods, June 2012

Goods at a value of NOK 72.2 billion were exported in June 2012, while imports amounted to NOK 42.6 billion. Exports increased by 8.9 per cent, while imports rose by 4.9 per cent. Export of natural gas was an important factor for the overall increase in exports - exports of crude oil fell compared to June 2011. The trade surplus in June amounted to NOK 29.5 billion. This was an increase of NOK 3.9 billion, or 15.1 per cent, compared to June 2011. The exports during the first half of 2012 rose by NOK 47.2 billion to a total of NOK 486.3 billion. This constituted an increase of 10.8 per cent.

Lower oil price

Exports of crude oil came to a value of NOK 21.5 billion in June. This was NOK 2.1 billion less than the corresponding month last year. Both the number of barrels and the price decreased compared to 2011, but the latter was the most significant. Prices fell from NOK 621 to NOK 577 per barrel from June 2011 to June 2012. The decrease in the exported volume of crude oil may be linked to maintenance activity during the summer months and the strike that hit the Norwegian shelf at the end of June. In the first half of 2012, crude oil valued at NOK 165.4 billion was exported. The volume was 12.2 million barrels lower than in the first half of 2011. The average price during the first six months of the year was NOK 671 a barrel, while the price for the corresponding period last year was NOK 623.

High exports of natural gas

The exported value of natural gas came to NOK 18.7 billion in June. This was an increase of NOK 6.5 billion compared to 2011, mainly due to higher export volume. From June 2011 to 2012, the exports of natural gas in a gaseous state increased from 6.2 to 8 billion standard cubic metres (sm3). Further, the value of the exports of natural gas increased in the first half of 2012 compared to the same period in 2011, from NOK 94.1 billion to NOK 131.8. The increased value was caused by both higher volume and price. Exported volume increased from 47.2 to 56.2 billion standard cubic metres. The numbers for May 2012 have been adjusted up compared to the numbers that were published in June.

Increased mainland exports

Mainland exports amounted to NOK 31.6 billion in June. This was an increase of NOK 1.5 billion, or 4.9 per cent, compared to June 2011. In the first six months, the mainland exports increased by 2.2 per cent to a total of NOK 183.8 billion. This was NOK 4 billion more than in the first half of 2011.

Except for three main commodity groups there was an upward trend for Norwegian exports in June. In This month the export of fish and shellfish came to NOK 4 billion. This was almost NOK 300 million more than June last year. On the other hand, the export of fish decreased from NOK 25.3 billion in 2011 to NOK 24.2 billion in the first half of 2012. This was NOK 1.1 billion less than the previous year. The drop was mainly caused by lower salmon prices.

The group chemical products decreased by NOK 209 million from June 2011 to 2012. This drop was even more evident in the half year figures, where the group fell by NOK 3.3 billion, to a total of NOK 20.9 billion. The decline of the solar cell industry was mainly to blame.

The exports of propane and butane rose in both June and in the first half year. In June, this group rose by NOK 979 million to a total of NOK 2.2 billion. During the first half of 2012, the exports increased by NOK 3.9 billion to a total of NOK 13.6 billion compared to the corresponding period last year.

For non-ferrous metals, the exports in June increased by NOK 243 million, totalling NOK 3.7 billion. In the first half of 2012, exports of non-ferrous metals were NOK 3 billion lower than in the corresponding period last year, ending at NOK 21.4 billion.

Stable imports

The value of imported goods excluding ships and oil platforms amounted to NOK 42.6 billion in June. This was an increase of NOK 2 billion, or 4.9 per cent, compared to June last year. In the first half year, imports decreased by approximately NOK 1 billion compared to 2011, amounting to NOK 243.8 million.

In June, Norway’s imports in the main commodity group machinery and transport equipment increased by NOK 2.3 billion compared to last year, coming to a total of NOK 17.1 billion. The sub groups general industrial machinery and road vehicles increased the most, by NOK 466 and 873 million respectively. During the first half of 2012, the imports of machinery and transport equipment totalled NOK 90.1 billion, which was NOK 3.1 billion higher than last year.

In the first half of 2012, imports of metalliferous ores and metal scrap came to a value of NOK 11.4 billion. This was NOK 5 billion less than in 2011, and a decrease of 30.5 per cent compared to last year.

Compared to 2011, the import of electric current has been low. During the first six months of 2011, Norway imported electric current worth NOK 4.6 billion, while the imports for the same period in 2012 amounted to NOK 417 million; 91 per cent lower than in 2011. The imports have also been low in June, at NOK 33 million compared to NOK 114 million last year. The fall in imports was related to humid conditions this spring.

Lower exports to Southern Europe

In the first half of 2012, the imports from Europe increased by almost 2 per cent, to NOK 174.4 billion. Exports increased less; by just 0.6 per cent, to a total of NOK 128.2 billion. Except for Greece, exports to the crisis-stricken Southern European countries decreased during the first half of 2012. The exports fell by 9.7 per cent to Portugal, 18.7 to Spain and 19.4 to Italy. The increase in exports to Greece was due to increased shipments of refined mineral products.

During the first half of 2012, there has been little change in the trade with our Nordic trading partners. The imports from these countries increased by 0.9 per cent, from NOK 57.1 to NOK 57.6 billion. Sweden was our most important trading partner, followed by Denmark. We imported and exported for NOK 35 and 19 billion from and to Sweden respectively. This led to a bilateral trade deficit of NOK 15.9 billion.

China is the country in Asia that Norway trades the most with. In the first half of 2012, the imports and exports of goods to China amounted to NOK 20.9 and 6.8 billion respectively. This was an increase in imports of 10.3 per cent, while the exports fell by 9.9 per cent.

See the table The relationship between old and new tables in the Statbank

Tables:

• Table 1 Imports of commodities, ships and oil platforms excluded. June and January-June 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-June 2011 and 2012. Preliminary figures. NOK million