54144_not-searchable
/en/utenriksokonomi/statistikker/muh/maaned
54144
High oil prices - large trade surplus
statistikk
2011-02-15T10:00:00.000Z
External economy
en
muh, External trade in goods, import, export, balance of trade (export minus import), mainland exports, imports excluding ships and oil platforms, trade ( between countries, continents and trade regions), international product groups (for example hs, sitc and bec), product groups (for example food, crude oil and metals)External trade , External economy
false

External trade in goods, January 2011

Variants of the statistics:

Content

Published:

This is an archived release.

Go to latest release

High oil prices - large trade surplus

In January, the export of goods reached NOK 74 billion, while imports amounted to NOK 37.5 billion. The trade surplus thus ended at NOK 36.5 billion. The export value of crude oil was high, and oil prices rose for the fourth month in a row.

Compared to January 2010, exports rose by NOK 9.6 billion. The main reason is due to increased oil prices, which have not been as high since 2008. Imports went up by NOK 8.5 billion, or 29.3 per cent from January last year. A large proportion of this is increased imports of metals, machinery and transport equipment.

Increase in the oil price

Exports of crude oil worth NOK 28.5 billion were exported in January. The average price per barrel reached NOK 574, compared to NOK 557 in December. A total of 49.7 million barrels were exported in January, down 1.9 million barrels from December 2010. Export values of crude oil thus showed a small decrease of NOK 217 million.

Compared to January 2010, the export value increased by NOK 7.8 billion, or 37.6 per cent. This is mainly caused by higher crude oil prices that went up NOK 132, but also partially due to an increase in export volumes. Related to poor weather conditions in the North Sea, the export volumes of crude oil were low in January last year.

Small changes in the export of natural gas

Natural gas worth NOK 17.2 billion was exported in January; a small decrease of NOK 325 million from December. Compared to January last year, the export value of natural gas went up by NOK 558 million.

External trade in goods, excl. ships and oil platforms. NOK million
  January Change in per cent
  2010 2011
1 Imports 28 998 37 492 29.3
2 Exports 64 348 73 989 15.0
Of which      
Crude oil 20 731 28 517 37.6
Natural gas 16 672 17 230 3.3
Condensates  614  686 11.6
3 Exports excl. crude oil, natural gas and condensates 26 330 27 556 4.7
4 Trade balance (2-1) 35 350 36 497 3.2
5 Trade balance excl. oil, natural gas and condensates (3-1) -2 668 -9 936 .

Higher imports - increase in several commodity groups

Imports of goods excluding ships and oil platforms came to NOK 37.5 billion in January, up NOK 8.5 billion, or 29.3 per cent compared to January last year.

The largest increase was in the commodity group metalliferous ores and metal scrap, which went up NOK 2.7 billion, and ended at NOK 3.6 billion1. Imports of machinery and transport equipment came to NOK 11.7 billion. This is an increase of NOK 1.5 billion compared to the corresponding period last year. Within this group road vehicles had the highest growth by NOK 841 million, and amounted to NOK 3.2 billion. Other groups that increased were metals and manufactured metals, which went up NOK 1.1 billion. Electric current rose by NOK 862 million.

Increased exports of metals and fish

Export of goods excluding ships, oil platforms, natural gas, crude oil and condensates came to NOK 27.6 billion in January. This is up by NOK 1.2 billion or 4.7 per cent from January 2010.

The biggest increase compared to January last year was in the group of non-ferrous metals, which increased by NOK 759 million to NOK 4 billion. Additionally, exports of fish increased by NOK 665 million and amounted to NOK 4.1 billion.

Liquefied propane and butanes had the largest decline and fell by NOK 1.2 billion, halving the export value from January last year. There was also a decrease in refined mineral products, which reached NOK 3.3 billion, down by NOK 304 million.


1Figure was corrected 15 February 2011 at 10.33

Tables: