External trade in goods, February 2011

Rising imports explains the decline in the trade surplus compared to February 2010. The growth was mainly found within the commodity groups of metalliferous ores, refined mineral products and electric current. At the same time, mainland exports grew - dominated by fish, chemical products and metals. On the other hand, the export of crude oil measured in volume fell sharply in February. However, because of rising oil prices, the total export value of crude oil did not affect the trade balance substantially.

Falling crude oil exports

Poor weather conditions in the North Sea contributed to the lowest exported volume of crude oil in a long time. A total of 40.7 million barrels where shipped abroad in February - a decline of 9.0 million barrels from last month and down 15.4 million barrels from February 2010. The value of the crude oil export did not fall correspondingly - accounting for NOK 24.5 billion last month. This is down NOK 4.0 billion from January but is only NOK 200 million less than in February 2010. Thus the price per barrel was the highest recorded since summer 2008: NOK 603.

Lower exports of natural gas

The exported value of natural gas in February came to NOK 15.0 billion, which was NOK 2.3 billion, or 13 per cent, less than a year earlier. The volume of natural gas in gaseous state fell correspondingly. Compared to February 2010, the value rose slightly, while the volume had a small decrease.

Increased exports of fish, chemical products and metal

The mainland export value in February, i.e. excluding ships, oil platforms, crude oil, condensates and natural gas, totalled NOK 27.9 billion. This was a rise of 2.6 billion, or 10 per cent, from February last year and a small increase from January this year.

Fish exports rose by 17 per cent to NOK 4.7 billion in February. Fresh salmon showed the largest growth. Due to a higher export volume and high prices, the export value increased by more than NOK 350 million compared to February last year, reaching NOK 1.7 billion. In addition, both clipfish and products of frozen herring filets experienced a strong growth.

On the other hand, the export of machinery and transport equipment fell by 12 per cent amounting to NOK 4.9 billion all together. While several types of machinery experienced a decline, the export of transport equipment rose.

Chemical products had an export value of NOK 3.9 billion - rising 18 per cent from February 2010. Both organic and inorganic chemicals amounted to NOK 600 million. For the organic products this represented a decline of 15 per cent, while for the inorganic products it was an increase of 56 per cent. In addition, other chemical products and products of plastics had a substantial upturn last month.

Within the commodity group manufactured goods the exports of non-ferrous metals increased by 20 per cent, amounting to NOK 3.8 billion. The export of iron and steel rose by 23 per cent to NOK 935 million. Manufactures of metals on the other hand, dropped by a third to NOK 481 million.

Imports of crude materials and mineral fuels went up

The import value of goods excluding ships and oil platforms came to NOK 36.8 billion in February. This is an increase of NOK 4.1 billion, or 13 per cent, from February last year. Compared to January this year the imports fell slightly.

Crude materials and mineral fuels accounted for the largest growth. The two commodity groups reached NOK 3.6 billion and NOK 2.9 billion respectively, which is equivalent to a 49 and 83 per cent increase. Among the crude materials, metalliferous ores was the most important commodity - up from NOK 1.7 billion in February 2010 to NOK 2.8 billion this February. Among the mineral fuels it was petroleum products together with electric current that accounted for the largest growth.

The import value of machinery and transport equipment amounted to NOK 12.3 billion; almost identical to the import value a year ago. However, within the commodity group there has been several changes. While the import value of road vehicles, machinery specialised for particular industries and general industrial machinery rose, the opposite was the case for office machines and other transport equipment.

Within the commodity group manufactured goods, all sub-groups increased. The largest growth was found for manufactures of metals and for iron and steel, both increasing by 22 per cent and reaching NOK 1.6 billion and NOK 870 million respectively.

Tables:

• Table 1 Imports of commodities, ships and oil platforms excluded. February and January-February 2010 and 2011 NOK million
• Table 2 Exports of commodities, ships and oil platforms excluded. February and January-February 2010 and 2011 Preliminary figures. NOK million
• Table 3 Trade with countries and regional groups of countries. January-February 2010 and 2011 Preliminary figures. NOK million