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54156
Growing trade surplus
statistikk
2011-08-15T10:00:00.000Z
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
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External trade in goods, July 2011

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Growing trade surplus

The trade surplus in July amounted to NOK 38.1 billion, representing a growth of 54 per cent from June and 37 per cent compared to July last year. Higher exports of crude oil and natural gas are the main explanations.

Imports, excluding ships and oil platforms, totalled to NOK 34.5 billion in July. This is slightly more than in July last year. Higher prices for crude oil and natural gas resulted in a 17.8 per cent rise in exports in the same period. Exports, excluding ships and oil platforms, amounted to NOK 72.7 billion while mainland exports remained at the same level.

Increased exports of crude oil

Export value for crude oil in July came to NOK 29.7 billion, corresponding to a growth of 33 per cent compared to July last year and up 23 per cent from June this year. Compared to June both higher prices and volume contributed to the growth, while the rise from July last year is due only to higher prices. The number of barrels exported remained at the same level - 45.8 million compared to 45.7 million in July 2010.

Natural gas prices up

It was mainly rise in prices that lead to increased exports of natural gas in July compared both to the previous month and to July 2010. The total export value of NOK 15.4 billion represented a rise of 47 and 30 per cent, respectively. The volume of 7.0 billion exported standard cubic metres was, on the other hand, only slightly higher.

External trade in goods, excl. ships and oil platforms. NOK million
  January-July Change in per cent July Change in per cent
              2010             2011             2010             2011
1 Imports  251 198  278 831 11.0 33 902 34 548 1.9
2 Exports  449 025  502 219 11.8 61 713 72 693 17.8
Of which            
Crude oil  159 832  192 765 20.6 22 270 29 670 33.2
Natural gas 96 088 97 989 2.0 11 843 15 351 29.6
Condensates 3 582 4 913 37.2  851  765 -10.1
3 Exports excl. crude oil, natural gas and condensates  189 523  206 552 9.0 26 749 26 907 0.6
4 Trade balance (2-1)  197 827  223 388 12.9 27 811 38 145 37.2
5 Trade balance excl. oil, natural gas and condensates (3-1) -61 675 -72 279 . -7 153 -7 641 .

Small changes in mainland exports

Exports, excluding ships, oil platforms, crude oil, natural gas and condensates, amounted to NOK 26.9 billion in July, up only 0.6 per cent compared to July 2010.

The export of chemical products fell by 3 per cent to NOK 3.4 billion, while exports of machinery and transport equipment rose by 5 per cent and amounted to NOK 5.6 billion. Manufactured goods remained at the same level as in July 2010. Within this commodity group iron and steel together with manufactures of metals fell by approximately NOK 400 million, while metals except iron and steel rose correspondingly.

Falling fish exports

The total export of fish, having fallen over the last months, came to NOK 3.4 billion in July. This represented a decrease of 7 per cent from last July. Looking at the export of fresh fish-farm salmon, accounting for around half of the total export of fish, the fall was due to lower prices. The volume, on the other hand, showed an upturn.

Small rise in imports

Imports, excluding ships and oil platforms, came to NOK 34.5 billion in July - up 1.9 per cent form July 2010.

The largest growth, 49 per cent, was found within the main commodity group crude materials. It was mainly caused by an almost doubling in the import of metalliferous ores, landing at NOK 1.5 billion. Manufactured goods rose by 10 per cent to NOK 5.3 billion. Contrary to export figures it was the commodity groups iron and steel together with manufactures of metals which increased while non-ferrous metals fell.

The import of machinery and transport equipment declined with 1.4 per cent in total. While several kinds of machinery and telecommunications apparatus fell, road vehicles had the largest growth, going up by 12 per cent to NOK 3.8 billion.

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