External trade in goods, December 2011

The trade surplus was 10.8 per cent larger than the corresponding month in 2010. The export values of natural gas, crude oil and mainland exports increased. While the imports declined by 8.8 per cent from November 2011, they increased by 2 per cent from NOK 39.3 billion compared to December 2010. This offsets part of the increase in the trade surplus from a year ago.

Crude oil price stays above NOK 600

Crude oil exports came to NOK 30.1 billion in December. This was an increase of 6.7 per cent from a year ago. The per barrel mean price has remained above NOK 600 since February and was NOK 655 in December. This was almost NOK 100 higher than a year earlier. The high price counteracted the decrease in export quantity and led to an increase in the value of the crude oil exports. Forty-six million barrels were exported in December compared to 50.5 million barrels a year earlier.

Increase in the value of natural gas exports

The exports of natural gas amounted to NOK 21.4 billion in December, equalling an increase of 8.1 per cent compared to December 2010, and 2.5 per cent compared to the previous month.

Compared to December 2010, the decline in exported volume amounted to 618 million cubic metres for natural gas in a gaseous state.

Increase in exports - downturn for fish

Exports, excluding ships, oil platforms, crude oil, natural gas and condensates, amounted to NOK 29 billion in December. This was an annual growth of 3.2 per cent, but a decline of 9.4 per cent compared to the previous month.

The export value of fish fell by about NOK 500 million compared to December 2010, despite record level volumes. A lower price for fresh, whole salmon contributed to the decreased value of fish exports.

The largest decline could be found in the group non-ferrous metals, which were NOK 641 million lower than December 2010.

The exports of refined mineral products rose by NOK 1.8 billion compared to December 2010. This was almost twice the value a year ago, totalling NOK 3.7 billion.

Rise in the import of cars

Import of goods, excluding ships and oil platforms, came to about NOK 40 billion in December; a year-on-year growth of 2 per cent, but a fall of 8.8 per cent from the previous month.

The group road vehicles increased by NOK 778 million, and came to NOK 4.6 billion in December. A total of 18 662 cars were imported to Norway in this month; 3 135 more than a year ago. Additionally, the groups power-generating machinery and equipment and machinery specialised for particular industries rose by NOK 320 million and NOK 344 million respectively.

Metalliferous ores and metal scrap rose by NOK 418 million, while the group non-ferrous metals was NOK 539 million lower than the same period in 2010, totalling NOK 666 million.

The import value of electric current was significantly lower than December 2010; it declined by 74.9 per cent and totalled NOK 217 million.

Tables:

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