External trade in goods, January 2012

Total January exports of commodities amounted to NOK 81.8 billion - NOK 7.6 billion higher than in 2011. An increase of almost 40 per cent in natural gas value contributed strongly and cancelled out the decline for crude oil exports. Mainland exports also rose by 10 per cent in the same period, totalling almost NOK 30 billion for January 2012. Imports were at a similar level as last year, totalling NOK 37.8 billion; about half a billion NOK lower than 2011.

Decline in oil exports despite higher prices

We exported crude oil amounting to NOK 26.7 billion in January 2012, which was 7.6 per cent lower than for the same month in 2011. Oil prices increased by NOK 15 per barrel from last month, driven up by a higher dollar exchange rate and news of EU sanctions against Iranian oil imports. The price ended at NOK 670 per barrel - the highest since April 2011. This represented a growth of almost NOK 100 per barrel compared with January 2011. Nevertheless, the exported volume fell considerably; 39.8 million barrels compared with 50.3 million last year, leading to a value decline for the month of January.

Record high export of natural gas

Export of natural gas, both in gaseous state and liquefied, ended at a total of NOK 24.2 billion for January. This was almost 40 per cent higher, or NOK 6.8 billion, than last year. The largest determinant was volume growth, as the total amount came to 10.4 billion standard cubic metres (sm3), the highest ever recorded. The corresponding figure for 2011 was 616 million sm3 lower. A possible contributing cause to the rise could be higher demand due to the freezing weather in Europe.

Large increase in the export of mineral fuels

Exports, excluding ships, oil platforms, crude oil, natural gas and condensates, came to NOK 30 billion for January 2012 - 10 per cent higher than the same period last year.

The increase was driven by a continued high level of commodity exports within the group mineral fuels. Especially the groups refined mineral products together with propane and butane grew significantly compared to 2011, with increases of NOK 1.3 billion and NOK 1 billion respectively. Total values for the two groups ended at NOK 4.6 billion and NOK 2.2 billion. Further, the export of electric current came out higher, growing NOK 548 billion to a total of NOK 627 billion in January 2012.

The largest declines of the month were found in the groups chemical products, down 12 per cent, and manufactured goods, down 6 per cent. The total reduction for chemical products was equivalent to almost half a billion NOK. The group other chemical products accounted for around NOK 300 billion, while inorganic chemicals accounted for NOK 200 billion of the decline. The export value of non-ferrous metals shrank by NOK 386 billion, totalling NOK 3.6 billion, while other manufactures of metal fell by 20 per cent to a total of NOK 509 million.

Imports of metalliferous ores and electric current fell, machinery increased

We imported goods, excluding ships and oil platforms, amounting to NOK 37.8 billion in January. This was 1.4 per cent lower than the corresponding month in 2011.

The reasons for the reduction came from significant decreases in the import of metalliferous ores and metal scrap in combination with a fall in electric current trade. The former ended at a total of NOK 2.1 billion; NOK 1.4 billion lower than in January 2011. The need for importing electric current has been lower than last year due to high water reservoirs levels. Hence, the import amounted to just NOK 93 million in 2012 compared with a record value of NOK 1.3 billion in January 2011. The aforementioned increase in the export of electric current led to a net export result of NOK 534 million.

The main group machinery and transport equipment made up most of the month’s increase, with a total growth of almost 14 per cent, totalling NOK 13.6 billion. Out of the NOK 1.7 billion higher value, the groups road vehicles, machinery specialized for particular industries and general industrial machinery accounted for the most. Road vehicles showed the largest growth with over NOK 500 million more than in January 2011, coming to a total of NOK 3.7 billion.

Tables:

• Table 1 Imports of commodities, ships and oil platforms excluded. January 2011 and 2012. Preliminary figures. NOK million
• Table 2 Exports of commodities, ships and oil platforms excluded. January 2011 and 2012. Preliminary figures. NOK million
• Table 3 Trade with countries and regional groups of countries. January 2011 and 2012 Preliminary figures. NOK million