External trade in goods, June 2013

Goods at a value of NOK 72.7 billion were exported in June 2013, while imports amounted to NOK 40.7 billion. Exports increased by just 1.0 per cent, while imports sunk by a total of 8.1 per cent. There were small changes in the exports of crude oil and natural gas in June, while there was a significant drop for the first half of 2013. Mainland exports contributed in a positive way for the trade balance in June 2013, however there was a drop of 1.5 per cent for the first half year. The exports of iron and steel was down by NOK 685 million and other metals by NOK 3.0 billion in this period.

Lower volume of exported oil

Exports of oil amounted to NOK 21.1 billion in June, a decrease of 1.2 per cent compared to the corresponding month the previous year. A total of 34.9 million barrels of oil where exported, to a price of NOK 603 a barrel. This is a decrease in volume by 2.3 million barrels, but an increase in price by almost NOK 30 compared to June 2012. The low volume is mostly caused by maintenance at platforms, which often is carried out during the summer months. During the first half of 2013 the export of oil amounted to NOK 133.9 billion – a decrease of 18.1 per cent compared to the corresponding period in 2012. Both exported volume and price were lower in the first half of 2013 compared to the same period in 2012.

The exported value of natural gas decreased by only 0.1 per cent in June, and amounted to NOK 18.4 billion. A total of 8.1 billion standard cubic metres of natural gas in gaseous state were exported, which is approximately identical to the level in June the previous year. During the first half of this year exports of natural gas amounted to 121.5 billion, a decrease of 9 per cent compared to the previous year. During the same period the volume decreased by 10.7 billion standard cubic metres.

Lower exports of mainland goods during first half

In June, exports of mainland goods amounted to NOK 32.7 billion, an increase of 4.3 per cent compared to June 2012. During the first-half of 2013 exports of mainland goods came to NOK 180.9 billion, a decrease of 1.5 per cent.

Exports of fish products amounted to NOK 26.3 billion during the first-half this year, an increase of 1.8 billion compared to the corresponding period the previous year. The cause for the growth is higher salmon prices – which also show in the figures for June. In June, exports of fish amounted to NOK 4.3 billion, an increase of 6.4 per cent compared to the same month in 2012.

Exports of manufactured goods had a large increase in June. Goods for a total of 7.9 billion were exported within this group in June – an increase of 26.4 per cent compared to June the previous year. Of the sub-groups manufactures of metals rose the most, from NOK 650 million in June 2012 to NOK 3.4 billion this year. This increase is linked to higher exports of structures and parts of structures, of iron or steel. Exports of the sub groups iron and steel and non-ferrous metals amounted to NOK 868 million and NOK 2.9 billion in June 2013. This is a decrease from the corresponding period the previous year by respectively NOK 249 and 749 million.

Export of machinery and transport equipment amounted to NOK 6.1 billion in June 2013, a decrease of NOK 352 million compared to 2012. Six of nine commodity sub-groups had a decrease in exports.

During the first-half of 2013 the exports of machinery and transport equipment increased by NOK 864 million and came to NOK 37.4 billion.

Imports of cars up

The value of imported goods amounted to NOK 40.7 billion in June 2013. This was a decrease of NOK 3.6 billion, or 8.1 per cent, compared to June last year. In the first half year, imports increased by NOK 2.0 billion compared to 2012, amounting to NOK 251.7 million.

The drop for imports in June was mainly due to lower imports of other transport equipment of NOK 2.0 billion (This imports includes ships and planes where values vary).

In June 2013, Norway’s imports in the commodity group of machinery for special industries increased by NOK 165 million and for electrical machinery and apparatus by NOK 327 million. During the first half of 2013 the main commodity group of machinery and transport equipment was up NOK 1.2 billion where electrical machinery and apparatus contributed the most.. Imports of cars also jumped compared to the first half of 2012. The number of cars imported was more than 97 400 with a value of NOK 15.8 billion. This was NOK 1.0 billion and 4 500 cars more than the same period in 2012.

The import of metalliferous ores and metal scrap came to NOK 1.3 billion in June 2013, down NOK 830 million or 38.5 per cent compared to the same month in 2012. Furthermore, in the first half of 2013, imports came to a value of NOK 10.0 billion. This was NOK 1.4 billion less than the first half of 2012, and a decrease of 12.3 per cent. However, the imported quantity was somewhat higher.

Mainland exports to the EU down -to Asia up

In the first half of 2013, exports to the EU decreased by 10.1 per cent or NOK 40.1 billion, to NOK 358.1 billion. Mainland export to the EU was down by 2.7 per cent ending at NOK 112.0 billion. An important reason for this was lowered oil export to Great Britain. This export was down NOK 26.4 billion. The mainland export to Great Britain was up by 2.4 billion or 16.6 per cent. The fall in exports to Denmark was also due to crude oil, while for Sweden also the mainland exports was down NOK 2.4 billion or 12.8 per cent. Mainland exports to Germany fell by 3.8 per cent or NOK 563 million. On the other hand the import from the EU in this period was up 2.2 per cent and ended at NOK 165.6 billion.

When it comes to the trade with Asia, total exports was also down. It sunk by NOK 7.2 billion or 18.6 per cent, and ended at NOK 31.8 billion. In contrast mainland export to Asia was up 8.3 per cent or 2.4 billion. Export of crude oil is thereby the explanation for the decrease. South Korea received oil for NOK 8.1 billion in the first half of 2012 and nothing so far this year. Mainland export to South Korea was up in the first half of 2013, by NOK 1.5 billion. Exports of machinery was the main explanation for this growth.