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214831
Drop in exports of crude oil
statistikk
2015-02-16T10:00:00.000Z
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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The external trade statistics describe the development in Norwegian foreign trade, measured in value and quantity. They give information about total figures as well as by country.

External trade in goods, January 2015

Variants of the statistics:

Monthly figures are normally released on the 15th, or the first subsequent working day, after the observation period. Publication of monthly figures for February and May 2015 are postponed by one working day. Figures for February are released 17 March and figures for May are released 16 June 2015.

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Drop in exports of crude oil

Export of goods amounted to NOK 71.6 billion in the first month of 2015. This is a decline of 20.9 per cent compared with the corresponding month last year. The decrease was primarily due to lower exports of crude oil, which decreased by NOK 16 billion and amounted to NOK 13.2 billion in January 2015.

External trade in goods1Published 16 February 2015
NOK MillionChange in per cent
January 2015December 2014 - January 2015January 2014 - January 2015
1The figures are marked with the symbol *. This is Statistics Norways standard symbol for indicating preliminary figures.
2Due to the data collection method, the preliminary monthly figures published for ships and oil platforms are often incomplete. In retrospect, therefore, the trade in these goods could in some cases lead to major corrections in the figures. Please see tables 2-4 for the impact these figures have on the external trade.
Imports44 477-4.64.6
Imports of ships and oil platforms2323-36.4-34.6
 
Exports71 577-6.7-20.9
Crude oil13 155-24.5-54.8
Natural gas24 091-6.3-2.0
Natural gas condensates373-22.7-36.2
Ships and oil platforms2730-19.3-67.1
Mainland exports33 2293.1-2.2
 
The trade balance27 100-10.1-43.5
The mainland trade balance-10 925-21.335.4

Source: Statistics Norway

Imports amounted to NOK 44.5 billion in January, up 4.6 per cent compared with the same month the previous year. The trade surplus in January fell considerably, with a decrease of 43.5 per cent, and ended at NOK 27.1 billion. Decreases in natural gas and mainland exports also helped drive down profits.

Sharp decline in exports of crude oil

The value of crude oil exports amounted to NOK 13.2 billion in January 2015. This is less than half the value from the corresponding month last year, when crude oil to the value of NOK 29.1 billion was exported. This is the lowest export value of crude oil since November 2001. The decrease is mainly due to a weakening of the oil price from NOK 671 to NOK 371 from January 2014 to January 2015. This is a decrease of 44.7 per cent. A total of 35.5 million barrels of crude oil were exported in January 2015; a decline of 7.9 million barrels from the corresponding month last year. Bad weather on the continental shelf in January played a major role in causing the low production volumes.

Exports of natural gas amounted to NOK 24.1 billion in January; a decrease of 2 per cent compared to January 2014. A total of 9.7 billion cubic metres of natural gas in gaseous state were shipped abroad - an increase of 4.4 per cent from January the previous year.

Increased exports of machinery

Mainland exports amounted to NOK 33.2 billion in the first month of the year. This is a decrease of 2.2 per cent compared with January 2014.

Exports of machinery and transport equipment increased by over NOK 1.7 billion and amounted to NOK 10.1 billion in January. The subgroups other industrial machinery and electrical machinery rose the most, by 82 per cent and 127.1 per cent respectively, and totalled NOK 3.2 billion and NOK 2.3 billion. The increase can be attributed to the shipment of goods for several large projects in January. The subgroup other transport equipment declined the most from NOK 2.5 billion in 2014 to NOK 1.1 billion in January 2015.

Fish worth NOK 5.5 billion were exported in January. This is a decrease of 4.6 per cent compared with January 2014. Exports of fresh whole salmon decreased by nearly NOK 120 million, but also fewer exports of frozen cod and herring contributed to the decline in fish exports. Cod fishing is delayed this year and is reflected in the export figures.

Exports of refined mineral fuels amounted to NOK 2.4 billion in January. This is a reduction by more than half compared to the corresponding month last year when goods worth NOK 5.1 billion were exported. During January, manufactured goods totalling NOK 6.6 billion were shipped abroad - an increase of 9.6 per cent compared with last year. The subgroup metals except iron and steel had the greatest increase. Here exports increased by more than NOK 490 million and amounted to NOK 3.9 billion. The increase here is partly due to higher aluminium prices.

Increased imports of crude materials

Total imports in January totalled NOK 44.5 billion. This is an increase of NOK 1.9 billion or 4.6 per cent compared to January 2014.

Imports of the main commodity group crude materials increased the most, by NOK 1.3 billion to NOK 3.5 billion. The subgroup metalliferous ores and metal scrap accounted for most of the increase - rising from NOK 1.4 billion to NOK 2.5 billion from January 2014 to January 2015.

Otherwise, imports of the main commodity groups chemical products and miscellaneous manufactured goods rose significantly. These groups increased by 18.9 and 10.1 per cent respectively to NOK 4.9 billion and NOK 7.3 billion.

Mineral fuels, lubricants and related materials decreased by 26.9 per cent to NOK 2.1 billion.