External trade in goods, October 2015

The reduction of the trade surplus in October 2015 of NOK 12.9 billion was due to lower export values of goods from the continental shelf. For other merchandise, the import values increased by approximately the same amount as the mainland exports declined.

Lower export values of crude oil and natural gas

In October, the crude oil exports amounted to NOK 18.1 billion; a decrease of 27 per cent compared to October last year. The decrease was mainly caused by lower prices, although there was an increase in export volumes. The crude oil price had a decrease of NOK 160 per barrel from last year, ending at NOK 405 per barrel in October 2015. Exports of crude oil ended at 44.6 million barrels in October; an increase of 2 per cent compared to the corresponding month last year.

Exports of natural gas amounted to NOK 19.4 billion in October. This is a decrease of 14 per cent or NOK 3.2 billion from the same month last year. A total of 10.1 billion standard cubic metres of natural gas in a gaseous state were exported in October; an increase of 3 per cent from last year.

Slightly lower mainland exports

Mainland exports went down by NOK 1.1 billion and ended at NOK 35.8 billion in October. Among the most important main commodity groups, food and live animals as well as chemical products showed an increase, which was offset by a decrease in export values for machinery and transport equipment, manufactured goods and mineral fuels from October last year.

Export values of the main group chemical products rose by 14.7 per cent to NOK 4.8 billion. There were minor changes in all but two of the product groups. The sub-Group organic chemicals grew the most, by 17 per cent, ending at NOK 1.6 billion.

Export of fish continues to remain high and amounted to NOK 7.9 billion in October; an increase of 6.6 per cent compared with last year. The export of fresh whole salmon was the main contributing factor. The value of this commodity increased by NOK 700 million to NOK 3.6 billion. Both the price and the volume contributed to the growth in value.

For the main commodity group machinery, there was a decrease of more than 25 per cent for machinery for special industries and electrical machinery and apparatus. For the main commodity group manufactured goods, there were a decrease in exports of iron and steel and non-ferrous metals. Their total export value came to NOK 4.3 billion, down 14.9 per cent compared to October last year. For the commodity group refined oil products, the export value was NOK 2.8 billion; a decrease of 14 per cent.

Increased imports of manufactured goods and machinery

In October, import values ended at NOK 53.4 billion. This is an increase of 2.4 per cent from October last year.

Imports in the main commodity group miscellaneous manufactured articles rose from NOK 8.3 billion to NOK 9.3 billion in October 2015. There was an increase in imports of professional and scientific instruments in addition to miscellaneous manufactured articles, n.e.s. The main commodity group machinery and transport equipment had an export value of NOK 20.2 billion; an increase of 2.9 per cent, in October. The sub-group road vehicles accounted for the highest growth. There was an increase in import prices for cars, while the amount of cars imported in October 2015 fell to 19 104.

In October 2015, there were higher imports of chemical products in total, with a higher increase in the sub-groups chemical and related products as well as medical and pharmaceutical products.