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Weak export continues
statistikk
2016-03-16T10:00:00.000Z
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 provide information about total

External trade in goods, February 2016

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Weak export continues

Total exports of goods in February amounted to NOK 59.2 billion and went down by 14.2 per cent from February last year. This was mainly due to lower oil and gas prices. In the same period, mainland exports rose by 1.9 per cent to NOK 31.6 billion.

External trade in goods1Published 16 March 2016
NOK MillionChange in per centNOK Million - so far this yearChange in per cent - so far this year
February 2016January 2016 - February 2016February 2015 - February 2016February 2016February 2015 - February 2016
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.
Imports49 70414.59.893 1212.7
Ships and oil platforms236451.036 300.0604-42.5
 
Exports59 156-2.0-14.2119 504-16.6
Crude oil12 3909.0-25.323 759-23.7
Natural gas14 993-15.9-26.432 827-26.2
Natural gas condensates80-85.7-73.9641-6.0
Ships and oil platforms246-6.1-93.096-93.1
Mainland exports31 6473.61.962 181-5.2
 
The trade balance9 452-44.2-60.126 383-49.8
The mainland trade balance-17 693-40.0-24.5-30 336-26.1

Source: Statistics Norway

In February, exports amounted to NOK 59.2 billion and went down by 14.2 per cent from February last year. This was mainly driven by oil and gas prices, which measured in NOK dropped more than 30 per cent in the preceding twelve months. Mainland exports pulled in the opposite direction and rose by 1.9 per cent from February 2015, ending at NOK 31.6 billion.

In the same period, imports increased by 9.8 per cent and totalled NOK 49.7 billion. Overall, trade balance amounted to NOK 9.5 billion in February and trade surplus dropped 60.1 per cent.

Lower income from crude oil and natural gas

Natural gas exports ended at NOK 15.0 billion in February, which was 26.4 per cent down from the same period last year. Prices of natural gas in a gaseous state have fallen 31.3 per cent in the last twelve months, while the export volume in February was 9.9 billion cubic metres; an increase of 4.3 per cent.

A major drop was also seen in exports of crude oil ending at NOK 12.4 billion in February, and fell 25.3 per cent from February last year. Oil prices went up from January this year, but went down 36 per cent in the preceding twelve months, from NOK 447 to 285 per barrel. In the same period, the export volume rose by 16.8 per cent to 43.4 million barrels in February.

Increase in export values of fish

Mainland exports amounted to NOK 31.6 billion in February and went up by 1.9 per cent compared to the same period last year.

Fish exports rose by 35.4 per cent and reached NOK 6.9 billion in February, with exports of fresh whole salmon contributing the most. A large increase was also seen in exports of chemical products. This was primarily in the subgroup organic chemical products, which went up 37.5 per cent to NOK 1.2 billion.

In the other direction, exports of metals declined. The subgroups non-ferrous metals and manufactures of metals went down by 13.3 and 38 per cent respectively, ending at NOK 3.3 billion and NOK 850 million. The main commodity group machinery and transport equipment dropped 12.5 per cent and totalled NOK 6.6 billion.

Growth in import values of machinery and transport equipment

Import values in February amounted to NOK 49.7 billion and rose by 9.8 per cent compared to February last year.

Imports of machinery and transport equipment increased by 19.7 per cent and reached NOK 19.8 billion. Several subgroups contributed; road vehicles rose by 26.4 per cent to NOK 6.2 billion, and the commodity group other transport equipment nearly tripled, ending at NOK 1.6 billion.

A large increase was also seen in the main commodity group miscellaneous manufactured articles. Overall, this commodity group went up by 10.2 per cent from February last year ending at NOK 8.9 billion.