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Higher oil and gas prices boost trade surplus
statistikk
2017-03-16T08:00:00.000Z
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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External trade in goods, February 2017

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Higher oil and gas prices boost trade surplus

The trade surplus in February ended at NOK 23.5 billion and more than doubled against February last year. This was mainly driven by oil and gas prices.

External trade in goods1Published 16 March 2017
NOK MillionChange in per centNOK Million - so far this yearChange in per cent - so far this year
February 2017January 2017 - February 2017February 2016 - February 2017February 2017February 2016 - February 2017
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 1-3 for the impact these figures have on the external trade.
Exports71 244-5.518.0146 66821.2
Crude oil18 600-15.051.940 48366.7
Natural gas19 067-1.821.838 48019.1
Natural gas condensates59035.9633.81 02558.2
Ships and oil platforms21 077-39.7728.52 862364.6
Mainland exports31 9090.0-1.263 8181.1
Fish7 5241.78.914 91910.9
 
Imports47 704-2.2-3.796 4683.5
Ships and oil platforms2400-30.93.998056.3
 
The trade balance23 539-11.7116.950 20080.8
The mainland trade balance-15 3955.48.8-31 670-7.5

Source: Statistics Norway

Total exports of goods amounted to NOK 71.2 billion in February and increased by 18.0 per cent from February last year. Mainland exports went down by 1.2 per cent to NOK 31.9 billion. In the same period import values fell by 3.7 per cent and ended at NOK 47.7 billion. Overall, the trade balance amounted to NOK 23.5 billion in February, with a twelve month change equal to 116.9 per cent.

Oil and gas exports near NOK 40 billion

Oil exports ended at NOK 18.6 billion in February, which was up by 51.9 per cent from the same period last year. The increase is due to an upward trend in oil prices since January 2016. Oil prices decreased somewhat from January this year, but went up by 57.7 per cent over the last twelve months, from NOK 284 to 447 per barrel. In the same period, the export volume went back by 3.6 per cent to 41.6 million barrels in February.

A major rise was also seen in export values of natural gas, ending at NOK 19.1 billion in February - up 21.8 per cent from February last year. The price of natural gas in gaseous state has increased by 28.9 per cent the last twelve months, while the export volume was 9.6 billion standard cubic meters - a decrease of 3.6 per cent.

Other significant twelve-month changes

  • Exports of refined mineral products amounted to NOK 2.8 billion in February and went up by 36.2 per cent compared to February last year, due to higher prices.
  • An increase was also seen in prices of liquefied propane and butane, with export values increasing by 74.9 per cent to NOK 1.7 billion.
  • Exports of industrial machines totaled NOK 2.7 billion and fell by 30.8 per cent against February last year.
  • Imports of passenger cars ended at NOK 3.3 billion, down by 14.2 per cent from February last year. The number of cars went back 15.9 per cent.
  • Imports of goods used in wind power generation was high in February. Import values of rotating electric plants ended at NOK 1.2 billion and more than quintupled against February last year.