External trade in goods, annual series, 2008

In 2008, the trade surplus came to NOK 460.5 billion, up NOK 134.1 billion from 2007. The exports value of commodities reached NOK 957.8 billion, and imports ended at NOK 497.4 billion. Both the value for exports and imports show a positive development compared with 2007.

The surplus of the trade balance at NOK 460.5 billion is the highest ever registered. The trade surplus grew 41.0 per cent from 2007, which was the highest climb since the year 2000. The growth in exports increased more than 20 per cent from 2007, and is mainly due to increased oil and gas revenues.

The growth in imports however, was lower in 2008 than in previous years. In 2008, imports only increased by 6.1 per cent, less than half of the two previous years, when the increase was 13.9 and 15.1 respectively.

Record high crude oil price, but less exported barrels

In 2008, the Norwegian export value of crude oil amounted to NOK 359.4 billion, an increase of NOK 49.7 billion from 2007. In total, the average crude oil price increased from NOK 426 to NOK 539 per barrel. The high crude oil price was record high from January to July in 2008. However, towards the end of the year the crude oil prices fell dramatically, and dropped to less than NOK 300 per barrel in December. Despite the lowest exported quantum of crude oil since 1991, the record high crude oil price secured a record year for export revenues from the crude oil.

The number of exported barrels declined NOK 59.6 million barrels (8.2 per cent) compared to the previous year. In 2008, we exported 666.5 million barrels of crude oil, of which 528.6 million barrels were stabilised crude oil shipped from installations on the Continental Shelf and onshore terminals (Mongstad and Sture). The remaining 137.9 5 million barrels were unstabilised crude oil, transported by pipelines to the Norwegian-owned terminals in the UK (Teesside and Sullom Voe) for separation and fractionating into stabilised crude oil and NGL.

Record high exports of natural gas

The export value of natural gas in 2008 came to NOK 218.1 billion, an increase of NOK 134.8 billion from 2007. This value includes natural gas both in liquid and gaseous state, where the latter amounts to most of the value. The exported quantum of natural gas went up by 8.9 billion Sm3 (standard cubic metres), or 10.4 per cent. Total exported quantum reached 94.6 billion Sm3 and a value of NOK 214.4 billion in 2008, the highest ever recorded. The exported quantum of natural gas has increased every year since 1994. Natural gas prices in 2008 increased NOK 0.70 per unit, ending at NOK 2.27 per Sm3. In large parts of 2008, prices for natural gas exceeded NOK 2.0 per Sm3, and during the last quarter were close to NOK 3.0 per Sm3. This is the highest price registered so far, pushing the revenues from natural gas exports up.

Increased exports of engineering products and metals

Total exports of engineering products came to NOK 54.3 billion in 2008, up NOK 9.7 billion or 21.6 per cent compared with 2007. The increase in value for this commodity group was mainly caused by an increased volume.

No commodity stands out among the selected commodities. However, parts of drilling machines had the highest export value with NOK 3.6 billion in 2008, a small increase of NOK 203 million from 2007. This was followed by exports of centrifugal pumps and machines with individual functions by NOK 3.5 and 2.8 billion respectively. Exports of the last two commodities increased by about NOK 500 million in 2008.

The increase in exports of engineering products was also aided by a lump export of instruments for distillation in 2008, up from NOK 17 million in 2007, to NOK 1.8 billion in 2008. Exports of parts for arms and ammunition increased by NOK 770 million, and reached NOK 1.9 billion. Also exports of filters and pumps for air or gas compressors and fans increased NOK 980 million, ending at NOK 1.1 billion.

Exports of metals came to NOK 70.2 billion in 2008, down NOK 8.5 billion from the previous year. The decrease in 2008 was caused by a strong decline in prices, while the volume remained the same as in 2007. Among commodities that declined, we find unalloyed nickel, down NOK 8.9 billion, and alloys of aluminium, down NOK 2 billion. The prices fell particularly in the last months of 2008.

Fourth year in a row with record high fish exports

Exports of fish reached NOK 37.4 billion in 2008, about NOK 1.7 billion more than in 2007. When we include foreign fish stored in customs warehouses and re-exported, total exports amounted to NOK 38.4 billion.

The main contributor to the record levels of fish exports in 2008 was high exports of famed bread salmon (fresh or chilled), with an increase of NOK 746 million. The average price for 2008 increased by NOK 0.48, ending at NOK 26.94. The volume increased by 18 887 tonnes. Herring and mackerel also increased by NOK 293 and 347 million respectively. Price per kilo of herring fell marginally - by NOK 0.20, while the price for mackerel climbed NOK 2.62 per kilo.

Exports of fish showed a powerful increase in the last months of 2008, and therefore were not affected much by the financial crisis in 2008.

Mining and extraction the largest export activity

Groups based by activity and commodity numbers show exports of mining and extraction have the highest exported value; about 61 per cent of the total exported value in 2008. Exports of crude oil and natural gas are the dominating commodities, and amount to 98.9 per cent of the total value from this activity.

Exported value from the manufacturing industries reached NOK 343.3 billion, or 35.8 per cent of the total exported value. Refineries and basic metals have alternated places as the most important commodity group in the manufacturing industry sector in recent years. In 2008, refineries came to NOK 75.1 billion, while basic metals reached NOK 70.2 billion.

For imports, the manufacturing industries are the most important activity with NOK 470.8 billion, or 94.7 per cent of the total imported value. For this activity, machinery and equipment was the largest group in 2008 amounting to NOK 68.4 billion. This commodity group was the largest in the period from 2003 to 2008. In second place we find basic metals which reached NOK 51.8 billion. Motor vehicles and chemicals came to NOK 43.6 and 43.1 billion respectively. Other transport equipment (aeroplanes, ships and smaller boats) amounted to nearly NOK 38.0 billion. Imports of other transport equipment increased by NOK 9.6 billion, mostly due to imports of aeroplanes and ships. Changes in these figures vary quite a lot from one year to another.

Increase in exports of fuels and lubricants

Exports of goods by broad economic category show an increase for fuels and lubricants, and also a small increase for capital goods in 2008.

Fuels and lubricants, among others, also include other fuels and lubricants, motor gasoline and diesel. The total exports of these commodities reached NOK 662.1 billion. This amounted to 69.1 per cent of the Norwegian exports in 2008. The corresponding share in 2007 was 64.5 per cent. As mentioned above, the increase is mainly due to record high prices for crude oil and natural gas.

Exports of capital goods came to NOK 47.6 billion, a share of 5.0 per cent in 2008, unchanged from 2007. Exports of transport equipment excluding passenger cars increased 20.4 per cent to NOK 13.6 billion in 2008. As mentioned earlier, these figures normally vary from one year to another. Other capital goods climbed 19.3 per cent from 2007 and reached NOK 34.0 billion.

Car imports down by 35 000

Imports of goods by broad economic category showed an increase in capital goods in 2008. The import value for this group reached NOK 110.4 billion, up 15.7 per cent from 2007. This group of commodities shows a continuous increase in the last five years. It is mainly the category capital goods other than transport equipment that contributed to the growth.

Imports of passenger cars fell both in value and number in 2008. The import value of passenger cars came to NOK 21.9 billion in 2008, a decline of 16.1 per cent from 2007 when the corresponding imports reached NOK 26.1 billion. The financial crisis influenced the imports of cars in the last months of 2008, and the number fell by 35 000 passenger cars from 2007 to 2008. We imported 13 600 fewer cars from Germany in 2008.

European countries - our most important trade partners

In 2008, a total of 72.8 per cent of exports of goods excluding crude oil, natural gas, condensates, ships and oil platforms went to Europe. Germany and Sweden are our two largest recipient countries of these commodities. However if we include exports of all goods, United Kingdom and Germany are our largest recipient countries.

Exports to Asia (excluding crude oil, natural gas, condensates, ships and oil platforms) accounted for NOK 51.0 billion. This is a share of 14.2 per cent, an increase compared to 12.4 per cent in 2007. Imports (excluding ships and oil platforms) from Asia accounted for NOK 63.3 billion or 13.1 per cent, a slight increase from 12.9 per cent in 2007. From countries in Asia, we import the most from China and second most from Japan. Imports from China amounted to almost half the total imports from Asia, as in 2007.

Exports to North and Central America accounted for NOK 34.2 billion or 9.5 per cent, slightly down from 11.0 per cent in 2007. Imports from North and Central America amounted to NOK 42.9 billion in 2008, down from 2007. Trade with USA and Canada constitutes the better part of the trade with this continent.

Higher imports from developing countries

Imports from developing countries came to NOK 71.3 billion in 2008. This is an increase of NOK 10.3 billion or 17 per cent from 2007. Both imports and exports of goods have increased considerably in 2007 and 2008. This is due to a general increase in imports and exports, which has also affected trade with developing countries. The share of imports excluding ships and oil platforms increased marginally in 2008 ending at 14.3 per cent. In 2007, the corresponding share was 13.0 per cent.

Imports from countries with preferential treatment (according to the GSP agreement, see appendix for more information ) rose by NOK 8.7 billion to NOK 66.0 billion in 2008. Of total imports, the share of dutiable imports affected by GSP reached NOK 10.0 billion, of which NOK 7.2 billion was eligible for GSP treatment. However, only NOK 5.3 billion was agreed as GSP treatment.

Imports from the least developed countries (LDC) have increased by NOK 1.6 billion, to NOK 6.5 billion in 2008. Increased imports from Angola and Botswana of NOK 896 and 206 million respectively contributed to this growth.

Tables

Published tables