External trade in services, Q4 2012

For the year 2012, Norway’s export of services amounted to NOK 121 billion, which was an increase of 5 per cent from the previous year. The import of services, on the other hand, came to NOK 154 billion; an increase of 10 per cent. The figures presented in this article only relate to non-financial enterprises and exclude the shipping industry.

Business services continued to dominate exports

In 2012, Norway’s exports continued to be dominated by business services, which amounted to NOK 12 billion in the 4th quarter, compared to NOK 9 billion in the 3rd quarter 2012. Services related to oil and gas exploration (excluding surveying) accounted for the second largest proportion of Norwegian exports and rose from NOK 5 billion to NOK 6.5 from the 3rd to 4th quarter of 2012.

Oil and gas services are top imports

Services related to oil and gas (excluding surveying) accounted for the largest proportion of Norwegian imports in the 4th quarter 2012, with an amount of NOK 12 billion. Enterprises within professional, scientific, technical and administrative support services had an increase in imports of 17.6 per cent from the 3rd to 4th quarter of 2012, amounting to NOK 9 billion. Imports in oil and gas services were on a par with the 4th quarter of 2011.

Continued increase in exports within professional, scientific, technical and administrative support services

Enterprises within professional, scientific, technical and administrative support services exported services for NOK 11 billion in the 4th quarter of 2012, compared to NOK 8 billion in the same quarter the previous year; up 28.9 per cent. Mining and quarrying had a strong rise, from NOK 4 billion in the 4th quarter of 2011 to NOK 5.5 billion in the same quarter of 2012. Enterprises within the manufacturing industry showed a decrease in 2012 of 34.7 per cent compared to 2011. This sector went down from NOK 9 billion in the 4th quarter of 2011 to NOK 6 billion in the 4th quarter of 2012.

With regard to imports, the major industry activity continued to be in the mining and quarrying sector, which accounted for more than one third of total imports in the 4th quarter of 2012. Imports for these industries amounted to NOK 17 billion, an increase of 21.4 per cent compared to same quarter of 2011. As with exports, imports within the manufacturing industry decreased, from NOK 7 billion in the 4th quarter of 2011 to NOK 5 billion in the same quarter of 2012.

Increase in trade with Asia

The Asian market saw an increase in Norwegian exports of services, from 14.7 per cent in the 3rd quarter to 16 per cent in the 4th quarter of 2012. The imports from Asia increased from 8.1 to 11.2 per cent in the same period. The trade to EU countries decreased from the 3rd quarter to the 4th quarter of 2012; imports were down from 48 to 43 per cent, and exports from 36 to 33.3 per cent in the 4th quarter. Despite this, EU countries, excluding the Nordic countries, have continued to be the dominant customer for Norwegian exports of services throughout 2012.