External trade in services, Q2 2014

Non-financial enterprises, including the shipping industry, exported services for NOK 52 billion in the 2nd quarter of 2014. This was an increase of 7.6 per cent compared to the previous period in 2014.

The import of services amounted to NOK 51 billion and increased by 9.1 per cent from the 1st quarter of 2014.

Export of sea and coastal water transport services increased

Sea and coastal water transport services continues to be Norway’s largest export group of services. These services accounted for 36.5 per cent of the total service export in the 2nd quarter of 2014, and amounted to almost NOK 19 billion. Business services ended at NOK 8.4 billion, down 20 per cent from the 1st quarter of 2014. In terms of value, these services went down by about NOK 2 billion from the 1st quarter.

Looking at Norway’s service import, oil and gas services dominate the import also in the 2nd quarter, with a share of 23.9 per cent of total service import. These services amounted to NOK 12 billion in the 2nd quarter, which was an increase of 29.1 per cent from the previous quarter. Services related to supporting and auxiliary transport activities, travel agency activities, also had a large percentage increase from the 1st quarter to 2nd quarter with 21.5 per cent, equivalent to NOK 1.8 billion.

Transport and storage industry largest export service

Enterprises within the transport and storage sector accounted for the largest export of services in the 2nd quarter of 2014, with a share of 49.5 per cent of the total export value. This was an increase of 13.2 per cent compared with the previous quarter of 2014.

With regard to the import of services, there are two industries that are competing to be the largest sector, mainly non-financial businesses within the mining and quarrying sector and the transportation and storage sector. The mining and quarrying industry accounts for 27.9 per cent, and the transportation and storage sector holds 27.2 per cent of total import value, with NOK 14.1 and 13.8 billion respectively.

Increased trade in services with EU countries

Norway’s external trade with EU countries other than the Nordic countries increased from the 1st quarter to the 2nd quarter this year, accounting for 32.1 per cent of total exports, and 46.6 per cent of total imports, with values of NOK 16.7 and 23.6 billion respectively. The export of services to Asia and Nordic countries amounted to NOK 9.9 and NOK 7.9 billion respectively in the 2nd quarter of 2014. Imports from Asia make up 11.4 per cent of total imports in the 2nd quarter of 2014, or NOK 5.8 billion. In the same period, imports from Nordic countries ended at 20.6 per cent of total imports, equivalent to NOK 10.4 billion.