External trade in services, Q3 2015

Non-financial enterprises, including the shipping industry, exported services for NOK 58 billion in the 3rd quarter of 2015; up by NOK 2 billion from the previous quarter. Compared with the 3rd quarter of 2014, the export of services increased by NOK 2 billion, or 2.7 per cent in the 3rd quarter of 2015.

The import of services amounted to NOK 56 billion in the 3rd quarter of 2015; up 2.4 per cent or NOK 1 billion from the previous quarter. Compared with the 3rd quarter of 2014, the import of services increased by NOK 2 billion in the 3rd quarter of 2015.

Increase in export of sea and coastal water transport services

Sea and coastal water transport services continue to be Norway’s largest export of services. These services accounted for 37.3 per cent of the total service export in the 3rd quarter of 2015, and amounted to almost NOK 22 billion. Business services ended at NOK 10 billion, up 3.1 per cent from the 2nd quarter of 2015. In terms of value, these services went up by about NOK 288 million from the 2nd quarter.

In relation to Norway’s service import, oil and gas services continue to dominate the imports in the 3rd quarter, with a share of 18.8 per cent of total service imports. These services amounted to about NOK 11 billion in the 3rd quarter, which was a decrease of 4.8 per cent from the previous quarter. Business services had a 3.2 per cent increase from the 2nd quarter to the 3rd quarter, which corresponds to NOK 312 million.

Transport and storage industry largest export service

Enterprises within the transport and storage sector accounted for the largest export of services in the 3rd quarter of 2015, with a share of 49.8 per cent of the total export value. In terms of value, this group increased by 4.1 per cent compared with the previous quarter of 2015. The second largest sector was enterprises within Professional, scientific, and technical activities, with an export value of NOK 8 billion.

With regard to the import of services, there are two industries that are competing to be the largest sector, namely non-financial businesses within the mining and quarrying sector and the transportation and storage sector. The mining and quarrying industry accounts for 25.7 per cent, and the transportation and storage sector holds 28.3 per cent of the total import value, with about NOK 14 and 16 billion respectively.

Trading partners in Europe important

Norwegian non-financial enterprises exported services to European countries in the third quarter of 2015 amounting to NOK 31 billion, equivalent to 53.8 per cent of the total export. Export of services to Nordic countries and EU except Nordic countries amounted to 14.2 and 34.9 per cent respectively. Export of services to Asia amounted to 18.8 per cent, and 14.6 per cent of the Norwegian export goes to North and Central America.

A total of 46.2 per cent of imported services in the third quarter of 2015 came from the EU except Nordic countries, corresponding to NOK 26 billion. Nordic countries delivered 21.7 per cent, and countries from North and Central America and Asia delivered 12.8 and 11.8 per cent respectively of Norway’s import of services in the third quarter of 2015.