External trade in services, Q4 2015

The development of trade in services within the year of 2015 has been positive, although the growth has been weaker compared with previous year. From the 3rd quarter to the 4th quarter of 2015, the export increased with NOK 2.3 billion, while imports increased with NOK 2.6 billion. Looking at the year 2015 as a whole, the surplus of trade in services amounted to NOK 3.6 billion, which is nearly 50 percent lower than 2014.

Transportation and storage industry dominates

The major industry activity was the transportation and storage industry which dominated trade in services with abroad, accounting for 47.5 per cent of total exports of services in the 4th quarter of 2015. Enterprises within this industry group exported services for NOK 29 billion, which is an increase of 2.1 per cent from the same quarter in the previous year.

As with exports, the same industry group dominates imports of services. Throughout the year, the growth has been positive. Enterprises within the transportation and storage industry imported services for NOK 17.1 billion in the 4th quarter, which is an 8.1 per cent increase from the 3rd quarter. The mining and quarrying industry is also important for Norwegian trade in services. Imports for this industry amounted to NOK 14.1 billion in the 4th quarter. However, this industry group did see a decline of 3.7 per cent between the two quarters and as much as 11.9 per cent from last year.

Large decline in imported oil and gas-related services

Imports of services related to the oil and gas industry reached NOK 9.2 billion in the 4th quarter of 2015. Compared with the same quarter in 2014, these services amounted to NOK 13.3 billion. This corresponds to a decrease of nearly 31 per cent. A 6.8 per cent decrease was also registered from the 3rd to the 4th quarter in 2015 within this group of services. In the 4th quarter, business services dominated, with a 17.2 per cent share of total imports - equivalent to NOK 10.3 billion.

Sea and coastal water transport services were still the biggest export group at the end of the year, and amounted to NOK 21.8 billion. These services account for more than one third of the total exports in services. This service group declined by 5.1 per cent from the 3rd to the 4th quarter. Looking at the largest growth, IT services grew by 43.5 per cent compared to the same quarter in 2014 and ended at NOK 3.3 billion.

Trading partners in Europe important

Throughout 2015, the majority of the trade in services has gone to non-Nordic European countries. Almost one third of total exports were received by these countries, corresponding to NOK 20.1 billion in the 4th quarter. Imported services amounted to NOK 25.0 billion from the same group of countries. A total of 24.5 per cent of imported services in the 4th quarter came from the Nordic countries. The trade of services with Asia is becoming more important to Norway, and amounted to 19.4 per cent.