External trade in services, Q2 2016

Non-financial enterprises, including the shipping industry, exported services worth NOK 49.9 billion in the 2nd quarter of 2016, compared to NOK 55.8 billion in the 2nd quarter of 2015. Compared to the 1st quarter of 2016, this was a decrease in exports of 1.4 per cent. 

Imports of services amounted to NOK 56.5 billion in the 2nd quarter of 2016; an increase from NOK 55.4 in the same quarter of 2015. Imports of services grew by 2.0 per cent compared to the same quarter in 2015, and 4.5 per cent from the 1st quarter of 2016. 

Services related to sea and coastal transport dominate exports of services

Services related to sea and coastal transport dominated, with 34.5 per cent of the total exports in the 2nd quarter of 2016. This corresponds to NOK 17.2 billion. Compared to the 1st quarter of 2016, sea and coastal transport decreased by 9.7 per cent. There was also a decrease compared to the same quarter in 2015: down by 19.5 per cent. 

Business and professional and technical services is still the second largest export group, and amounted to about NOK 8.3 billion in the 2nd quarter of 2016, which corresponds to 16.7 per cent of the total exports. Compared to the 1st quarter of 2016, the value of exports in this group of services went down by 5.1 per cent, and shows a decline of 13.7 per cent compared to the same quarter in 2015. 

Four groups of services accounted for half of all imports

The largest service group in the 2nd quarter of 2016 was business, professional and technical services. This group accounted for about NOK 9.5 billion, equivalent to 16.7 per cent of the total imports of services. Services related to oil and gas exploration, excluding surveying, amounted to NOK 7.8 billion, equivalent to 13.8 per cent of total imports. Services in supporting and auxiliary transport activities and travel agency activities accounted for 14.6 per cent of total imports. Renting of transportation, machinery and equipment is the fourth largest services group, and accounted for 13.6 per cent of total imports. 

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 29.1 per cent, and the transportation and storage sector holds 24.3 per cent of total import value, with about NOK 16.5 and 13.8 billion respectively. 

Trading partners in Europe important

European countries received 56.8 per cent of the services exported by Norwegian non-financial enterprises in the 2nd quarter of 2016, equivalent to about NOK 28.3 billion. Export of services to Nordic countries and EU except Nordic countries amounted to 17.8 and 34.8 per cent respectively. Export of services to Asia amounted to 14.9 per cent, while 14.1 per cent of Norwegian exports were received by North and Central America. 

In the 2nd quarter, NOK 23.5 billion, or 41.5 per cent of total service imports, came from the EU excluding Nordic countries. Nordic countries delivered 20.4 per cent, and countries from North and Central America delivered 16.1 per cent. Asia accounted for 11.1 per cent of Norway’s import of services.

¹ The sentence is corrected.