External trade in goods, indices of volume and price, Q1 2005

Higher prices on fuels, up 29 per cent, such as gas, petroleum and petroleum products as well as coal, coke and briquettes contributed to the strong increase. Higher prices are due to the international development in oil prices as well, with a record high level in oil prices in the month of March.

From the first quarter of 2004 to the first quarter of 2005 export prices of traditional goods increased as well, but the increase of 5.4 per cent has not been weaker since the fourth quarter of 2003. Despite the strong Norwegian exchange rate in the first quarter of 2005 export prices are higher in all groups. Prices are up for fish and preparations thereof, up 11 per cent, iron and steel, up 32 per cent and machinery specialized for particular industries, up 15 per cent.

Minor decrease in import prices

From the fourth quarter of 2004 the development in import prices showed a slight, downward trend. The minor decrease of 0.5 per cent was mainly due to lower prices on metalliferous ores, down 6 per cent, electrical machinery and equipment, down 9 per cent, medical and pharmaceutical products, 5 per cent, and footwear, down 17 per cent. Higher prices on fuels compensated for the downward trend.

Import prices decreased by 0.9 per cent in the first quarter of 2005 compared to the fourth quarter last year. Figures decreased for the first time since the decrease of 2 per cent in the third quarter of 2003 compared to the corresponding quarter the previous year. Prices are down for office machines and automatic data processing machines as well as electrical machinery and equipment, down 12 and 15 per cent respectively.

Lower exports of crude materials, fuels and food

Compared with the same quarter in 2004 exports of traditional goods decreased by 4.8 per cent. The decrease is mainly due to lower exports of cork and wood as well as coal, coke and briquettes. Exports of food such as dairy products and fish and preparations thereof decreased as well. Seasonally adjusted figures showed an upward trend in export volume, up 2.1 per cent from the fourth quarter of 2004.

Import volume up

The import volume of traditional goods increased by 4.7 per cent in the first quarter of 2005 compared with the same quarter of 2004. Higher imports of crude materials and manufactured goods compensated for the downward trend in fuels. Seasonally adjusted figures showed an increase by 2.1 per cent compared with the fourth quarter last year. Compared with the decrease by 1.4 per cent in the previous quarter this is a somewhat strong increase.