External trade in goods, indices of volume and price, Q3 2007

From the third quarter of 2006 prices of fish decreased by 16 per cent, while electric current showed a decrease by 67 per cent., For crude materials the increase by 14 per cent of wood, lumber and cork did compensate for some of the decrease in prices of metalliferous ores and metal scrap, down 8 per cent. There has not been a decrease in export prices compared to the same quarter last year since the fourth quarter of 2004. However, the level of export prices is still high in spite of the decrease in prices for some goods.

High level on oil prices equalizes drop in the US dollar

The export prices of goods excluding ships and oil platforms showed no change compared with the third quarter of 2006. Crude oil and gas represent a major part of the revenues from exports of which the international prices of crude oil and the US dollar are important components. The prices in US dollar for some Norwegian crude oil qualities are somewhat higher compared with the same period last year. However, this increase was equalized by the drop in the US dollar.

There are other Norwegian enterprises as well that operates with international prices including the US dollar. For the third quarter of 2007, the effects of a weaker US dollar are somehow minor. In a wider time perspective the weaker US dollar might most likely have a negative effect on the export revenues in the Norwegian currency (NOK).

Higher import prices on crude materials

From the third quarter of 2006 to the third quarter this year, the import prices increased by 3.4 per cent. The increase in prices for crude materials such as metalliferous ores and metal scrap did compensate for most of the fall in the import prices of electric current. Import prices of food such as meat and cereals increased as well, up 25 and 7 per cent respectively. This increase is related to the higher prices of wheat, corn and flour of soy that have had huge rises on the international stock markets for raw materials. Higher prices of crude materials are due to the global growth, the bad harvests and more biofuels as well.

Higher exports of fish, metals and machinery

The demand for Norwegian goods is still high. From the third quarter last year to the third quarter of 2007, the export volume of goods excluding crude oil, condensates, natural gas, ships and oil platforms increased by 7 per cent. Exports of fish are higher, up 14 per cent. Exports of metalliferous ores, chemical products and non-ferrous metals increased as well, up 5, 54 and 11 per cent respectively.

The export volume of goods excluding oil platforms increased by 1.4 per cent from the third quarter of 2006. The increase is mainly due to higher exports of fish, up 14 per cent. The increase is considerable for electric current as well.

Adjusted for seasonality, the export volume of goods excluding ships and oil platforms increased by 0.9 per cent in the third quarter of 2007 compared with the second quarter this year. The figures adjusted for seasonality for exports of goods excluding crude oil, condensates, natural gas, ships and oil platforms decreased by 0.5 per cent compared to the previous quarter.

Higher imports of meat, vegetables and fruits

The import volume of goods excluding ships and oil platforms increased by 8.6 per cent in the third quarter of 2007 compared with the same quarter of 2006. Imports were higher within all main groups, food showing the highest rise, up 12.4 per cent. Imports of meat, fish, vegetables and fruits were higher, up 41, 14 and 16 per cent respectively.

Adjusted for seasonality, the figures showed no change from the second to the third quarter this year.