External trade in goods, indices of volume and price, Q4 2008

Norwegian exports of goods were 16.9 per cent higher in 2008 than in 2007, according to volume and price indices for external merchandise trade. The increase was mainly due to high prices of oil, natural gas and chemical products. Prices of mineral fuels increased through 2007 and into 2008, before plunging 26.4 per cent from the third to the fourth quarter of 2008. For the year as a whole, prices of mineral fuels were 27.1 per cent higher than in 2007. With high prices in the second and third quarters of 2008, prices of chemical products increased by 10.4 per cent year-on-year.

Export prices down from the third to the fourth quarter

From the third to the fourth quarter of 2008 prices of exported goods fell by 18.5 per cent. This is a relatively steep decline, and is most likely related to the international economic turbulence towards the end of 2008. The fall in the oil price, as already mentioned, made a major contribution to the development in the overall index. Excluding oil and natural gas, there was still a fall in export prices of 6.7 per cent. Prices of other important export goods such as metals and chemical products also fell from the third to the fourth quarter.

Export volume up from the third quarter

Increased export volumes of mineral fuels and fish helped increase Norwegian exports by 12.8 per cent from the third to the fourth quarter. The exports of metals fell in the same period.

The export volume in 2008 was 0.1 per cent less than in 2007. Lower exports of oil pulled the total volume down. Excluding oil and natural gas, the export volume increased by 3.1 per cent from 2007 to 2008. The groups with increased export volumes included fish and chemical products, which were up 5.4 and 1.1 per cent respectively.

Imports: Increased prices and volumes

Prices of imported goods rose by 0.4 per cent from the third to the fourth quarter. Higher prices of machinery, transport equipment and chemical products contributed to the increase in the index. Import prices increased by 2.7 per cent from 2007 to 2008. All main categories of goods except crude materials excluding fuels saw prices go up.

Lower imports of manufactured goods such as chemical products, metals and machinery and transport equipment brought the import volume down by 0.9 per cent from the third to the fourth quarter. For the year as a whole, however, the import of goods was 2.4 per cent higher than in 2007. The imports of machinery and transport equipment in particular increased the merchandise imports, despite a fall in the import of road vehicles.