External trade in goods, indices of volume and price, Q2 2011

Norwegian export prices increased for the sixth consecutive quarter, with a rise of 3.5 per cent from the first to the second quarter. The oil price has been important for the price recovery since the financial crisis, and the price index for petroleum and petroleum products increased by 7.5 per cent the last quarter. Prices of natural and manufactured gas rose as well, by 1.4 per cent.

Also the price index excluding crude oil and natural gas has increased since the drop following the financial crisis of 2008. From the first to the second quarter, the price of Norwegian exports of goods other than oil and gas inched up by 0.2 per cent. This was largely due to a 0.6 per cent increase in the prices of chemical products. Prices of several other goods, such as fish, inedible crude materials, metals, machinery and miscellaneous manufactured articles fell.

Compared with the second quarter of 2010, export prices overall were 17.6 per cent higher in the second quarter this year. Prices of oil, natural gas, fish, crude materials and non-ferrous metals were higher than one year ago, and were important for the overall rise in export prices. On the other hand, prices of machinery and manufactured articles were lower, compared with the second quarter of last year.

Lower export volume

The volume of exports shipped from Norway fell by 9.4 per cent from the first to the second quarter, according to the volume index for external merchandise trade. The most important goods with lower exports were oil, gas, fish and chemical products. For more information on exports of oil and gas, see statistics on external trade in goods . Adjusted for normal seasonal variations, the overall export volume fell by one per cent. Compared with the second quarter of 2010, the volume of exports was 6.3 per cent lower in the second quarter of this year, due mainly to lower exports of oil, gas and non-ferrous metals.

Lower import prices

Prices of imported goods fell by 0.8 per cent from the first to the second quarter. Prices decreased for electricity, metalliferous ores and metal scrap and miscellaneous manufactured articles. In the latter group, prices of clothes and accessories fell by 6.5 per cent. Despite the decline in the last quarter, overall import prices were 2.8 per cent higher in the second quarter when compared with the same quarter of last year.

Import volume down

The volume of merchandise imports fell by 2.7 per cent from the first to the second quarter. Imports of oil, electricity and inedible crude materials were lower than the previous quarter. Adjusted for normal seasonal variations, the import volume was down 3.7 per cent. Compared with the second quarter of last year, the volume of imports was 2.2 per cent higher, despite the last quarter’s decline. Since one year ago, imports have increased for most groups of goods, while the imported volumes of oil, electricity and crude materials have fallen.