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148055
Continued decline in exports
statistikk
2014-07-15T10:00:00.000Z
External economy;External economy
en
uhvp, External trade in goods, indices of volume and price, import, export, price trends, volume development, product groups (for example food, raw materials, fuel), areas of application (for example energy goods, building materials, consumables)Balance of payments, External trade , External economy
false

External trade in goods, indices of volume and price, Q2 2014

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Continued decline in exports

The volume of Norwegian exports fell by 9.9 per cent from the first to the second quarter, mainly due to lower exports of oil and natural gas. Prices for exported goods also fell in the same period.

Indices of volume and price for external trade in goods, excl. ships and oil platforms. Change in per cent from previous quarter1Published 15 July 2014
Volume indexPrice index
ExportsImportsExportsImports
1Groups according to the Standard International Trade Classification (SITC-Rev. 4).
2nd quarter 2014 / 1st quarter 2014
Goods excl. ships and oil platforms-9.92.5-4.7-1.1
Exports excl. crude oil and natural gas-0.7.-2.2.
Food, beverages and tobacco-0.13.9-6.10.1
Crude materials except fuels4.19.5-3.25.2
Fuels-14.0-20.0-6.6-2.9
Manufactured goods except food, beverages and tobacco-0.73.70.5-1.7

Source: Statistics Norway

The volume and price indices for external trade in goods show that the volume of Norwegian exports was 9.9 per cent lower in the second quarter this year than in the first. The fall is mainly due to lower exports of crude oil and natural gas. Compared with the second quarter of last year, the export volume was 4.9 per cent lower. Exports of oil have been falling for nearly ten years, and this continues to drag the overall index down. Exports of natural gas have increased over recent years, but compared with the second quarter of 2013 the volume shipped in the same quarter this year was 5.7 per cent lower.

Lower export prices in the short term

Prices of Norwegian exports fell by 4.7 per cent from the first to the second quarter. A decline in the price of natural gas contributed to a 6.6 per cent fall in the index for the commodity group mineral fuels, lubricants and related materials. Prices of fish and chemical products also declined. One important exception to the overall price fall was the group metals except iron and steel, where prices rose by 4.8 per cent. In the longer term, export prices have increased, despite the recent setback. Compared to the second quarter of 2013, export prices were 1.8 per cent higher in the second quarter this year.

Import prices in line with exchange rate

Over the past five quarters, prices for imported goods have followed the development in the exchange rate of the Norwegian krone (NOK) against the currencies of Norway’s trade partners quite closely. Import prices fell by 1.1 per cent from the first to the second quarter, while they were 4.7 per cent higher in the second quarter than in the same quarter of last year. The NOK depreciated by 4.5 per cent against its trade partners’ currencies over these four quarters, as measured by the central bank’s import weighted currency index. Between the first and second quarters this year, however, the NOK appreciated by 1.8 per cent.

Increased import volume, but lower than a year ago

The volume of imported goods was 2.5 per cent higher in the second than in the first quarter of 2014. The index recorded increased imports for most types of goods. Compared with the second quarter of 2013, however, the overall import volume was 2.2 per cent lower in the same quarter this year. The decline is largely due to falling imports of mineral fuels, metalliferous ores and road vehicles. At the same time, imports of food, chemical products and manufactures of metals increased.