Balance of payments, geographical breakdown, 2003

The deficit with Europe last year is estimated at NOK 15 billion. The surplus with American countries was NOK 28 billion, mainly due to freight earnings of Norwegian shipping companies.

Norway's international trade in services credit amounted to NOK 154 billion in 2003, of which 63 per cent was exports to European countries and 28 per cent to North-America. The Nordic countries' imports of services from Norway are estimated at NOK 23 billion in 2003. This is nearly 23 per cent of Norway's total exports of services to Europe. Exports to other EU/EEA countries amounted to NOK 69 billion.

Sea transport

Income from maritime transport operations is the single most important credit item in Norway's international trade in services. About 45 per cent of total exports of services in 2003 were freight earnings. Freight earnings are of relative high importance in trade with overseas continents, constituting more than 62 per cent of services credit in trade with both the American and Asian continents, while only 35 per cent of total exports of services to European countries.

Imports of services

On the debit side European countries are Norway's most important partners in trade in services. Imports of services from these countries ended at NOK 112 billion in 2003. Imports from other continents were about NOK 27 billion, of which about 60 per cent were imports from North America.

Please notice that the figures for 2001 and 2002 have been revised.

Tables:

• Table 1 Balance of Payments, geographical breakdown., 2001. NOK million
• Table 2 Balance of Payments, geographical breakdown. 2002. NOK million
• Table 3 Balance of Payments, geographical breakdown. 2003. NOK million