Low exports of crude oil in May

Norwegian external trade with commodities yielded a surplus of NOK 2.3 billion in May. During the same month last year the trade statistics showed a surplus of NOK 8.7 billion. The export value sank by 13 per cent to NOK 23.7 billion, while imports rose by 15 per cent to 21.4 billion.

The combined value of exports of crude oil and natural gas sank by 28 per cent, while traditional exports rose 1.9 per cent. Ships and oil platforms are not included.

Lower exports of crude oil are the most important reason for the sinking trade surplus. In May, Norway exported NOK 75.5 million barrels of oil valued at NOK 7.8 billion, while in the first four months of this year Norway exported an average of NOK 87.2 million barrels per month out of the country. The May price of NOK 103 per barrel has been at the same low level for the past three months. The price in May 1997 was NOK 131 per barrel. The result was a combined export value of NOK 9.9 billion for crude oil and natural gas in May this year, against NOK 13.8 billion in May last year. The contribution from Norwegian exports of natural gas is slowly increasing and accounts so far this year for a quarter of the value of the crude oil.

Lower exports of mineral oil products

Like crude oil, exported quantities of refined mineral oil and natural gas products are also declining. These commodities pulled down the rise in traditional exports of goods by NOK 857 million in May this year, with oil products accounting for NOK 626 million and gas products NOK 231 million.

New Statistics

External trade with commodities, May 1998.
Statistics are published every month in the Weekly Bulletin of Statistics and Monthly Bulletin of External Trade and are available on the Internet at http:// www.ssb.no. Detailed figures are available from External Trade, Customer Services on +47 21 09 47 52/53. For more information, contact: hans.kristian.ostereng@ssb.no, tel.+47 21 09 47 13.

Weekly Bulletin issue no. 25, 1998