Norway posts trade deficit in August

Norway is running a trade deficit for the first time since May 1990. In August the trade deficit amounted to NOK 187 million excluding ships and oil platforms.

The value of Norway's exports plunged to NOK 20.4 billion in August, down NOK 5.6 billion from August 1997. The is mainly because exports of crude oil, in the wake of the glut of crude oil on the world market, brought in only NOK 6 billion, against NOK 10.3 billion the same month last year. At the same time, Norway imported NOK 20.6 billion worth of goods, an increase of NOK 2.6 billion.

In the course of the first eight months of this year, Norway exported NOK 198.8 billion worth of goods, against NOK 217 billion for the same period last year, a decline of 8.4 per cent. From January to August imports came to NOK 171.3 billion, an increase of 14.4 per cent. The trade surplus excluding ships and oil platforms was reduced from NOK 67.1 billion in the first eight months of last year to NOK 27.5 billion during the same period this year.

91 kroner per barrel

The continuing low price of crude oil is the main reason why exports of crude oil in August brought in only NOK 6 billion. This was a reduction of NOK 4.3 billion compared to August 1997. In August, Norway exported NOK 65.7 million barrels of oil valued at NOK 6 billion, while in August last year Norway exported 72.9 million barrels which brought in NOK 10.3 billion. The preliminary estimated price of crude oil in August this year was NOK 91 per barrel, while the price per barrel in August 1997 was NOK 140. So far this year crude oil exports amounted to NOK 65.5 billion, NOK 25.2 billion less than for the same period last year.

Exports of traditional goods amounted to NOK 12.8 billion in August, down NOK 1.1 billion compared to August last year. For the first eight months of this year, exports totalled NOK 116.1 billion, which is 6.9 per cent more than for the same period last year. With imports totalling NOK 171.3 billion the trade deficit for traditional goods from January to August came to NOK 55.2 billion. During the same period last year the deficit was NOK 41.2 billion.

New Statistics
External trade with commodities, August 1998.
The statistics are published monthly in the Weekly Bulletin of Statistics and Monthly Bulletin of External Trade, which is also available on the Internet at http://www.ssb.no. Detailed figures are available from Customer Services, External Trade, tel. +47 21 09 47 52/53, e-mail: utenrikshandel@ssb.no, or fax +47 22 42 14 68. For more information, contact: anne.berit.dahle@ssb.no, tel. +47 21 09 47 10.

Weekly Bulletin issue no. 38, 1998