Imports up NOK 2.6 billion

Norway imported NOK 23.5 billion worth of goods in November, 12.6 per cent more than during the same month last year. Traditional exports of goods in November amounted to NOK 15.2 billion, an increase of 2.3 per cent from November 1997.

As a result of the low oil prices, the value of crude oil exports totalled only NOK 6.8 billion in November. Gas exports amounted to NOK 2.6 billion last month. In combination, this yielded a trade surplus of NOK 1.1 billion in November, compared to NOK 8.3 billion in November 1997.

Norway imported NOK 243 billion worth of goods in the first 11 months of this year. This is an increase of 12.8 per cent from last year. Traditional exports of goods increased during the same period by 5.5 per cent, totalling NOK 164 billion for January to November this year. The value of crude oil exports during the same period totalled NOK 87 billion, down 30 per cent from the first 11 months of last year. Low oil prices, with a barrel price of just NOK 80 in November, are the reason for the change. The price per barrel in November was the lowest so far this year. The average price per barrel from January to November was NOK 96, compared to NOK 133 during the same period last year. The quantity of oil exported so far this year is down slightly compared to last year. The value of gas exports amounted to NOK 24 billion, a decrease of 2.8 per cent from last year.

The trade surplus in the first 11 months of this year came to NOK 32 billion, or about one-third that of last year. If we look only at traditional goods, the trade deficit increased from NOK 60 billion last year to NOK 79 billion in January to November this year.

Seasonally adjusted figures show increase

Seasonally adjusted figures for imports of traditional goods show a 3.2 per cent increase for the period September to November this year compared to the previous three-month period. For traditional exports of goods, seasonally adjusted figures show an increase of 4.3 per cent when the two periods are compared.

New Statistics
External trade in commodities, November 1998.
The statistics are published monthly in the Weekly Bulletin of Statistics and in the Monthly Bulletin of External Trade. Detailed figures are available from Customer Services, External Trade, tel. +47 21 09 47 52/53. For more information contact: Oyvind.Hagen@ssb.no, tel. +47 21 09 47 26.

Weekly Bulletin issue no. 51, 1998