Higher import volume in 1998

The value of imports in 1998 was 11.8 per cent higher than in 1997. Almost the entire increase is because of higher import volume. The import volume index was 10 per cent higher in 1998 than the year before, while there was a price increase of one per cent. The 10.5 per cent reduction in export value during the same period is linked to the low prices for Norwegian oil exports.

Exports excluding crude oil and natural gas showed a volume increase of 3.9 per cent, while the price index was 1.0 per cent higher in 1998 than the year before. The terms of trade for Norwegian goods consequently deteriorated by 11.5 per cent compared with 1997. On the other hand, the terms of trade for traditional goods remained unchanged.

Greatest volume increase for machinery and metal products

Import volumes increased for all main commodity groups, except for mineral fuels, in which the import volume was 4.8 per cent lower than in 1997. The volume index for imports of food, beverages and tobacco was 6.6 per cent higher than in 1997, while the volume index for the other raw materials increased by 7.3 per cent. The biggest increase was the volume increase for manufactured goods, in which the overall volume index was 11.6 per cent higher than for 1997. A major factor behind the increase was that the volume index for glass, metal products and machinery was particularly high compared with 1997.

The price index for imports of goods in 1998 shows an increase of 6.8 per cent for food, beverages and tobacco, and an increase of 2.0 per cent for manufactured goods. For mineral fuels and other raw materials, the average import price declined 13.0 and 2.8 per cent respectively.

Increased export volume of machinery and furniture

Export volumes increased for both the food, beverages and tobacco and manufactured goods groups. The increases were 4.1 and 7.1 per cent. Of the manufactured goods, the export volume of machinery and furniture was particularly high in 1998, compared with the previous year. The volume of furniture exports was 15 per cent higher in 1998 than in 1997. For exports of mineral fuels and other raw materials the volume index fell by 4.7 and 0.9 per cent respectively compared with 1997.

New Statistics
External trade with commodities, 1998.
The statistics are published quarterly in the Weekly Bulletin of Statistics. For more information contact: Lars.Andreas.Lunde@ssb.no, tel. +47 21 09 47 08.

Weekly Bulletin issue no. 3, 1999