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Norway's trade surplus declines in June thanks to oil

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Staff Writer | July 16, 2016
Norway's trade surplus declined notably in June from prior year on lower oil prices and reduced oil production, Statistics Norway reported.
Norway's trade surplus
Economy in Norway   According to Statistics Norway:
The trade surplus dropped to NOK 6.9 billion from NOK 16.39 billion in the same period of last year. The surplus totaled NOK 6.6 billion in May.

Exports logged a double-digit decline of 14.9 percent from previous year and imports slid 2 percent. Month-on-month, exports climbed 6.8 percent and imports by 6.9 percent.

Exports of crude oil came in at NOK 13.8 billion, down 28.3 percent from June last year. This was due to a combination of reduced export volumes and lower prices.