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Oil and gas increase Norway trade surplus in April

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Staff Writer | May 16, 2017
In April, Norwegian exports amounted to NOK 66.2 billion, 7.5 percent more than in April 2016.
Norway trade
Norway   Increased revenues from the continental shelf commodities
Increased revenues from the continental shelf commodities - crude oil and natural gas - contributed to a solid trade surplus in April. Imports of goods, and machines in particular, were also low.

The trade surplus almost doubled to NOK 22.2 billion in April this year compared with the same month in 2016.

Total exports increased by NOK 4.6 billion, despite a decrease in mainland exports during the same period, down NOK 812 million. Exports of fish were particularly low this April.

Imports of goods were 12.8 percent lower this year and ended at NOK 43.9 billion. Imports of machinery and transport equipment accounted for the largest decline.

Crude oil exports in April reached NOK 19.2 billion, an increase of 30 percent compared to the same month last year.

Because the number of exported barrels of crude oil was approximately the same as in April last year, the rise is due to a price increase of almost NOK 100 per barrel.

In April this year, exports of natural gas came to NOK 14.4 billion. This corresponds to an increase of 11.5 percent compared with April last year.

Increases in both export volumes and prices lie behind the growth.