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Higher crude oil price led Norway to trade surplus

Staff Writer |
A higher crude oil price and thereby high export value for crude oil led to a trade surplus in Norway in December 2016 of NOK 23.3 billion, the largest monthly surplus last year.

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The total export value of goods amounted to NOK 72.5 billion, while the import value came to NOK 49.2 billion.

The trade surplus in December was 47.0 percent higher than the same month the previous year. There have not been similar results since July 2015.

Compared to December 2015, the imports of goods decreased by 3.5 percent, while exports of goods increased by 8.5 percent. For the same period, the mainland exports decreased by 6.3 percent and ended at NOK 32.3 billion.

In December 2016, the export value of crude oil ended at NOK 20.4 billion. This is NOK 8.4 billion more than December 2015 and the highest since October 2014.

The main reason was an increase in crude oil prices of 43.3 percent, from NOK 315 per barrel in December 2015 to NOK 452 in December 2016.

As a comparison, July 2015 was the last time the average prices of crude oil exceeded NOK 400 per barrel. In addition, the export volume was far higher, with 45 million barrels in December 2016 compared to 37.8 million the previous year.

The export value of natural gas in December came to NOK 18.9 billion, a decrease of 2.9 percent compared to the corresponding period in 2015.

The export volume declined by 1.9 percent and ended at 10.3 billion standard cubic metres. In addition, the prices showed a slight fall.

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