The trade surplus came to just NOK 3.2 billion in September. Exports of goods totalled NOK 57.5 billion, while imports amounted to NOK 54.3 billion.
The low trade surplus in September was caused by large ship imports together with modest exports of natural gas.
In September, the trade surplus was a whole 78.5 per cent less than in the same month in 2015. Imports of goods increased by 1.6 per cent, while exports of goods dropped 15.9 per cent compared to the corresponding month last year. Mainland exports also declined in the same period, down 2.4 per cent to NOK 34.7 billion. The high import value in September 2016 relates to imports of ships with a total value of NOK 3.0 billion. The import value of ships is commonly subjected to monthly fluctuations.
Maintenance reduced exports of natural gas
The value of exported natural gas ended at NOK 7.4 billion – a drop of 58.3 per cent from September last year. The low export volume of natural gas was mainly related to scheduled maintenance and contributed to the decline in value. Only 5.7 billion standard cubic metres of natural gas in a gaseous state were exported in September this year, a decline of 34.0 per cent.
The export value of crude oil amounted to NOK 14.9 billion in September, up NOK 186 million from the corresponding month last year. The increase was the result of a volume rise of 7.0 per cent compared to the corresponding month of 2015 – 40.3 million barrels of crude oil were exported. The average price per barrel of crude oil was NOK 370, about NOK 21 less per barrel than 12 months ago.
Other significant twelve-month changes
• In September, the export value of salmon reached NOK 5.8 billion, up 37.3 per cent, mainly related to higher prices.
• Metal exports ended at NOK 4.7 billion in September – a decrease of NOK 350 million.
• Exports of machinery for special industries and other industrial machinery came to NOK 2.7 billion, a drop of NOK 1.1 billion.
• Imports for special industries and other industrial machinery also went down by 6.4 per cent, totalling NOK 4.6 billion.
• In September, the import value of passenger cars amounted to a record high NOK 4.1 billion.
Source: SSB / Norway Today