Norway registered significant growth in goods exports in June

Total exports of goods ended at NOK 97.9 billion in June, as much as 70.7% more than in June last year, according to figures from Statistics Norway (SSB). This is the third-highest value measured in a single month, the SSB states.

Crude oil, natural gas, and mainland exports contributed to the increase. In June, crude oil was exported for NOK 26.8 billion, an increase of as much as 76.1% from the same time last year. 

The increase is mainly due to higher prices. The price of natural gas was also historically high. The value of natural gas exports ended at almost NOK 22 billion in June, almost quadrupling from June last year when prices were extremely low.

Trade surplus of NOK 25 billion

Mainland exports ended at NOK 47.3 billion, which is 31.1% more than in June last year. The import value amounted to NOK 72.9 billion in June, an increase of 9.5%. In total, this gave a trade surplus of NOK 25 billion in June.

The changes from last year are characterized by the export value being low twelve months ago, largely due to the corona pandemic. During the winter and into 2021, exports of oil, gas, fish, and refined petroleum products have risen sharply.

Sharp rise in the value of aluminum exports

Among mainland exports, the value of refined mineral oil products ended at NOK 5.1 billion, which is more than double from June last year. Higher prices are the main reason for the rise.

The value of aluminum exports amounted to NOK 4 billion in June, an increase of 75.8% from the same month the year before and the highest export value ever. The increase is due to both higher prices and increased volume.

Rise in seafood exports

There has also been an increase in export value for seafood. Seafood was exported for NOK 8.7 billion in June, 8.0% more than 12 months ago.

Salmon exports, in particular, contributed an increase of 9.4% from last year. Here, however, it was the volume that went up, while the price pulled in the opposite direction.

Increased exports of snow crab and king crab also contributed to increasing the value of seafood exports in June.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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