Norway registers new export records

Johan Sverdrup oil fieldPhoto: Carina Johansen / NTB

Exports set new records in March 2022, ending at NOK 226.3 billion. That is close to 25% more than the previous record in December 2021.

With NOK 138.4 billion, the trade surplus was also historically high and as much as 64.3% higher than in the previous month, figures from Statistics Norway (SSB) show.

Oil and gas are the main drivers behind export growth. The latter in particular – Norway exported natural gas worth more than NOK 112 billion in March. That is close to a sixfold increase from the same month in 2021.

The export value of crude oil doubled from NOK 26.1 billion in March 2021 to a record high of NOK 51.6 billion in March 2022.

“The uncertainty caused by the war in Ukraine affects the prices of our most important export goods. The price of natural gas, in particular, is now completely unparalleled and is the main reason for the exceptionally high export value we are now seeing,” senior adviser Jan Olav Rørhus stated.

Record high fish and electricity exports

Mainland exports ended at NOK 62.3 billion – an increase of approximately 21% from February this year.

Also, in fish exports, a new record was set. The value of fish exports was NOK 12.1 billion in March, 15.1% higher than twelve months ago and 10.1% higher than in February this year.

According to the SSB, the increase is due to higher prices. 

In March, electricity was exported for a record high of NOK 4.2 billion, more than seven times as much as in March last year and more than double from February this year. 

Higher prices are the main reason for the increase in value. 

Increased imports

Goods worth almost NOK 88 billion were imported in March, an increase of 19.4% compared with March 2021.

Car imports amounted to NOK 7.6 billion, an increase of 7.3% from the previous year. The share of electric cars increased to 77%, compared to 54% in March 2021.

Imports from Russia increased by almost 90% from last year and ended at NOK 3.1 billion in March. The most important goods Norway imports from Russia are mineral oil and metals, according to Statistics Norway.

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

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