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Norwegian exports nearly 1 Trillion in 2018

Oil industry: 50,000 oil jobs disappear in downturn exportsOil industry. Photo Wikipedia

Norwegian exports soared to nearly NOK 1 Trillion in 2018

Norwegian foreign trade increased a lot and ended at NOK 999.8 billion in 2018. Revenues from crude oil and natural gas accounted for half of the exports.

 

The increase in foreign trade in goods is 16.2 per cent from 2017, an overview from Statistics Norway (SSB) shows.

The value of mainland exports amounted to NOK 457.6 billion, an increase of 9.3 per cent from the year before. From the oil industry –  particularly crude oil and natural gas – exports totalled NOK 542.2 billion in the course of last year. The increase in the export value of crude oil was 18.8 per cent from 2017, while the value increase for natural gas was 29.9 per cent. The increase in the export value of crude oil and natural gas is primarily explained by significantly higher prices on the world market.

At the same time, imports of goods increased by 4 per cent to NOK 711.8 billion. This equates to a total trade surplus of NOK 288 billion – 63.5 billion more than in 2017 when it was among the smallest since the turn of the millennium.

At the same time, higher prices and increased volumes led to a growth of 4.3 per cent in Norwegian fish exports, which ended at NOK 96.2 billion. Salmon alone accounts for 70 per cent of this. The export value of metals and refined mineral oil products also increased in 2018.

 


© NTB Scanpix / #Norway Today
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