Thursday , March 30 2023

A new entry on foreign trade: In 2018, it exported nearly 1 trillion NOK – Business


The case is updated.

Total exports are thus 16.2 percent higher than in the previous year, and foreign trade is the new record, according to recent Norwegian statistics.

The previous record was set in 2008 at NOK 953.2 billion.

In 2018, continental exports were NOK 457.6 billion, up 9.3% on the previous year.

The trade surplus in 2018 was NOK 288 billion, up 63.5% on the previous year.

In 2017, the trade surplus was the lowest since the millennium, according to the Norwegian Statistical Office.

Higher oil and gas prices

Of the total value of exports, revenues from crude oil and natural gas accounted for more than half.

Significantly higher oil prices contributed to the increase in the value of crude oil exports. Last year, it was NOK 264.0 billion, or $ 223.1 billion a year earlier.

The average price was NOK 577 per barrel. It is 131 NOK more than in 2017. However, the number of crude oil exported drums was reduced from NOK 500 million to NOK 458 million.

At the same time, higher natural gas pigs contributed to an increase in natural gas exports, which ended last year at NOK 263.8 billion, an increase of NOK 61 billion over the previous year.

One of the things that also contributed to last year's record is the export of fish, metals and refined mineral oil products.

Higher prices and volume growth led to an increase of 4.3% in Norwegian fish exports, which ended in 2018 with NOK 96.2 billion.

Only salmon exports account for more than 70 percent of this export value.

Optimism in the industry

Imports of goods in 2018 amounted to NOK 711.8 billion, an increase of 4% compared to 2017.

Total imports of industrial equipment increased by NOK 13 billion to NOK 80.8 billion.

This is an indication of optimism in industrial investment, according to the Norwegian Statistical Office.

The value of passenger car imports was about the same as in 2017, but the cars we received changed. For the first time last year, we received most of the electric cars compared to gasoline, diesel and hybrid cars.

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