Norway's trade surplus decreased to NOK 25.6 billion in December 2019 from NOK 26.3 billion in the same month a year earlier. Exports rose 5.9 percent, due to sales of mineral fuels, lubricants & related materials (2.9 percent), chemicals & related products (14.6 percent), food & live animals (14.8 percent), manufactured goods (4.8 percent), and machinery & transport equipment (12.7 percent). Meanwhile, imports increased at a faster 10.1 percent, led by purchases of crude materials, inedible, except fuels (12.3 percent), machinery & transport equipment (12.2 percent), chemicals & related products (8.9 percent), food & live animals (8.1 percent), and manufactured goods (15.1 percent). Considering 2019 full year, the trade surplus narrowed 48.3 percent year-on-year to NOK 148.3 billion, with exports falling 9.4 percent and imports rising 6.4 percent. Balance of Trade in Norway averaged 8712.70 NOK Million from 1960 until 2019, reaching an all time high of 48677.18 NOK Million in January of 2014 and a record low of -5680 NOK Million in April of 1986. source: Statistics Norway
Balance of Trade in Norway is expected to be 17600.00 NOK Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Norway to stand at 18900.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 20200.00 NOK Million in 2020, according to our econometric models.