Norway's trade surplus narrowed to NOK 11.3 billion in May 2019, the smallest since November 2017, from NOK 16.7 billion in the same month of the prior year. Imports rose 4.4% yoy to NOK 66.1 billion, led by machinery and transport equipment (11.4%), manufactured goods (12.8%), miscellaneous manufactured articles (8.7%), chemicals (6.2%), and food and live animals (7.1%). In contrast, purchases dropped for crude materials, inedible, except fuels (-11.6%), and mineral fuels, lubricants and related materials (-37.7%). Meanwhile, exports declined 3.2% to NOK 77.4 billion, mainly due to lower shipments of mineral fuels, lubricants and related materials (-9.3%), namely mineral oil and petroleum products (-2.2 percent) and machinery and transport equipment (-2.6%). On the other hand, sales advanced for food and live animals (5%), and chemicals and related products (4.4%). From January to May, the trade surplus narrowed 13.9% yoy to NOK 91.4 billion. Balance of Trade in Norway averaged 8719.27 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.
Balance of Trade in Norway is expected to be 13300.00 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 17800.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 17200.00 NOK Million in 2020, according to our econometric models.