Norway posted a trade deficit of NOK 2.9 billion in August 2020, swinging from NOK 5.7 billion surplus in the same month a year earlier. It was the fourth straight month of deficit in trade balance, as exports plunged while imports were unchanged. Exports tumbled 13 percent, due to lower sales of mineral fuels, lubricants & related materials (-20.1%), chemicals and related products n.e.s (-9.3%), manufactured goods classified chiefly by material (-4.5%), food and live animals (-13.1%), chemicals and related products n.e.s (-9.3%), manufactured goods classified chiefly by material (-4.5%), miscellaneous manufactured articles (-13.8%). Meanwhile, imports were unchanged, as purchases increased for food and live animals (4.4%), machinery and transport equipment (6.4%), and miscellaneous manufactured articles (4.1%), but were down for chemicals and related products n.e.s (-4.7%), crude materials, inedible, except fuels (-9.6%) and mineral fuels, lubricants and related materials (-46.2%).
Balance of Trade in Norway averaged 8662.99 NOK Million from 1960 until 2020, reaching an all time high of 48677.18 NOK Million in January of 2014 and a record low of -10376 NOK Million in June of 2020. This page provides the latest reported value for - Norway Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Norway Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Statistics Norway
Balance of Trade in Norway is expected to be 8500.00 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 12300.00 in 12 months time. In the long-term, the Norway Balance of Trade is projected to trend around 17200.00 NOK Million in 2021 and 20200.00 NOK Million in 2022, according to our econometric models.