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.

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Norway Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-2865.00 -2131.00 48677.18 -10354.00 1960 - 2020 NOK Million Monthly
Current Prices, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-06-15 06:00 AM May NOK-1.2B NOK3.6B NOK9.9B
2020-07-15 06:00 AM Jun NOK-10.2B NOK-1.4B NOK 6.5B
2020-08-17 06:00 AM Jul NOK-1.8B NOK-10.4B NOK7.8B
2020-09-15 06:00 AM Aug NOK-2.9B NOK-2.1B NOK11.5B
2020-10-15 06:00 AM Sep NOK-2.9B NOK 2.5B
2020-11-16 07:00 AM Oct NOK6.9B
2020-12-15 07:00 AM Nov NOK19.1B


News Stream
Norway Posts Trade Gap for 4th Month
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%).
2020-09-15
Norway Posts Trade Gap for 3rd Month
Norway posted a trade deficit of NOK 1.8 billion in July 2020, swinging from NOK 6.9 billion surplus in the same month a year earlier. It was the third straight month of deficit in trade balance, as exports fell while imports increased. Exports plunged 12.5 percent, due to lower sales of mineral fuels, lubricants & related materials (-23.6 percent), chemicals and related products n.e.s (-2.9 percent), manufactured goods classified chiefly by material (-6.0 percent), food and live animals (-0.4 percent), chemicals and related products n.e.s (-2.9 percent), manufactured goods classified chiefly by material (-6 percent), miscellaneous manufactured articles (-3.6 percent). Meanwhile, imports rose by 0.5 percent, as purchases increased for food and live animals (22.1 percent), chemicals and related products n.e.s (7.5 percent), crude materials, inedible, except fuels (3.2 percent), machinery and transport equipment (3.6 percent), and miscellaneous manufactured articles (1.4 percent).
2020-08-17
Norway Posts Trade Gap for 2nd Month
Norway posted a trade deficit of NOK 10.2 billion in June 2020, shifting from NOK 6.1 billion surplus in the same month a year earlier. It was the second straight month of deficit in trade balance, as exports dropped while imports rose. Exports plunged 15.6 percent, due to lower sales of crude materials, inedible, except fuels (-3.1 percent), mineral fuels, lubricants & related materials (-29.4 percent), chemicals and related products n.e.s (-0.3 percent), manufactured goods classified chiefly by material (-2.4 percent), machinery & transport equipment (-13.1 percent). Meanwhile, imports rose by 10 percent, as purchases increased for food and live animals (25.1 percent), chemicals and related products n.e.s (21.1 percent), manufactured goods classified chiefly by material (17.8 percent), machinery and transport equipment (12.7 percent), and miscellaneous manufactured articles (17.8 percent).
2020-07-15
Norway Posts Trade Gap for 1st Time in 8 Months
Norway posted a trade deficit of NOK 1.2 billion in May 2020, swinging from a NOK 8.9 billion surplus in the same month a year earlier. It was the first trade gap since last September, as exports dropped more than imports. Exports tumbled 26 percent, due to lower sales of food and live animals (-9.3 percent), mineral fuels, lubricants & related materials (-37.2 percent), machinery & transport equipment (-12 percent), and miscellaneous manufactured articles (-8.5 percent). Meanwhile, imports dropped at a softer 14.5 percent, as purchases declined for mineral fuels, lubricants and related materials (-41.1 percent), machinery and transport equipment (-24.8 percent), and miscellaneous manufactured articles (-8.4 percent).
2020-06-15

Norway Balance of Trade
The Norwegian trade balance has been in surplus since 1989. In 2019, the trade surplus narrowed sharply by 48.3 percent from the previous year to NOK 148 billion amid global trade tensions and weak external demand. The biggest trade surpluses were recorded with the UK, the Netherlands, Germany, France, Belgium, Spain, Iceland, Portugal, Singapore and Ireland; and the largest deficits were recorded with China, the US, Sweden, Russia, Italy, Canada, Brazil, Poland, Czech Republic and Switzerland.