Norway trade surplus narrowed to NOK 28.77 billion in January 2019 from NOK 30.96 billion in the same month of the prior year. Imports rose 9.5 percent year-on-year to NOK 60.1 billion, mainly led by food and live animals (16.9 pct); crude materials, inedible, except fuels (14.8 pct), chemical and related products n.e.s (2.8 pct), and mineral fuels, lubricants and related materials (1.2 pct). Meantime, exports grew at a softer 3.5 percent to NOK 88.9 billion, mainly driven by food and live animals (13.5 pct); manufactured goods classified chiefly by material (11.5 pct); crude materials, inedible, except fuels (10.3 pct), and machinery and transport equipment (5.8 pct). Balance of Trade in Norway averaged 8635.47 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 -6100.20 NOK Million in November of 2017.
Balance of Trade in Norway is expected to be 18400.00 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 23700.00 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.