Increased mainland exports
Exports of goods came to NOK 68.3 billion, while imports amounted to NOK 44.5 billion in July. This resulted in a trade surplus of NOK 23.8 billion; NOK 6.4 billion more than the same month in 2014. Mainland exports of machines and fish increased. Exports of natural gas also went up, while low crude oil prices continued to effect exports of crude oil.
|NOK Million||Change in per cent||NOK Million - so far this year||Change in per cent - so far this year|
|July 2015||June 2015 - July 2015||July 2014 - July 2015||July 2015||July 2014 - July 2015|
|1The figures are marked with the symbol *. This is Statistics Norways standard symbol for indicating preliminary figures.|
|2Due to the data collection method, the preliminary monthly figures published for ships and oil platforms are often incomplete. In retrospect, therefore, the trade in these goods could in some cases lead to major corrections in the figures. Please see tables 2-4 for the impact these figures have on the external trade.|
|Imports||44 541||-17.3||-14.0||356 082||11.3|
|Ships and oil platforms2||5||-99.4||-99.9||22 610||214.8|
|Exports||68 313||-3.0||-1.1||492 767||-7.6|
|Crude oil||15 289||-19.4||-37.0||116 411||-32.0|
|Natural gas||18 438||19.2||37.8||133 525||2.1|
|Natural gas condensates||146||-66.2||-77.3||3 203||-33.2|
|Ships and oil platforms2||732||391.3||297.8||3 507||-35.5|
|Mainland exports||33 708||-4.7||10.1||236 120||6.8|
|The trade balance||23 772||43.9||37.1||136 685||-36.0|
|The mainland trade balance||-10 828||38.7||33.4||-97 352||-6.5|
In July, exports declined by 1.1 per cent or NOK 791 million, while imports fell by 14.0 per cent or NOK 7.2 billion. The figures for July 2014 include an oil platform and aeroplanes. Corresponding transactions were not present in July this year. Excluding these transactions in July last year levels the decline in imports. Low oil prices continued to pull down the export value of crude oil, while exports of natural gas increased. High exports of machines and fish from the mainland also increased in July.
High exports of natural gas
Exports of natural gas reached NOK 18.4 billion in July this year, up 37.8 per cent from July 2014. We exported 8.9 billion standard cubic metres of natural gas in a gaseous state. A higher exported volume and higher prices contributed to the increase in value this July.
In July, the export value of crude oil ended at NOK 15.3 billion, down 37.0 per cent from July last year. The number of exported barrels of crude oil was lower. In July, the average price per barrel of crude oil was NOK 463. This was NOK 188 less than in July 2014 and NOK 21 less than the previous month.
Norwegian machinery and instruments abroad
Mainland exports totalled NOK 33.7 billion compared to NOK 30.6 billion in July last year.
Exports of the main commodity group machinery and transport equipment reached NOK 8.6 billion in July, up 28.0 per cent from July 2014. The subgroups power-generating machinery and equipment, together with general industrial machinery and equipment increased almost NOK 870 million. Exports of professional and scientific instruments rose in July, with a growth close to 40.6 per cent, and thus reached NOK 1.4 billion.
Norwegian fish in demand
In July, fish exports went up by NOK 626 million to NOK 5.4 billion. Exports of fresh whole salmon came to NOK 3.0 billion; an increase of NOK 303 million, and covered half of the total increase. Exports of mackerel and cod also increased in July.
Exports of liquefied propane and butane, however, dropped by 33.8 per cent to NOK 890 million in July 2015.
High demand for electric vehicles
Imports in July ended at NOK 44.5 billion; a decrease from July last year of NOK 7.2 billion, or 14.0 per cent.
Several main commodity groups saw a decline in July. Imports of machinery and transport equipment came to NOK 16.8 billion; a whole 28.8 per cent less than July 2014. The subgroup other transport equipment came to NOK 7.7 billion in July 2014, where imports of an oil platform and aeroplanes together amounted to NOK 6.4 billion. However, this subgroup may show large fluctuations due to large individual transactions.
Imports of road vehicles, however, went up by NOK 630 million in July. A high share of electric vehicles in July 2015 contributed to the increase.
The main group mineral fuels fell to NOK 2.0 billion compared with July last year. Refined mineral products contributed to the decrease, mainly due to lower prices but also to lower imported volumes.