Falling oil and gas prices led to decline in exports
In November, exports of goods came to NOK 70.9 billion; a decline of 13.9 per cent compared to the same month a year earlier. This was due to falling oil and gas prices. Imports amounted to NOK 46.3 billion and were at the same level as November 2013.
|NOK Million||Change in per cent||NOK Million - so far this year||Change in per cent - so far this year|
|November 2014||October 2014 - November 2014||November 2013 - November 2014||November 2014||November 2013 - November 2014|
|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||46 267||-11.0||0.2||513 691||6.4|
|Ships and oil platforms2||41||-87.1||-96.5||10 141||15.5|
|Exports||70 906||-15.0||-13.9||817 847||-0.8|
|Crude oil||18 263||-21.5||-20.1||252 181||0.3|
|Natural gas||19 070||-13.3||-22.6||197 780||-11.4|
|Natural gas condensates||498||-56.0||-34.8||7 548||-2.0|
|Ships and oil platforms2||75||-40.9||-87.9||6 114||8.3|
|Mainland exports||32 999||-10.6||-1.6||354 224||5.3|
|The trade balance||24 640||-21.7||-32.0||304 156||-10.9|
|The mainland trade balance||-13 227||10.3||-15.2||-149 325||-8.3|
Exports of crude oil and natural gas were NOK 37.3 billion, and accounted for 52.7 per cent of total merchandise exports. This is a decline of 21.4 per cent compared to November 2013. In the corresponding period, the trade surplus dropped 32.0 per cent and ended at NOK 24.6 billion.
Significant drop in oil and gas prices
The export value of crude oil totalled NOK 18.3 billion in November, down 20.1 per cent, or NOK 4.6 billion compared to oil exports in November 2013. The decrease was mainly due to a drop in oil prices, which have fallen sharply since June this year. The price per barrel was NOK 540 in November compared to NOK 666 in the corresponding period last year. A total of 33.8 million barrels were exported; 1.5 per cent down from November 2013.
Natural gas exports were also affected by lower prices. Exports declined by NOK 5.6 billion, or 22.6 per cent, from November last year and ended at NOK 19.1 billion. Natural gas prices were particularly high in the fourth quarter of 2013, and prices in November dropped more than 25 per cent compared to November 2013. The exported volume increased by 8.3 per cent in the same period, curbing the fall in export value. A total of 9.6 billion cubic metres of natural gas in a gaseous state were exported in November.
Small decline in mainland exports
Mainland exports reached NOK 33 billion and were 1.6 per cent lower than in November 2013. The largest decline was in the main commodity group machinery and transport equipment, which went down by NOK 1.2 billion compared to November last year, ending at NOK 6.8 billion. A large decline was also seen in exports of liquefied propane and butane, which totalled NOK 1.6 billion.
The rise in prices of aluminium and nickel contributed to an increase in exports of metals. The subgroup metals, except iron and steel, ended at NOK 3.3 billion, an increase of NOK 238 million. The main commodity group crude materials, inedible, except fuels went up NOK 234 million to NOK 1.4 billion in the same period. Moreover, exports of fish totalled NOK 6.4 billion, an increase of NOK 114 million.
Imports in November amounted to NOK 46.3 billion; an increase from November last year by 0.2 per cent. The largest increase was in the main commodity group miscellaneous manufactured articles, which went up by NOK 770 million compared to November last year, ending at NOK 7.5 billion. Imports of manufactured goods classified chiefly by material went up NOK 287 million, and totalled NOK 7 billion.
Imports of petroleum products dropped NOK 585 million and amounted to NOK 1.6 billion, while machinery and transport equipment totalled NOK 18 billion and declined NOK 496 million compared to November 2013.
Import of an oil platform at NOK 4.7 billion are registered in July 2014.