Higher crude oil price
A higher crude oil price and thereby high export value for crude oil led to a trade surplus in December 2016 of NOK 23.3 billion, the largest monthly surplus last year. The total export value of goods amounted to NOK 72.5 billion, while the import value came to NOK 49.2 billion.
|NOK Million||Change in per cent||NOK Million - so far this year||Change in per cent - so far this year|
|December 2016||November 2016 - December 2016||December 2015 - December 2016||December 2016||December 2015 - December 2016|
|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 1-3 for the impact these figures have on the external trade.|
|Exports||72 520||4.4||8.5||747 135||-10.6|
|Crude oil||20 354||14.6||70.9||185 771||-5.8|
|Natural gas||18 924||15.0||-2.9||160 222||-27.4|
|Natural gas condensates||125||-66.3||10.4||3 822||-25.9|
|Ships and oil platforms2||847||-49.0||-6.4||10 340||15.7|
|Mainland exports||32 269||-2.8||-6.3||386 980||-4.3|
|Fish||8 216||-6.6||16.4||89 222||23.9|
|Imports||49 175||-9.0||-3.5||606 697||-1.5|
|Ships and oil platforms2||781||-61.7||545.5||16 399||-39.2|
|The trade balance||23 345||51.7||47.0||140 437||-36.3|
|The mainland trade balance||-16 125||14.4||1.8||-203 318||-10.2|
The trade surplus in December was 47.0 per cent higher than the same month the previous year. There have not been similar results since July 2015. Compared to December 2015, the imports of goods decreased by 3.5 per cent, while exports of goods increased by 8.5 per cent. For the same period, the mainland exports decreased by 6.3 per cent and ended at NOK 32.3 billion.
Substantial increase in crude oil exports
In December 2016, the export value of crude oil ended at NOK 20.4 billion. This is NOK 8.4 billion more than December 2015 and the highest since October 2014. The main reason was an increase in crude oil prices of 43.3 per cent, from NOK 315 per barrel in December 2015 to NOK 452 in December 2016. As a comparison, July 2015 was the last time the average prices of crude oil exceeded NOK 400 per barrel. In addition, the export volume was far higher, with 45 million barrels in December 2016 compared to 37.8 million the previous year.
The export value of natural gas in December came to NOK 18.9 billion, a decrease of 2.9 per cent compared to the corresponding period in 2015. The export volume declined by 1.9 per cent and ended at 10.3 billion standard cubic metres. In addition, the prices showed a slight fall.
Other significant twelve-month changes
- Exports of fresh salmon amounted to NOK 5 billion in December, an increase of 27.5 per cent due to higher prices. Exported volume decreased by 5.6 per cent.
- Exports of refined oil products ended at NOK 2.5 billion in December, a decline of NOK 1.7 billion due to reduced export volumes.
- Exports of machinery for special industries and power-generating machinery as a total decreased by NOK 1.3 billion, and amounted to NOK 1.4 billion. Conversely, the exports of electrical machinery and apparatus increased by NOK 1.4 billion.
- Imports of machinery for special industries and power-generating machinery also decreased by 37.4 per cent, and came to NOK 2.4 billion.
- Imports of refined oil products amounted to NOK 2.2 billion, a substantial increase of NOK 850 million compared to December 2015, due to higher import volumes for gas oils with low sulphur content.
Longer time series, as well as figures from the Norwegian Customs Tariff, county of production and by groups of end use (BEC)