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Increased external trade in goods

Exports in goods amounted to NOK 79.7 billion in March, a rise of nearly 30 percent compared to the same month in 2016. Increased exports of crude oil and fish, as well as higher natural gas prices, were decisive. Imports of goods increased by nearly 13 per cent, ending at NOK 57.0 billion, according to new figures from External trade in goods.

Neither export, nor import values ​​have been this high in a single month since spring 2015. There was a rise in most of the main commodity groups, for both exports and imports.

By comparing the numbers between months, it is important to be aware of that the Easter holidays last year was in March, and will be in April this year.

The trade surplus came to NOK 22.7 billion, over twice as much as in March last year, however not as high as in the past three previous months.

Figure 1. The trade balance
Figure 1. The trade balance
Total imports Total exports The trade balance
Mar. 2012 43.3 91.0 47.7
Apr. 2012 38.5 75.9 37.4
May 2012 44.4 81.9 37.5
June 2012 44.3 71.8 27.6
July 2012 41.0 72.0 30.9
Aug. 2012 41.4 74.0 32.6
Sep. 2012 43.0 65.1 22.1
Oct. 2012 49.4 82.0 32.7
Nov. 2012 44.8 77.2 32.4
Dec. 2012 38.4 74.7 36.3
Jan. 2013 43.0 76.7 33.7
Feb. 2013 39.6 74.6 35.0
Mar. 2013 38.4 77.1 38.7
Apr. 2013 45.9 70.4 24.5
May 2013 44.1 73.2 29.1
June 2013 42.0 74.3 32.3
July 2013 43.0 79.7 36.7
Aug. 2013 43.7 73.2 29.6
Sep. 2013 47.7 67.5 19.8
Oct. 2013 49.2 80.4 31.2
Nov. 2013 46.2 87.2 41.1
Dec. 2013 44.8 82.1 37.3
Jan. 2014 42.5 91.2 48.7
Feb. 2014 43.3 78.1 34.8
Mar. 2014 46.6 82.1 35.5
Apr. 2014 44.1 75.4 31.4
May 2014 45.1 71.8 26.7
June 2014 46.4 66.0 19.6
July 2014 51.8 69.9 18.2
Aug. 2014 46.6 67.8 21.1
Sep. 2014 50.6 71.7 21.1
Oct. 2014 52.1 85.6 33.5
Nov. 2014 46.7 73.3 26.5
Dec. 2014 46.7 76.2 29.5
Jan. 2015 45.4 70.0 24.6
Feb. 2015 45.3 68.9 23.6
Mar. 2015 56.4 79.2 22.8
Apr. 2015 64.3 65.8 1.5
May 2015 46.2 67.7 21.5
June 2015 54.1 70.5 16.4
July 2015 44.6 69.7 25.1
Aug. 2015 47.1 67.9 20.8
Sep. 2015 53.4 68.3 14.9
Oct. 2015 53.7 73.8 20.1
Nov. 2015 54.3 67.5 13.2
Dec. 2015 51.0 66.9 15.9
Jan. 2016 43.7 60.6 16.9
Feb. 2016 49.5 60.4 10.9
Mar. 2016* 50.5 61.8 11.3
Apr. 2016* 50.4 61.5 11.1
May 2016* 49.7 58.2 8.6
June 2016* 53.8 60.4 6.6
July 2016* 46.0 59.4 13.4
Aug. 2016* 53.0 60.2 7.2
Sep. 2016* 54.3 57.5 3.2
Oct. 2016* 52.7 65.2 12.5
Nov. 2016* 54.1 69.4 15.4
Dec. 2016* 49.2 72.5 23.3
Jan. 2017* 51.4 76.8 25.4
Feb. 2017* 48.9 72.1 23.3
Mar. 2017* 57.0 79.7 22.7
.

Increased oil and gas exports

Exports of crude oil amounted to NOK 18.2 billion in March – NOK 6 billion more than in the same month previous year. The increased value was due both to a rise in exported volumes as well as higher oil prices, on average NOK 113 more per barrel than in March last year. In total, 42.0 million barrels of crude oil were exported compared to 37.6 million barrels in the same month a year ago.

Figure 5. The Mainland trade balance
Figure 5. The Mainland trade balance
Mainland exports Imports excl. ships and oil platforms The Mainland trade balance
Mar. 2012 33.5 42.8 -9.3
Apr. 2012 27.4 37.9 -10.5
May 2012 31.5 43.5 -12.1
June 2012 31.2 43.5 -12.3
July 2012 26.6 40.8 -14.2
Aug. 2012 29.5 41.2 -11.8
Sep. 2012 30.6 41.8 -11.2
Oct. 2012 31.5 48.6 -17.1
Nov. 2012 31.9 43.7 -11.9
Dec. 2012 26.4 38.0 -11.6
Jan. 2013 30.8 42.0 -11.2
Feb. 2013 28.9 39.0 -10.1
Mar. 2013 30.0 37.9 -7.9
Apr. 2013 29.7 45.9 -16.2
May 2013 29.1 43.1 -14.0
June 2013 32.4 40.7 -8.4
July 2013 29.7 42.6 -12.9
Aug. 2013 29.5 42.6 -13.1
Sep. 2013 29.7 46.6 -16.9
Oct. 2013 32.8 48.7 -15.9
Nov. 2013 33.5 45.0 -11.5
Dec. 2013 28.3 42.7 -14.4
Jan. 2014 34.0 42.0 -8.1
Feb. 2014 30.7 43.2 -12.5
Mar. 2014 31.8 46.5 -14.7
Apr. 2014 31.1 43.4 -12.3
May 2014 32.8 44.7 -11.9
June 2014 30.2 45.8 -15.6
July 2014 30.7 46.9 -16.2
Aug. 2014 30.1 43.3 -13.2
Sep. 2014 33.1 49.6 -16.5
Oct. 2014 37.0 51.8 -14.8
Nov. 2014 32.7 46.6 -13.9
Dec. 2014 33.2 46.1 -12.9
Jan. 2015 33.4 44.3 -11.0
Feb. 2015 31.1 45.3 -14.2
Mar. 2015 37.3 54.2 -16.9
Apr. 2015 32.0 46.7 -14.7
May 2015 32.2 45.3 -13.2
June 2015 35.6 53.0 -17.4
July 2015 33.7 43.7 -10.0
Aug. 2015 29.5 46.3 -16.9
Sep. 2015 35.6 53.0 -17.4
Oct. 2015 35.8 53.2 -17.5
Nov. 2015 33.8 52.8 -19.0
Dec. 2015 34.4 50.9 -16.4
Jan. 2016 30.8 43.4 -12.6
Feb. 2016 32.3 49.2 -16.9
Mar. 2016* 33.0 48.8 -15.8
Apr. 2016* 32.9 49.7 -16.8
May 2016* 30.6 49.3 -18.7
June 2016* 34.8 51.0 -16.2
July 2016* 30.2 45.1 -15.0
Aug. 2016* 31.4 51.1 -19.7
Sep. 2016* 34.9 51.2 -16.3
Oct. 2016* 30.8 51.1 -20.3
Nov. 2016* 33.2 52.0 -18.8
Dec. 2016* 32.3 48.4 -16.1
Jan. 2017* 31.9 48.1 -16.2
Feb. 2017* 31.8 47.3 -15.4
Mar. 2017* 38.8 55.7 -17.0

The value of exported natural gas came to NOK 21.0 billion rising from NOK 16.2 billion in March 2016. Exported volumes were about the same as last year, - 10.5 billion standard cubic meters of natural gas in gaseous form. Higher gas prices accounted for the value increase.


Figure 3. Exports of crude oil, natural gas and natural gas condensates
Figure 3. Exports of crude oil, natural gas and natural gas condensates
2015 2016* 2017*
Jan. 35.9 29.3 41.6
Feb. 37.2 28.0 38.3
Mar. 41.6 28.7 39.7
Apr. 32.8 28.0
May 35.5 27.5
Jun. 34.7 24.0
Jul. 35.1 28.6
Aug. 34.7 28.0
Sep. 32.7 22.4
Oct. 37.9 31.3
Nov. 33.4 34.6
Dec. 31.5 39.4
 

All times high mainland exports

Mainland exports rose to NOK 38.8 billion, up NOK 5.7 billion, 17.4 per cent more than in March last year. The increase is mainly due to larger exports of refined mineral oil products and exports of fish.

This is the highest mainland export value ever measured for a single month.

Exports of refined mineral oil products accounted for NOK 4.4 billion in March. This is NOK 1.9 billion more than in same month last year. The increase is due to higher prices. Fish exports rose by NOK 1.4 billion compared to March 2016, amounting to over NOK 8.8 billion. Higher volumes and higher prices, both for salmon and cod were decisive. Fish exports alone accounted for 23 per cent of the mainland export value in March.

Figure 4. Mainland exports
Figure 4. Mainland exports
2015 2016* 2017*
Jan. 33.4 30.8 31.9
Feb. 31.1 32.3 31.8
Mar. 37.3 33.0 38.8
Apr. 32.0 32.9
May 32.2 30.6
Jun. 35.6 34.8
Jul. 33.7 30.2
Aug. 29.5 31.4
Sep. 35.6 34.9
Oct. 35.8 30.8
Nov. 33.8 33.2
Dec. 34.4 32.3

Figure 5.

Figure 2. Exports of crude oil

Other significant twelve-month changes

- Exports of non-ferrous metals increased by NOK 969 million. More aluminum exported at a higher price accounted for most of the increase.

- The import value of passenger cars was record high - NOK 4.4 billion compared to NOK 3.6 billion in March last year. In total, 18 100 cars were imported against 17 050 in the same month in 2016. About 3 900 passenger cars were hybrid cars and almost 3 200 were electrical cars.