Steady mainland exports growth

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Exports of goods accounted to NOK 65,3 NOK billion in August 2017, up 8,8 per cent from August last year. Mainland exports show a steady growth trend in 2017. The increase in mainland exports from August last year was 10.2 per cent. Revenues from exports of natural gas jumped, while crude oil declined.

Figure 3. Mainland exports
Figure 3. 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 32.0
May 32.2 30.6 35.1
Jun. 35.6 34.8 37.2
Jul. 33.7 30.1 32.1
Aug. 29.5 31.4 34.6
Sep. 35.6 34.9
Oct. 35.8 30.8
Nov. 33.5 33.2
Dec. 34.4 32.2

The trade surplus ended at NOK 12.4 billion in august 2017 – up 74.3 per cent compared to last year. Total imports were NOK 52.9 billion – unchanged from 2016.

However – it is important to consider the imports excluding ships and oil platforms. The imports of these products can fluctuate considerably from one month to another. Imports excluding these products show a growth of 3.8 per cent from August 2016. Furthermore – the trade surplus shows a smaller growth, 46.3 per cent. 

Figure 1. The trade balance
Figure 1. The trade balance
Total imports Total exports The trade balance
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 79.1 22.7
Apr. 2015 64.3 65.8 1.5
May 2015 46.2 67.4 21.2
June 2015 54.1 70.5 16.4
July 2015 44.6 69.7 25.1
Aug. 2015 47.1 67.7 20.6
Sep. 2015 53.3 68.3 15.0
Oct. 2015 53.6 73.8 20.2
Nov. 2015 54.2 67.2 13.0
Dec. 2015 51.0 66.8 15.8
Jan. 2016 43.7 60.7 17.0
Feb. 2016 49.5 60.4 10.9
Mar. 2016 50.5 61.9 11.4
Apr. 2016 50.4 61.5 11.2
May 2016 49.7 58.2 8.6
June 2016 53.8 60.4 6.6
July 2016 45.9 59.3 13.4
Aug. 2016 52.9 60.0 7.1
Sep. 2016 54.3 57.5 3.2
Oct. 2016 52.7 68.9 16.2
Nov. 2016 56.9 70.5 13.5
Dec. 2016 49.3 72.2 22.9
Jan. 2017* 51.4 74.8 23.4
Feb. 2017* 48.8 69.8 20.9
Mar. 2017* 57.2 77.1 19.9
Apr. 2017* 43.9 66.1 22.2
May 2017* 59.8 67.0 7.2
June 2017* 67.2 66.4 -0.7
July 2017* 46.8 60.6 13.7
Aug. 2017* 52.9 65.3 12.4

Lower oil exports but higher gas exports

Exports of crude oil ended at NOK 17.4 billion in August 2017, which was a fall of 3.7 per cent from August last year. The price was up by almost NOK 11 per barrel, hence there was a drop in volume. Export volumes were down by 6.3 per cent to 44.4 million barrels.

Exports of natural gas came to NOK 12.6 billion in August 2017. This corresponds to an increase of NOK 3.0 billion, or 31.5 per cent compared with August last year.

The export volume of natural gas in a gaseous state came to 9.8 billion standard cubic meters – up 32.7 per cent. However not a particularly high exports volume – maintenance work made the volume low in August 2016.

Figure 2. Exports of crude oil, natural gas and natural gas condensates
Figure 2. Exports of crude oil, natural gas and natural gas condensates
2015 2016 2017*
Jan. 35.9 29.4 39.2
Feb. 37.2 28.0 35.9
Mar. 41.6 28.8 37.1
Apr. 32.8 28.0 34.1
May 35.1 27.5 31.6
Jun. 34.7 24.0 28.5
Jul. 35.1 28.5 28.5
Aug. 34.4 27.8 30.4
Sep. 32.7 22.3
Oct. 37.9 34.9
Nov. 33.4 35.6
Dec. 31.5 37.3

Figure 4

Figure 4. Exports of crude oil

 

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