Trade deficit for services

Published:

Exports of services from Norwegian non-financial enterprises declined in the 4th quarter of 2017 by 2.0 per cent compared to the 4th quarter of 2016, and came to NOK 58.8 billion. Imports of services were NOK 65.8 billion, an increase of 1.7 per cent compared to the same period in 2016. The trade deficit was NOK 6.9 billion.

Exports of services from Norwegian non-financial enterprises declined in the 4th quarter of 2017 by 2.0 per cent compared to the 4th quarter of 2016, and came to NOK 58.8 billion. Imports of services were NOK 65.8 billion, an increase of 1.7 per cent compared to the same period in 2016. The trade deficit was NOK 6.9 billion.

Both imports and exports showed a pronounced increase from the 3rd quarter of 2017. Imports increased by 12.2 per cent, while exports increased by 12.8 per cent.

  • Exports of services

  • The transport and storage industry, which remains the main contributor to Norwegian exports, increased its exports by 8.3 per cent to NOK 28 billion.
  • Exports of services related to sea and coastal water transport came to NOK 21.7 billion, also an increase from the 4th quarter of 2017.
  • Exports to the EU, excluding the Nordic countries, ended at NOK 20.3 billion, and comprised about 1/3 of total exports.

Imports of services

  • Enterprises within the transport and storage industry showed an increase in imports of 16.1 per cent from the 4th quarter of 2016. The imports came to NOK 20.8 billion.
  • Business services were again the largest group of services imported by Norwegian non-financial enterprises in the 4th quarter of 2017. The value of the imports came to NOK 12.4 billion, which gives the group a share of 18.8 per cent of total imports.
  • Enterprises from the EU, excluding the Nordic countries, supply 46 per cent of the total imports of services. The share translates to NOK 30.2 billion.

 

Figur 1

Figure 1. External trade in services for non-financial enterprises

Figure 2. Exports of services by region

Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Q2 Q3 Q4
EU except Nordic countries 30.5 32.3 34.2 30.8 30.9 34.4 34.1 33.5 32.3 33.9 33.2 35.4 33 34.7 35.6 34.5
Asia 17.2 20.5 17.8 19.2 18.5 17 17.7 17.7 17.1 15.3 16.9 13.5 18.1 16.1 16.1 16.5
North and Central America 15.5 17.2 14.4 20.7 15.6 14.7 14.9 16.1 15.5 15.3 15.4 14 14.7 13.8 13 12.7
Nordic countries 15.3 12.9 15.6 12.6 14.3 14 14.6 15.7 15.3 17 15.9 17.2 16.4 15.6 15.8 16.8
Other regions 15 14.7 14.6 15.3 17.3 16.1 16.3 15.7 16.7 15.3 16.4 16.9 14.5 16.6 17 16.9

Figure 3. Imports of services by region

Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Q2 Q3 Q4
EU except Nordic countries 41.5 46.6 43.8 45.4 41.7 41 44.9 42.2 41.5 40.2 42.6 40.5 43.8 45.1 44.3 45.9
Asia 10.7 12.7 11.3 12.8 12.4 12.7 11.4 12.7 11.2 12.5 12.2 12.9 12.7 12.1 11.9 11.6
North and Central America 12.9 10.6 10.7 13.8 15.7 16.3 15 15.5 15.5 18.5 16.1 15.5 14.1 13.8 12.7 12.4
Nordic countries 23.8 21.8 25.2 20.5 20.9 21 22 22.1 21.8 19.3 21 21.3 21 20.2 21.6 19.8
Other regions 6.5 5.3 5.8 4.9 6.2 6.1 5.1 7.5 7.9 7.1 7.1 7.9 6.6 7.2 8.1 9.1

External trade in services, Q1 2017

A change has been made in the compilation of service types. Service Grouping railway and land transport services were merged with air transport services to a new group of air and land transport services. This applies to Tables 2 and 4, which provides foreign trade services for non-financial corporations, by service type. In Statbank table 10192, the changes are dated back to Q1 2015. This means that the figures are not directly comparable with previous publications.