International accounts, Q1 2012

The balance of goods and services had a surplus of NOK 130 billion and the income and current transfers ended with a surplus of NOK 7 billion in the first quarter of 2011.

Increased goods exports

The value of exports of goods was NOK 254 billion in the first quarter of 2012, of which crude oil and natural gas made up two thirds. Compared to the fourth quarter last year, the exports of crude oil and natural gas were 15 per cent higher in the first quarter this year. The main reason for this was the rise in prices for petroleum. Exports of other goods, however, ended just slightly below the level of the fourth quarter last year.

Exports of services are estimated at NOK 63 billion for the first quarter 2012, markedly lower than in the fourth quarter last year. Imports of services also ended below the level of the last quarter of 2011.

Income and transfers in surplus

The surplus on the income and transfers balance was NOK 7 billion in the first quarter. Compensation of employees and property income received from abroad exceeded corresponding payments to abroad by NOK 11 billion. Net transfers to abroad are estimated at NOK 4 billion.

Large investment in equity capital abroad

There was large investment in equity capital abroad in the first quarter of 2012, both as direct investment (NOK 43 billion) and as portfolio investment (NOK 67 billion). Government owned non-financial enterprises had the largest impact on direct investment, while the Government Petroleum Fund Global was most important for portfolio investment.

The banks’ deposits abroad (NOK 132 billion) were much larger than foreign deposits in Norway (NOK 53 billion). However, this fact needs to be linked to the banks’ large investment in debt securities (NOK 80 billion), mostly in short-term securities.