272027
/en/utenriksokonomi/statistikker/urland/aar
272027
Surplus in goods and deficit in services towards EU
statistikk
2016-10-12T08:00:00.000Z
External economy
en
urland, Balance of payments, geographical breakdown, balance of goods, balance of services, current balance, export, importBalance of payments, External economy
true
The statistics show the yearly Norwegian current account balance with a geographical breakdown.

Balance of payments, geographical breakdown2015

Content

Published:

Surplus in goods and deficit in services towards EU

The Norwegian current account balance towards the rest of the world was NOK 270 billion in 2015, of which NOK 255 billion or almost 95 per cent was towards EU countries.

Balance of Payments, country breakdown. Current prices. NOK million
Balance of goodsBalance of servicesCurrent account balance
201420152014201520142015
The world330 584224 303-50 993-55 166346 014269 999
EU387 007292 850-58 079-53 200325 411254 517
Other European countries-2 131-11 193-3 584-5 078-2 412-13 477
Africa2 8884 1524 1252 58216 940759
North-America-12 980-10 609-3 937-8 83834 77147 678
Central- and South America-2 482-4 0264 1023 6837 0764 397
Asia, Oceania & Polar regions-32 663-34 9758 9487 74630 30031 507

Trade in goods with EU countries resulted in a surplus of NOK 293 billion in 2015, while the balance of trade in services was negative at NOK 53 billion. Other income in the form of property income, wages and transfers received from EU countries was NOK 15 billion higher than that paid to EU countries. The largest share of Norway’s current account surplus towards EU countries was earned in transactions with the United Kingdom, Germany, Netherlands and France. These countries were also the largest recipients of Norwegian exports of crude oil and natural gas. 

Gross freight revenue from shipping is the single most important contributor to the export of services, and the largest seaports in Northern Europe have the most port calls from Norwegian operated vessels. This particularly applies to ports in the Netherlands, United Kingdom and Germany. However, Norwegian shipping companies also operate outside Europe and generate income from exports of freight services to many countries around the world. As for imports of services, travel expenses, i.e. Norwegian residents’ expenditures on travel abroad, constitute a large share. Sweden and Denmark in addition to Mediterranean countries are some of the countries most visited by Norwegians. 

For more information about the geographical breakdown of the Norwegian export and import of goods, see External trade in goods.