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 goods||Balance of services||Current account balance|
|The world||330 584||224 303||-50 993||-55 166||346 014||269 999|
|EU||387 007||292 850||-58 079||-53 200||325 411||254 517|
|Other European countries||-2 131||-11 193||-3 584||-5 078||-2 412||-13 477|
|Africa||2 888||4 152||4 125||2 582||16 940||759|
|North-America||-12 980||-10 609||-3 937||-8 838||34 771||47 678|
|Central- and South America||-2 482||-4 026||4 102||3 683||7 076||4 397|
|Asia, Oceania & Polar regions||-32 663||-34 975||8 948||7 746||30 300||31 507|
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.