External trade with commodities, July 1998:

Weakened balance of trade

---

The trade surplus during the first seven months of the year totalled NOK 27.7 billion, compared to NOK 59.1 billion last year. Although the import value increased by 14 per cent compared to last year, the value of exports dropped by around seven per cent.

---

In July, imports totalled NOK 19.8 billion, up 3.4 per cent from July last year, although the increase was less than for the earlier months this year. Exports in July amounted to NOK 23.2 billion, a decline of 16 per cent from July last year. The main reason is the lower export value for crude oil and natural gas.

In July, Norway exported 87.7 million barrels of oil valued at NOK 7.8 billion, while in July last year exports came to 92.3 million barrels valued at NOK 12.5 billion. The preliminary estimated price of crude oil in July this year was NOK 89 per barrel, while the barrel price during the same month in 1997 was NOK 135. So far this year, exports of crude oil have reached NOK 59.5 billion, 26 per cent lower than during the first seven months of last year.

Traditional goods

Exports of traditional goods amounted to NOK 13.5 billion in July, an increase of 3.9 per cent compared to July last year. For the first seven months of this year the increase was 9.2 per cent, and the export value during this period was NOK 193.3 billion. From January to July there was a trade deficit of NOK 47.5 billion for traditional goods. During this period last year the deficit was NOK 37.2 billion.

New Statistics