First trade deficit in nearly 20 years

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Import of goods amounted to NOK 67 billion in June – 24.6 per cent more than the previous year. Export of goods rose by 9.9 percent, ending at NOK 66.3 billion. The trade deficit thereby ended at NOK about 750 million.

 

Imports increased by NOK 13.2 billion compared to June last year, explained by considerable higher values for a few main commodity groups. The commodities concerned were constructions for oil platform and aircrafts. The total export figures also rose, up NOK 5.9 billion. The overall higher value was caused by increased crude oil, natural gas and mainland exports.

Altogether this gave a trade deficit in June. The last time we experienced this was in December 1998.

Higher export of crude oil and natural gas

Exports of crude oil came to NOK 16.4 billion in June – 21.7 per cent more than the previous year. A considerable higher volume contributed to the increased value, with maintenance works in June 2016 as an important explanation. A total of 42.9 million barrels of crude oil were shipped abroad at a price of NOK 381 per barrel. The amount of barrels was up 25.3 per cent, while the price was down 2.9 per cent compared to June 2016.

Natural gas at a value of NOK 11.8 billion was exported in June. This was an increase of 18.1 per cent.

Figure 1. The trade balance

Total imports Total exports The trade balance
June 2012 44.3 71.8 27.6
July 2012 41.0 72.0 30.9
Aug. 2012 41.4 74.0 32.6
Sep. 2012 43.0 65.1 22.1
Oct. 2012 49.4 82.0 32.7
Nov. 2012 44.8 77.2 32.4
Dec. 2012 38.4 74.7 36.3
Jan. 2013 43.0 76.7 33.7
Feb. 2013 39.6 74.6 35.0
Mar. 2013 38.4 77.1 38.7
Apr. 2013 45.9 70.4 24.5
May 2013 44.1 73.2 29.1
June 2013 42.0 74.3 32.3
July 2013 43.0 79.7 36.7
Aug. 2013 43.7 73.2 29.6
Sep. 2013 47.7 67.5 19.8
Oct. 2013 49.2 80.4 31.2
Nov. 2013 46.2 87.2 41.1
Dec. 2013 44.8 82.1 37.3
Jan. 2014 42.5 91.2 48.7
Feb. 2014 43.3 78.1 34.8
Mar. 2014 46.6 82.1 35.5
Apr. 2014 44.1 75.4 31.4
May 2014 45.1 71.8 26.7
June 2014 46.4 66.0 19.6
July 2014 51.8 69.9 18.2
Aug. 2014 46.6 67.8 21.1
Sep. 2014 50.6 71.7 21.1
Oct. 2014 52.1 85.6 33.5
Nov. 2014 46.7 73.3 26.5
Dec. 2014 46.7 76.2 29.5
Jan. 2015 45.4 70.0 24.6
Feb. 2015 45.3 68.9 23.6
Mar. 2015 56.4 79.1 22.7
Apr. 2015 64.3 65.8 1.5
May 2015 46.2 67.4 21.2
June 2015 54.1 70.5 16.4
July 2015 44.6 69.7 25.1
Aug. 2015 47.1 67.7 20.6
Sep. 2015 53.3 68.3 15.0
Oct. 2015 53.6 73.8 20.2
Nov. 2015 54.2 67.2 13.0
Dec. 2015 51.0 66.8 15.8
Jan. 2016 43.7 60.7 17.0
Feb. 2016 49.5 60.4 10.9
Mar. 2016 50.5 61.9 11.4
Apr. 2016 50.4 61.5 11.2
May 2016 49.7 58.2 8.6
June 2016 53.8 60.4 6.6
July 2016 45.9 59.3 13.4
Aug. 2016 52.9 60.0 7.1
Sep. 2016 54.3 57.5 3.2
Oct. 2016 52.7 68.9 16.2
Nov. 2016 56.9 70.5 13.5
Dec. 2016 49.3 72.2 22.9
Jan. 2017 51.4 74.8 23.4
Feb. 2017 48.8 69.8 20.9
Mar. 2017 57.2 77.1 19.9
Apr. 2017 43.9 66.1 22.2
May 2017 59.9 66.8 6.9
June 2017* 67.0 66.3 -0.8

Figure 2. Exports of crude oil, natural gas and natural gas condensates

2015 2016 2017*
Jan. 35.9 29.4 39.2
Feb. 37.2 28.0 35.9
Mar. 41.6 28.8 37.1
Apr. 32.8 28.0 34.1
May 35.1 27.5 31.6
Jun. 34.7 24.0 28.5
Jul. 35.1 28.5
Aug. 34.4 27.8
Sep. 32.7 22.3
Oct. 37.9 34.9
Nov. 33.4 35.6
Dec. 31.5 37.3

Figure 3. Mainland exports

2015 2016 2017*
Jan. 33.4 30.8 31.9
Feb. 31.1 32.3 31.8
Mar. 37.3 33.0 38.8
Apr. 32.0 32.9 32.0
May 32.2 30.6 35.1
Jun. 35.6 34.8 37.2
Jul. 33.7 30.1
Aug. 29.5 31.4
Sep. 35.6 34.9
Oct. 35.8 30.8
Nov. 33.5 33.2
Dec. 34.4 32.2

Figure 4

Exports of crude oil

Other significant twelve month changes

  • Imports of commodities regarding constructions to oil platforms amounted to as much as NOK 9.6 billion in June as almost no such imports in the corresponding month the previous year.
  • We imported passenger cars for NOK 4.1 billion in - 72.1 percent more than in June 2016.
  • The export value of mineral oil products was NOK 4.4 billion last month. This is 72.1 per cent more than in June last year.
  • Exports of fish ended at NOK 7.4 billion in June, a rise of 7.9 per cent from the corresponding month last year.

 

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