Increased mainland exports

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Exports of mainland goods amounted to NOK 37.5 billion in October 2017. This is 21.6 per cent more than October the 2016. Total exports came to NOK 71.2 billion, 3.5 per cent more than the previous year.

Higher exports of natural gas also contributed to the increase in export in October. Despite of this it didn’t weigh out the increase in imports of 6.5 per cent, which amounted to NOK 56.1 billion. The trade surplus thereby decreased by 6.5 per cent and came to NOK 15.1 billion.

Figure 1. The trade balance

Total imports Total exports The trade balance
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 76.6 25.2
Feb. 2017 48.8 69.3 20.5
Mar. 2017 57.2 76.2 19.1
Apr. 2017 43.9 66.9 23.0
May 2017 59.8 67.8 8.0
June 2017 67.4 67.3 -0.1
July 2017 47.0 61.9 14.9
Aug. 2017 54.8 66.6 11.8
Sep. 2017 54.7 65.2 10.5
Oct. 2017* 56.1 71.3 15.1

Increased exports of natural gas

In October natural gas at a value of NOK 18 billion where shipped abroad, 11 per cent more than the corresponding month the previous year. A total of 10.3 billion standard cubic meters of natural gas in a gaseous state were exported. An increase of 0.9 per cent, or approximately equal to the level the previous year.

Crude oil exports amounted to NOK 15.4 billion in 2017, 15.6 per cent less than in October 2016. The decrease is caused by lower export volume. A total of 37 million barrels of crude oil were shipped abroad this year, compared to 46.2 million barrels in October 2016. This is a decrease of 20 per cent. The price per barrel of crude oil came to NOK 416, an increase of 5.5 per cent compared to the previous year.

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

2015 2016 2017*
Jan. 35.9 29.4 41.0
Feb. 37.2 28.0 35.4
Mar. 41.6 28.8 36.3
Apr. 32.8 28.0 34.9
May 35.1 27.5 32.4
Jun. 34.7 24.0 29.3
Jul. 35.1 28.5 29.8
Aug. 34.4 27.8 31.8
Sep. 32.7 22.3 29.7
Oct. 37.9 34.9 33.7
Nov. 33.4 35.6
Dec. 31.5 37.3

Figure 3

Figure 3. Exports of crude oil

Stable mainland exports

Exports of mainland goods came to NOK 37.5 billion, which is an increase of 21.6 per cent compared to October 2016.

Figure 4. Mainland exports

2015 2016 2017*
Jan. 33.4 30.8 31.8
Feb. 31.1 32.3 31.8
Mar. 37.3 33.0 38.7
Apr. 32.0 32.9 32.0
May 32.2 30.6 35.0
Jun. 35.6 34.8 37.2
Jul. 33.7 30.1 32.1
Aug. 29.5 31.4 34.5
Sep. 35.6 34.9 34.7
Oct. 35.8 30.8 37.5
Nov. 33.5 33.2
Dec. 34.4 32.2

Other significant twelve-month changes

Seafood at a value of NOK 8.8 billion were exported October this year. This is 2.5 per cent less than October 2016 and also the second largest export value ever measured. Less exports of mackerel and herring was a major contributing factor to the drop. The export value of fresh whole salmon increased by almost NOK 50 million. This is 1.1 per cent higher than the corresponding month in 2016. The increase was caused by higher volume, the price has decreased.

Exports of refined mineral oil products increased by 292 per cent compared to October 2016, and amounted to NOK 3.6 billion. The large leap is caused by low exports in the corresponding month in 2016 due to maintenance work.

Chemical products at a value of NOK 4.7 billion were shipped abroad in October, 30.3 per cent more compared to the corresponding month in 2016. All subgroups contributed to the growth.

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