External trade in goods, May 2001

Exports of crude oil and natural gas ended at NOK 26.4 billion and made up 59 per cent of the total export value. Exports of traditional goods amounted to about 18 billion, down 2.9 per cent compared with May last year. Total exports for the period January-May are now more than NOK 221 billion. Exports of traditional goods had an increase of 7.2 per cent in the same period.

We imported for 22.9 billion in May, down 6.1 per cent. So far this year we have imported traditional goods for just about NOK 118 billion.

The trade surplus in May ended at 21.5 billion, more than 3 billion higher than at the same time last year. The corresponding balance for traditional goods in May shows a deficit of somewhat less than 5 billion.

Seasonally adjusted figures for exports of traditional goods may indicate that the strong growth throughout last year seems to have ended, and imports as well show a decline.

Machinery and electric energy

For the period January -May 2001 exports came to about NOK 221 billion whereas imports were barely 118 billion. The total trade surplus came to upwards of 103 billion.

The product groups machines and transport equipment experienced the largest deficit during the first five months this year. We imported such goods for about 46 billion, while exports came to about 17 billion. Imports of vehicles came to NOK 11.3 billion, representing the largest import group.

Imports of electric energy have increased so far this year. The import value was 1.1 billion, an increase of one billion compared with the same period last year. Exports have a value of 0.4 billion, a decline compared with 2000.

Important trade partners

The most important trade is with European countries. More than 71 per cent of our exports of traditional goods in the period January-May have gone to countries in the EU area where Germany, Sweden, the United Kingdom including Northern Ireland and Denmark are our most important trade partners. These countries represent 42 per cent of the total Norwegian exports of traditional goods and 45 per cent of our imports.

Trade with Asia is increasing, with Japan as the most important partner. Exports to China are also increasing, while trade with the USA has declined by about 11 per cent to hardly seven billion.

Traditional goods are exclusive of ships and mobile oil platforms on the import side. For exports, traditional goods are also exclusive of crude oil and natural gas and as of January 2001 also exclusive of natural gas condensates.

Tables:

• Table 1 Imports of traditional commodities in May and January-May. 2000 and 2001. Preliminary figures. Million NOK
• Table 2 Exports of commodities, ships and oil platforms excluded, in May and January-May 2000 and 2001. Preliminary figures. Million kroner
• Table 3 Trade with countries and regional groups of countries. Traditional commodities. January-May. 2000 and 2001. Preliminary figures. Million NOK