External trade in goods, December 2004

Exports in 2004

The high trade surpluses recorded since 2000 can, to a large extent, be explained by the high price of crude oil. In 2004, exports of crude oil amounted to NOK 243.5 billion, or 44.4 per cent of total exports. Total petroleum exports, including crude oil, natural gas and condensates, accounted for NOK 322.7 billion compared with NOK 268.5 billion in 2003. The average price per barrel rose from NOK 206 in 2003 to NOK 257 in 2004. The United Kingdom is the main destination for crude oil - 363 out of 946 million barrels went to the UK.

Exports of traditional goods increased by 12.0 per cent to NOK 225.9 billion in 2004. The most significant changes were recorded for manufactured goods (NOK 66.2 billion, up 23.7 per cent), metals (NOK 47.1 billion, up 27.7 per cent) and fish (NOK 27.3 billion, up 8.4 per cent).

Imports in 2004

Imports of goods, excluding ships and oil platforms, exceeded NOK 300 billion for the first time in 2004 and ended at NOK 320.3 billion. This is a 15.5 per cent rise compared with the previous year.

The largest changes in imports are found in the following groups: road vehicles (34.4 billion, up 25.8 per cent), telecommunications apparatus and equipment (13.8 billion, up 26.9 per cent), chemicals and related products (31.4, up 10.0 per cent) and metalliferous ores (14.8 billion, up 31.7 per cent).

Imports of mobile phones reached 2.7 million units compared with 1.9 million in 2003 and 1.3 million in 2002. Imports of passenger cars rose from 135 000 in 2003 to 167 000 i 2004.

Our main trade partners

Trade in traditional goods with the EU15 amounted to NOK 212.5 billion and consequently represented 66.4 per cent of total imports last year. EU25 imports came to NOK 227.1 billion, or 70.9 per cent, of Norway's imports. Corresponding figures for exports were NOK 153.5 billion or 68.0 per cent and NOK 159.9 billion, or 70.8 per cent.

Norway's main trade partner, both with regard to imports and exports of traditional goods, is still Sweden. In 2004, imports from and exports to Sweden stood at NOK 51.1 billion and NOK 28.3 billion respectively. Norway's second largest trade partner is Germany, from whom we bought goods worth NOK 44.1 billion and sold goods worth NOK 25.7 billion i 2004.

Imports from Asia accounted for 12.8 per cent of total import. This is 23.3 per cent increase compared with 2003. The majority of Norway's imports from Asia came from China in 2004. The country's share of total imports was 5.1 per cent and rose by 30.5 per cent compared with 2003. Clothing was the main commodity group, amounting to NOK 3.7 billion and making China our main supplier of clothing. In addition, imports of office machines and telecommunications apparatus from China also increased. In fact, imports of office machines and telecommunication apparatus have increased by a strong 63.3 and 77.4 per cent during the last two years, from NOK 1.6 billion to NOK 2.5 billion and from NOK 1.1 billion to NOK 2.0 billion.

Japan, our second largest supplier in Asia, increased exports to Norway by 25.4 per cent. The main product was cars. Japan is also our most important export market for goods in Asia. Here, fish is the main commodity with total exports of NOK 2.6 billion.

Q4 seasonally adjusted figures

Seasonally adjusted figures for petroleum exports in the forth quarter show a 1.8 per cent decrease compared with the third quarter. In the same period, exports of traditional goods show a 1.7 per cent growth, whereas imports of traditional goods show a decline of 1.4 per cent.

Tables:

• Table 1 Imports of traditional commodities in December and January-December. 2003 and 2004. Preliminary figures. NOK million
• Table 2 Exports of commodities, ships and oil platforms excluded, in December and January-December. 2003 and 2004. Preliminary figures. NOK million
• Table 3 Trade with countries and regional groups of countries. Traditional commodities. January-December. 2003 and 2004. Preliminary figures. NOK million