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38087
Record high price of crude oil
statistikk
2005-09-15T10:00:00.000Z
External economy
en
muh, External trade in goods, import, export, balance of trade (export minus import), mainland exports, imports excluding ships and oil platforms, trade ( between countries, continents and trade regions), international product groups (for example hs, sitc and bec), product groups (for example food, crude oil and metals)External trade , External economy
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External trade in goods, August 2005

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Record high price of crude oil

Norwegian exports of goods came to NOK 57.6 billion in August this year. This is the highest recorded monthly export value to date, and is the result of the high price of crude oil. Imports of traditional goods came to NOK 28.6 billion, resulting in a trade surplus of NOK 29.0 billion.

Petroleum exports, including crude oil, natural gas and condensates, reached NOK 37.0 billion in August compared with NOK 35.4 billion in July this year and NOK 23.6 billion in August last year. The rise from August 2004 to August 2005 is a substantial 56.3 per cent.

The average price per barrel of crude oil rose from NOK 382 in July to NOK 417 in August. This compares with NOK 300 in August last year. The value of the crude oil export came to NOK 28.8 billion in August, compared with NOK 27.7 billion in July. In August last year the figure was NOK 18.5 billion. Despite the increase in export value, the number of exported barrels fell from 72 million in July to 69 million in August. The volume exported in August is lower than in most months so far this year.

Imports of traditional goods do not include ships and oil platforms. Exports of traditional goods do not include crude oil, natural gas and condensates, ships and oil platforms.

External trade in goods, excl. ships and oil platforms. NOK million
  January-August Change in per cent August Change in per cent
  2004 2005 2004 2005
1 Imports  206 712       224 946 8.8       25 608        28 637 11.8
2 Exports  351 698  420 376 19.5 41 687 57 597 38.2
Of which            
Crude oil  154 390  189 787 22.9 18 480 28 812 55.9
Natural gas 46 987 61 639 31.2 4 221 6 967 65.1
Condensates 6 774 8 732 28.9  940 1 183 25.9
3 Exports excl. crude oil, natural gas and condensates  143 546  160 218 11.6 18 047 20 636 14.3
4 Trade balance (2-1)  144 986  195 430 34.8 16 079 28 959 80.1
5 Trade balance excl. oil, natural gas and condensates (3-1) -63 166 -64 728 . -7 561 -8 002 .

Seasonally adjusted figures

Seasonally adjusted figures for exports of traditional goods for the last three months show a 2.9 per cent increase compared with figures from March to May. Similar figures for imports show a good 7.6 per cent increase. This is mainly attributable to major imports by the gas processing industry in July.

Higher exports of oil products, fish and machinery

The export value of traditional goods came to NOK 20.6 billion in August, an increase of 14.3 per cent compared with August last year. There was a significant increase in the export value of refined mineral products by 72.1 per cent to NOK 2.9 billion, mainly due to a rise in prices, not in volume.

Exports of fish increased by 21.3 per cent to NOK 2.1 billion.

Exports of different types of machinery also increased in the same period. Exports of power generating machinery rose by 36.6 per cent to NOK 299 million and machinery specialised for particular industries rose by 33.2 per cent to NOK 444 billion.

Iron and steal, on the other hand, saw exports fall by 21.0 per cent from NOK 1.0 billion to NOK 823 million, but there was a slight increase in exports of non-ferrous metals of 7.0 per cent to NOK 3.0 billion.

Higher imports of metals and machinery

The import value of traditional goods came to NOK 28.6 billion in August, an increase of 11.8 per cent compared with August last year.

Imports of metals increased. There was a 41.2 per cent growth in imports of iron and steel to NOK 1.7 billion. Non-ferrous metals rose by 20.0 per cent to NOK 662 million. In the commodity group metalliferous ores and metal scrap, the import value more than doubled from NOK 664 million to NOK 1.4 billion.

As was the case for exports, imports of machinery and transport equipment also increased substantially. Imports of power generating machinery rose by NOK 100 million to NOK 489 million, while imports of general industrial machinery rose by almost NOK 200 million to NOK 1.4 billion. Furthermore, imports of electrical machinery and apparatus rose by NOK 100 million to NOK 1.5 billion, and imports of road vehicles rose by almost NOK 140 million to NOK 2.4 billion.

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