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38053
Low oil prices - reduced trade surplus
statistikk
2007-02-15T10:00:00.000Z
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, January 2007

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Low oil prices - reduced trade surplus

Seasonally adjusted figures show a continued increase in external trade over the last three months, with a stronger increase for imports than for exports. Lower growth in exports came as a result of lower oil prices.

Seasonally adjusted figures for exports excluding ships and oil platforms show an increase of 0.5 per cent from November to January compared to the previous three-month period. Excluding petroleum products the equivalent increase is 3.1 percent. The corresponding figures for imports excluding ships and oil platforms show an increase of 8.4 per cent.

Continued decline in oil prices

Norwegian exports came to NOK 66.8 billion in January 2007, a decrease of 3.2 percent compared to January 2006. Total imports amounted to NOK 36.8 billion, an increase of 25.6 per cent. This resulted in a trade balance of NOK 30 billion. This is however 24.5 per cent higher than in January 2006, which was an extreme outcome.

The total export value of crude oil, natural gas and condensates came to NOK 39.6 billion. The exported value of crude oil alone came to NOK 26.3 billion, a decrease of 13.5 per cent, or NOK 4.1 billion since last January. This reduction is attributable to the fall in crude oil prices. In January, the number of barrels of crude oil exported was close to NOK 76 million, the highest registered monthly volume since May 2005. This occurred in spite of a further decline in the average oil price, which was NOK 346 in January. In comparison, the average price in January 2006 was NOK 422.

External trade in goods, excl. ships and oil platforms. NOK million
  January Change in per cent
  2006 2007
1 Imports 29 278       36 768 25.6
2 Exports 69 006 66 767 -3.2
Of which      
Crude oil 30 413 26 307 -13.5
Natural gas 14 331 12 586 -12.2
Condensates 1 336  686 -48.7
3 Exports excl. crude oil, natural gas and condensates 22 925 27 188 18.6
4 Trade balance (2-1) 39 728 29 998 -24.5
5 Trade balance excl. oil, natural gas and condensates (3-1) -6 352 -9 580 50.8

Increased exports of metals and machines

The export value of goods excluding ships, oil platforms, crude oil, natural gas and condensates came to NOK 27.2 billion in January 2007. This is an increase of 18.6 per cent compared to the corresponding month last year. This increase was to a large extent due to a 66 per cent increase in exports of non-ferrous metals to NOK 5.6 billion. In addition, the increase was a result of a higher export value in machinery specialized for particular industries and general industrial machinery and equipment, amounting to NOK 846 million and NOK 1.1 billion respectively in January 2007.

The export of fish came to NOK 2.9 billion, a rise of NOK 466 billion or 19.3 per cent compared to January last year.

Leap in imports of crude materials

January imports excluding ships and oil platforms amounted to NOK 36.8 billion. This is an increase of 25.6 per cent compared to January 2006, mainly due to a large increase in exports of crude materials (inedible, except fuels). In January, exports of this commodity group came to NOK 4.4 billion, twice as high as in January 2006. Within this group metalliferous ores and metal scrap are the largest commodity, and increased from NOK 1.3 billion in January 2006 to NOK 3.5 billion January 2007.

Imports of non-ferrous metals came to NOK 1.2 billion in 2007 compared to NOK 630 million in 2006, an increase of 89.5 per cent.

Imports of electricity close to tripled in January 2007 when compared with the corresponding month in 2006. In January, the import value of electricity came to NOK 238 million, compared to NOK 81 million in January last year.

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