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/en/utenriksokonomi/statistikker/muh/arkiv
38051
Continued low oil prices
statistikk
2007-03-15T10:00:00.000Z
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
false

External trade in goods, February 2007

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Continued low oil prices

Seasonally adjusted figures for the last three months show a rise in imports and exports of 2.7 per cent and 0.4 per cent respectively. As in January, the low growth in exports was caused by low oil prices.

Seasonally adjusted figures for imports excluding ships and oil platforms for the period December to February show an increase of 2.7 per cent compared to the previous three-month period. Corresponding figures for exports excluding ships and oil platforms show an increase of 0.4 per cent. Excluding petroleum products, the increase is 3.1 per cent. The same figures for exports of crude oil, natural gas and condensates indicate a fall of 2.1 per cent.

Decline in petroleum export

Norwegian exports came to NOK 59.3 billion in February, a decrease of 2.5 per cent compared to February 2006. Total imports amounted to NOK 34.0 billion, an increase of 17.6 per cent. Accordingly, the trade balance was in surplus of NOK 25.3 billion. Due to low oil and gas prices, the trade surplus was one of the lowest in recent years.

The total export value of crude oil, natural gas and condensates came to NOK 33.8 billion in February. The exported value of crude oil alone came to NOK 22.0 billion, a decrease of 7 per cent since last February. The crude oil price averaged NOK 364 per barrel, compared with NOK 402 per barrel in February last year.

External trade in goods, excl. ships and oil platforms. NOK million
  January-February Change in per cent February Change in per cent
  2006 2007 2006 2007
1 Imports 58 165 71 059 22.2 28 887 33 964 17.6
2 Exports  129 851  126 218 -2.8 60 846 59 298 -2.5
Of which            
Crude oil 54 119 48 341 -10.7 23 706 22 034 -7.1
Natural gas 27 480 23 921 -13.0 13 149 11 335 -13.8
Condensates 2 778 1 157 -58.4 1 442  471 -67.3
3 Exports excl. crude oil, natural gas and condensates 45 474 52 799 16.1 22 549 25 457 12.9
4 Trade balance (2-1) 71 686 55 159 -23.1 31 959 25 334 -20.7
5 Trade balance excl. oil, natural gas and condensates (3-1) -12 691 -18 261 43.9 -6 338 -8 507 34.2

Second highest fish export registered

The export value of goods excluding ships, oil platforms, crude oil, natural gas and condensates came to NOK 25.5 billion, an increase of almost NOK 2.9 billion, or 13 per cent, compared with February 2006.

Detailed figures show a rise in exports income for metals and fish. Exports of non-ferrous metals rose by a substantial NOK 1.4 billion (+ 43 per cent) compared to February 2007. Exports of fish rose by NOK 560 million (+ 22 per cent). In contrast, the export value of refined mineral products dropped by NOK 770 million (- 26 per cent) in this period.

Seasonally adjusted figures for exports of fish show that the export value in February is the second highest ever registered.

Imports in February jumped NOK 5.1 billion

Imports of goods, excluding ships and oil platforms, came to NOK 34 billion in February. This equals a rise of NOK 5.1 billion, or 18 per cent, from February last year.

The commodity group machinery and transport equipment contributed to almost half of this growth,
about NOK 2.0 billion (+ 18 per cent). There was an increase in imports of cars, electrical machinery and telecommunication equipment, among other things.

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