External trade in goods, September 2009

Imports increased by NOK 3 billion from August, and compared with September 2008 the imports went down by NOK 9.6 billion. The decline can partly be explained by the fact that the Norwegian Defence Forces bought a frigate with a value of approximately NOK 3.5 billion in September 2008. Exports increased by NOK 1.4 billion from August, and compared to September last year the exports went down by NOK 13.7 billion. The reduced price of crude oil is the main reason for this decline.

Low oil price

Compared to August, the mean price per barrel of crude oil fell from NOK 445 in August to NOK 402 in September. The exported number of barrels of oil went down 2 million, and crude oil exports declined NOK 3 billion. Price per barrel of oil is down NOK 154.6 from September 2008. Although the number of barrels rose by 2.1 million or 4.5 per cent compared with the corresponding period last year, the export value of oil decreased by NOK 6.4 billion and ended at NOK 19.8 billion; a 24.5 per cent reduction.

Decline in the export value of natural gas

The value of the export of natural gas ended at NOK 11.3 billion, which is down NOK 594 million from August. The export value of natural gas declined by 1.7 billion compared with September 2008 despite the fact that the quantity of exported natural gas in gaseous state increased by 21.4 per cent.

Lower export value of metals and refined petroleum products

The export value of goods excluding ships, oil platforms, crude oil, condensates and natural gas came to NOK 27.8 billion in September. Compared with September last year, this is a decrease of NOK 5 billion. There has been a general decline in all main groups except for food and live animals, which increased by NOK 586 million. Fish exports alone increased by NOK 718 million. The biggest decline was in the group of processed goods, which fell by NOK 1.9 billion. Within this group, metals except iron and steel declined by NOK 985 million, of which nickel went up NOK 57 million and aluminium fell NOK 1 billion. Iron and steel fell by NOK 746 million. Exports of refined petroleum products went down NOK 951 million. In the group of machinery and transport equipment, general industrial machinery declined by NOK 911 million, while machinery specialised for particular industries went up NOK 396 million.

Reduction in import value of machinery and transport equipment

In September, imports of goods excluding ships and oil platforms came to NOK 36.8 billion. Compared with September last year, this is a decrease of NOK 9.6 billion. There has been a general decline in all major groups. The largest decrease occurred in the main group, machinery and transport equipment, which went down NOK 5.4 billion. Much of this decline is due to the purchase of a frigate to a value of approximately NOK 3.5 billion last September. General industrial machinery and equipment specialised for particular industries fell NOK 399 million and 369 NOK million respectively. In the subgroup, vehicles for road, vans fell by NOK 297 million, and in the opposite direction passenger cars went up NOK 268 million to NOK 2.1 billion. There was also a decline in the group of processed goods, which went down 1.5 NOK billion. The determinant factor for this decline was the import value of goods of metal, which fell by NOK 440 million, and iron and steel, which went down NOK 643 million. Among the raw materials, the import value of metalliferous ores and metal scrap ended at NOK 1.2 billion, nearly a half of last September.

Tables:

• Table 1 Imports of commodities, ships and oil platforms excluded. September and January-September 2008 and 2009. Preliminary figures. NOK million
• Table 2 Exports of commodities, ships and oil platforms excluded. September and January-September 2008 and 2009. Preliminary figures. NOK million
• Table 3 Trade with countries and regional groups of countries. January-September 2008 and 2009. Preliminary figures. NOK million