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Trade surplus still growing
statistikk
2012-04-16T10:00:00.000Z
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, March 2012

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Trade surplus still growing

The export of goods came to NOK 88.9 billion in March, while imports amounted to NOK 42.5 billion. The mean price of a barrel of crude oil surpassed NOK 700 for the first time. This, coupled with a record high value of mainland exports, contributed to the largest trade surplus ever recorded.

The trade surplus was 46 per cent higher in March than the corresponding month last year. The final figure was NOK 46.4 billion. This increase was the result of both a reduction in imports - down 11.4 per cent, and an increase in exports - up 11.5 per cent. The downturn in exports can partly be explained by the import of a frigate to the Norwegian Armed Forces in March last year. The total value of exports has steadily increased since November 2011 and the current value of NOK 88.9 billion was the highest ever recorded.

Crude oil price reached NOK 723

The export value of crude oil was NOK 30.5 billion in March, which was an increase of 6 per cent from March last year, but a marginal decline from NOK 30.6 billion in February 2012. The per barrel mean price was NOK 70 higher than the same period last year, and NOK 30 higher than last month. The amount of exported barrels was 1.9 million lower compared to both March 2011 and February 2012. Despite the record level oil price, the decline in volume caused a slightly lower export value compared to February 2012.

Increased value of natural gas exports

Natural gas exports came to NOK 24 billion in March, just NOK 0.2 billion less than the peak in January. This was an increase of 4.9 per cent compared to February and 44.5 per cent higher than March last year. The exported volume of natural gas in a gaseous state amounted to 10.3 billion cubic metres. This was 0.9 billion more than in the same period last year.

External trade in goods, excl. ships and oil platforms. NOK million
  January-March Change in per cent March Change in per cent
  2011 2012 2011 2012
1 Imports  124 558       119 401 -4,1      47 973      42 486 -11,4
2 Exports  221 776  255 093 15.0 79 761 88 905 11.5
Of which            
Crude oil 82 172 87 765 6.8 28 784 30 523 6.0
Natural gas 49 244 71 138 44.5 16 627 24 023 44.5
Condensates 2 079 2 905 39.7 1 185  821 -30.7
3 Exports excl. crude oil, natural gas and condensates 88 281 93 285 5.7 33 165 33 539 1.1
4 Trade balance (2-1) 97 218  135 692 39.6 31 788 46 419 46.0
5 Trade balance excl. oil, natural gas and condensates (3-1) -36 277 -26 115 . -14 807 -8 947 .

Mainland exports reach record high

Exports excluding ships, oil platforms, crude oil, natural gas and condensates amounted to about NOK 33.5 billion in March. This was 1.1 per cent higher than in the same period in 2011 and an increase of 12.4 per cent compared to last month. Mainland exports have never been as high as they were in March.

Liquefied propane and butanes reached an export value of NOK 2.6 billion in March. This was an increase of NOK 606 million. Metalliferous ores and metal scrap were NOK 355 million higher than the same period last year. The groups machinery specialised for particular industries and general industrial machinery and equipment n.e.s increased by NOK 334 million to NOK 1.4 billion and by NOK 360 million to NOK 1.6 billion respectively.

The export value of fish was NOK 275 million lower than the same month last year, amounting to NOK 4.6 billion in March. The group other chemical products showed a decline of NOK 541 million compared to the corresponding month in the previous year, and amounted to NOK 1.9 billion. However, the most significant decline was in the group non-ferrous metals, which at NOK 3.9 billion was down NOK 609 million, or 13.5 per cent, compared to last year.

Downturn for metalliferous ores and electric current

The import of goods excluding ships and oil platforms totalled NOK 42.5 billion in March 2012. This was up 8.4 per cent from last month but a decline of 11.4 per cent from March last year. A frigate to the Norwegian Armed Forces in 2011 exacerbated the decline.

Metalliferous ores and metal scrap were more than halved in value compared to March last year, totalling NOK 1.6 billion. The imports of electric current came to NOK 59 million compared to NOK 1.1 billion in March last year. This led to March 2012 having net exports of electric current of NOK 282 million. Furthermore, the decline in the group other transport equipment could mainly be explained by the aforementioned frigate.

The largest increase was in the group general industrial machinery, up NOK 391 million to NOK 2.4 billion. In the main group manufactured goods classified chiefly by material, an increase could be seen in both the subgroups non-ferrous metals, up NOK 240 million to about NOK 1.4 billion, and the group manufactures of metals n.e.s, which was NOK 287 million higher than March last year, totalling NOK 2 billion. Additionally, the group other food and live animals increased by NOK 244 million, from NOK 674 million last March.

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