External trade in goods, November 2015

Lower prices of crude oil, natural gas and processed petroleum products were the main reason for the decline in total export values in November. This was muted by a weaker exchange rate and growth in mainland exports. It was primarily the commodity groups of fish, chemical products and machinery that contributed to the growth in mainland exports.

Total imports rose by 12.6 per cent, where machinery, transport equipment and refined oil products increased the most.

Trade surplus ended at NOK 15.4 billion in November 2015, which was 24.2 per cent down from October and 41.6 per cent from November last year.

Drop in crude oil and natural gas prices

Oil prices have dropped and exports of crude oil amounted to NOK 14 billion in November 2015.

This is a decline of 24.0 per cent from November 2014. Oil prices went down from NOK 519 to NOK 388 in this period. The export volume increased somewhat, and was 36.1 million barrels in November, up 1.4 per cent from November last year.

Natural gas exports totalled NOK 19.4 billion and compared to November 2014 decreased by 9.0 per cent. Lower export values were due to prices dropping 13.7 per cent from November last year. The export volume rose by 6.1 per cent to 10.1 billion cubic metres.

Growth in export values from the mainland

Compared to November last year, mainland exports went up 4.6 per cent ending at NOK 34 billion.

Fish exports rose by 12.0 per cent to NOK 7.2 billion and exports of fresh whole salmon were the main contributing factor. The value of this commodity increased by 17.9 per cent to NOK 3.4 billion. Both the price and the volume contributed to this growth. Export values of the main commodity group chemical products went up by 12.2 per cent to NOK 4.1 billion. There was also an increase in the main commodity group machinery and transport equipment, which rose by 10.2 per cent to NOK 7.7 billion. This was primarily in the subgroups power generating machinery and equipment, and general industrial machinery and equipment, which went up 30.8 and 16.6 per cent respectively.

In the other direction, exports of processed petroleum products declined. Volumes and prices both led to a drop in export values of liquefied propane and butane that was half that of November last year, ending at NOK 709 million. Exports of refined petroleum oils increased in volume, but lower prices pulled down export values, which amounted to NOK 2.6 billion. This is a decline of 15.8 per cent from November 2014.

Increase in import values of machinery and transport equipment

Total imports reached NOK 52.6 billion in November, and were 12.6 per cent higher than November last year.

A large increase was seen in the main commodity group machinery and transport equipment, which went up 18.1 per cent and reached NOK 21.3 billion. Several subgroups contributed; machinery for special industries rose by 31.6 per cent to NOK 2.5 billion, telecommunications apparatus and equipment increased by 30.6 per cent to NOK 2.7 billion, road vehicles went up by 16.9 per cent to NOK 5.7 billion and the commodity group other transport equipment doubled, ending at NOK 2 billion. A large increase was also seen in imports of refined petroleum oils, and as a result of higher import volumes went up by 56.6 per cent to NOK 2.3 billion.