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243575
Very low trade surplus
statistikk
2016-06-16T10:00:00.000Z
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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The external trade statistics describe the development in Norwegian foreign trade, measured in value and quantity. They give information about total figures as well as by country.

External trade in goodsMay 2016

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Very low trade surplus

The trade surplus totalled NOK 6.6 billion in May, a fall from NOK 21.5 billion the same month last year. The decline in the export value for crude oil and gas amounted to nearly NOK 9 billion. An overall decline in exports of mainland goods as well as a rise in imports were also determining factors.

External trade in goods1
NOK MillionChange in per centNOK Million - so far this yearChange in per cent - so far this year
May 2016April 2016 - May 2016May 2015 - May 2016May 2016May 2015 - May 2016
1The figures are marked with the symbol *. This is Statistics Norways standard symbol for indicating preliminary figures.
2Due to the data collection method, the preliminary monthly figures published for ships and oil platforms are often incomplete. In retrospect, therefore, the trade in these goods could in some cases lead to major corrections in the figures. Please see tables 2-4 for the impact these figures have on the external trade.
Imports49 636-0.97.4243 149-5.6
Ships and oil platforms2317-47.9-63.93 282-84.9
 
Exports56 204-7.5-16.9296 466-15.7
Crude oil14 435-3.4-21.465 794-23.6
Natural gas10 933-9.4-31.468 894-26.8
Natural gas condensates123-60.4-89.51 463-44.2
Ships and oil platforms2110-82.7266.71 041-60.4
Mainland exports30 604-6.8-4.9159 274-4.0
 
The trade balance6 567-38.5-69.453 317-43.2
The mainland trade balance-18 716-12.3-42.3-80 593-15.4
Figure 1. The trade balance
Figure 2. The Mainland trade balance
Figure 3. Exports of crude oil, natural gas and natural gas condensates
Figure 4. Mainland exports
Figure 5. Exports of crude oil

* = preliminary figures

Exports of goods came to NOK 56.2 billion in May, nearly 17 per cent less than in the same month last year. Imports of goods increased by 7.4 per cent and amounted to NOK 49.6 billion in May. The trade surplus is at its lowest since 1999, except for in April 2015, when the import of an oil rig had a particular impact. The mainland trade balance also shows a high deficit.

Lower income from crude oil and natural gas

The value of exported natural gas ended at NOK 10.4 billion – a fall of almost 30 per cent from May last year. The decline was caused by lower prices. In total, exports amounted to 8.9 billion standard cubic metres of natural gas in a gaseous state. This is 0.9 billion cubic metres more than in the same month the previous year.

The export value of crude oil amounted to NOK 14.4 billion in May, a fall from NOK 18.4 billion the same month last year. The decrease is due to lower oil prices. Despite the recent rise in oil prices, prices in May were NOK 107 lower per barrel than 12 months earlier. A total of 39.3 million barrels of crude oil were exported in May compared to 38.7 million barrels in the same month last year.

Exports of natural gas condensates accounted for NOK 123 million in May, a decrease of NOK 1.0 billion compared to a year earlier, when the export value for this commodity was particularly high.

Reduced mainland exports

Mainland exports in May fell to NOK 30.6 billion. This is nearly 5 per cent less than the value in the same month last year and 6.8 per cent lower than in the preceding month. Apart from exports of fish, export values in May declined for most of the main commodity groups compared to the same month last year.

The main commodity group machinery and transport equipment had the biggest fall in export values, declining nearly 25 per cent compared to May last year, amounting to NOK 5.9 billion. Exports were down in all the machinery sub-groups, in particular industrial machines, where the total value decreased by NOK 1.6 billion. In addition, items within the sub-group electrical machinery fell 28.6 per cent compared with May 2015.

Exports of refined petroleum products, which fluctuate considerably from one month to another, ended at NOK 2.6 billion in May. This is a drop of almost 20 per cent from the same month a year ago.

The export value of fish continued to rise. In May, exports of fish came to NOK 6.5 billion, an increase of about 30 per cent from the same month last year, however almost NOK 640 million less than in April 2016. As earlier, the increase was driven by the development in salmon prices. Fresh whole salmon had an average price of NOK 60 per kilo in May, compared to NOK 38 a year earlier. The export value of fresh whole salmon increased by 42.9 per cent to NOK 3.9 billion, while the volume fell by nearly 9 per cent compared to May 2015.

Increased imports of machinery

Imports of goods amounted to NOK 49.6 billion in May, an increase of 7.4 per cent from the same month in the previous year. The main commodity group machinery and transport equipment rose by nearly NOK 1.8 billion and totalled NOK 19.5 billion. There was a specific growth in imports of road vehicles. In May, imports of this sub-commodity group rose by nearly 17 per cent, to NOK 6.0 billion. Passenger cars accounted for more than half the value. As in previous months, imports of industrial machinery increased, amounting to NOK 6.4 billion in May - almost 16 per cent more than in the same month last year.

In the opposite direction, imports of refined petroleum products fell by nearly 60 per cent to NOK 1.2 billion. A fall in imports of diesel oil accounted for most of the decline, which was mainly caused by a significantly reduced imported volume. The value of imported metalliferous ores and metal scrap declined in May and came to NOK 1.2 billion – a drop of nearly 40 per cent from May last year, despite the imported volume being 27 per cent higher.