External trade in services, Q2 2015

Non-financial enterprises, including the shipping industry, exported services for NOK 58 billion in the 2nd quarter of 2015; up by 3.1 per cent or NOK 2 billion from the previous quarter. Compared with the 2nd quarter of 2014, the export of services increased by NOK 4 billion in the 2nd quarter of 2015.

The import of services amounted to NOK 56 billion in the 2nd quarter of 2015; up 1.2 per cent or NOK 1 billion from the previous quarter. Compared with the 2nd quarter of 2014, the import of services increased by NOK 5 billion in the 2nd quarter of 2015. Due to new information, import figures for the first quarter of 2015 went down by NOK 2 billion, or 3.5 per cent compared to the published statistics for the first quarter of 2015.

Export of sea and coastal water transport services increased

Sea and coastal water transport services continues to be Norway’s largest export group of services. These services accounted for 37.2 per cent of the total service export in the 2nd quarter of 2015, and amounted to almost NOK 21 billion. Business services ended at NOK 10 billion, down 11.3 per cent from the 1st quarter of 2015. In terms of value, these services went down by about NOK 1 billion from the 1st quarter.

Looking at Norway’s service import, oil and gas services also dominated the import in the 2nd quarter, with a share of 19.2 per cent of total service import. These services amounted to about NOK 11 billion in the 2nd quarter, which was an increase of 4.5 per cent from the previous quarter. Business services had a 10.7 per cent decrease from the 1st quarter to the 2nd quarter; equivalent to NOK 1 billion.

Transport and storage industry largest export service

Enterprises within the transport and storage sector accounted for the largest export of services in the 2nd quarter of 2015, with a share of 47.7 per cent of the total export value. In terms of value, this group increased by 0.1 per cent compared with the previous quarter of 2015. The second largest sector was enterprises within Professional, scientific and technical activities, with an export value of NOK 8 billion.

With regard to the import of services, there are two industries that are competing to be the largest sector, namely non-financial businesses within the mining and quarrying sector and the transportation and storage sector. The mining and quarrying industry accounts for 25.8 per cent, and the transportation and storage sector holds 27.7 per cent of total import value, with about NOK 14 and 15 billion respectively.

Trading partners in Europe important

Norwegian non-financial enterprises exported services to European countries in the second quarter of 2015 amounting to NOK 30 billion; equivalent to 52.7 per cent of the total export. Export of services to Nordic countries and EU except Nordic countries amounted to 12.6 and 36 per cent respectively. Export of services to Asia amounted to 16.1 per cent, and 14.9 per cent of Norwegian export is received by North and Central America.

A total of 39.7 per cent of imported services in the second quarter of 2015 came from the EU excluding Nordic countries, corresponding to NOK 22 billion. Nordic countries delivered 21.6 per cent, and countries from North and Central America and Asia delivered 14 and 14.1 per cent respectively of Norway’s import of services in the second quarter of 2015.