External trade in goods, indices of volume and price, Q1 2009

Prices of Norwegian export goods fell by 12.9 per cent from the fourth quarter of 2008 to the first quarter of 2009, while the volume of exports decreased by 3.5 per cent. Also compared with the first quarter of 2008, prices and volumes in Norwegian exports were lower. Prices were 12.3 per cent and the volume 4.2 per cent lower in the first quarter of 2009 than one year earlier. Oil and metal products were the most important contributors to the decline for both prices and volumes.

Fish and fish products were one of the few groups of goods where the situation is looking better. Both prices and volumes are down quarter on quarter, but compared with the first quarter of 2008 prices and volumes are 8.4 and 5.9 per cent higher respectively.

Lower import volume

The volume of Norwegian merchandise imports fell by 12.1 per cent from the fourth quarter of 2008 to the first of 2009. Compared with the first quarter of 2008, the decline was 13.7 per cent. Imports of machinery and transport equipment fell by 19.7 per cent over the year, largely due to a massive decline in the imports of road vehicles.

Import prices

Prices of Norwegian imports were 2.5 per cent lower in the first quarter of 2009 than in the previous quarter. Prices of crude materials fell, while those of food and manufactured goods were largely unchanged. Compared with the first quarter of 2008, prices of food and manufactured goods were somewhat higher in 2009. Prices of crude materials fell during the same period, from a relatively high level in 2008.