External trade in goods, indices of volume and price, Q2 2009

Prices of Norwegian export goods fell by 3.3 per cent from the first to the second quarter. For so-called traditional goods, a term which excludes oil and gas, the decrease was 1.3 per cent. This was the third consecutive quarter of decreasing prices for Norwegian exports, but the rate was smaller than in the two preceding quarters. Compared with the second quarter of 2008, prices of traditional goods were 8.2 per cent lower in the second quarter of 2009. Metal prices have fallen continuously since the second quarter of 2007, while the prices of fish were 15.3 per cent higher in the second quarter this year than in the same quarter last year.

Despite an increase in the oil prices from the first to the second quarter, prices of both oil and natural gas were lower than one year ago. Prices of mineral fuels, lubricants and related materials were 30.7 per cent lower in the second quarter than in the same quarter of 2008.

Lower export volume

The exported volume of traditional goods fell from the first to the second quarter; the fourth consecutive quarter of decline. Adjusted for seasonality, however, the volume was up 0.7 per cent, quarter-on-quarter. Compared with the second quarter of last year, Norwegian exports of traditional goods were 14.6 per cent lower in the same quarter this year. Exports of mineral fuels, lubricants and related materials fell by 7.8 per cent in the same period.

Lower import volume than one year ago

The volume of merchandise imports increased by 0.1 per cent from the first to the second quarter of 2009. Compared with the second quarter of 2008, however, the volume of imports was 18.7 per cent lower in the second quarter of this year. Trade contracted for most types of goods, but particularly a 22.5 per cent decline in the imports of machinery and transport equipment contributed to the overall fall.

Import prices

Prices of Norwegian imports were 2.7 per cent lower in the second quarter of 2009 than in the previous quarter. Prices fell for important goods such as machinery and transport equipment, manufactured goods and chemicals. Compared with the second quarter of 2008, however, prices of imported goods were 1.0 per cent higher in the second quarter this year. A weaker Norwegian krone since one year ago may have contributed to the rise inin the prices of imports.