External trade in goods, indices of volume and price, Q4 2009

Prices of Norwegian imports fell by 1.6 per cent from the third to the fourth quarter in 2009, according to price and volume indices for Norwegian external merchandise trade. Prices of manufactured goods such as machinery, chemical products and clothing were among the main contributions to bringing the overall price level down. Import prices fell throughout the year. Compared with the fourth quarter of 2008 prices of all main product groups were lower in the fourth quarter of 2009. Overall, import prices fell by 7.3 per cent over this period. The development reflects in part the weak Norwegian krone in late 2008. The currency strengthened throughout 2009, which has contributed to making imports cheaper for Norwegians, measured in the local currency. For the year as a whole, prices were 0.8 per cent lower in 2009 than in the previous year.

The volume of Norwegian imports fell by 5.3 per cent from the fourth quarter of 2008 to the same quarter of last year. The decline was seen in imports of both crude materials, petroleum products and manufactured goods. When adjusted for seasonal variations, the import volume also fell. As a whole, imports were 12.6 per cent lower in 2009 than in 2008.

Lower prices for exports

Prices achieved by Norwegian exporters were lower in the fourth quarter of 2009 compared with both the previous quarter and the fourth quarter of 2008. Prices of fish, natural gas and metals played a large role in bringing the overall price level down. The price of oil, on the other hand, increased somewhat, softening the overall decline. Prices for traditional goods, which do not include oil and natural gas, were 8.6 per cent lower in 2009 than in 2008.

The volume of Norwegian exports increased for all main product groups from the third to the fourth quarter last year. For traditional goods the increase was 9.2 per cent, while the exports of oil and natural gas were 9 per cent higher than in the previous quarter. Adjusted for usual seasonal variations, however, exports fell for oil and gas, while increasing for the other main product groups.

Record high exports of fish

The exports of fish increased by 55 per cent from the third to the fourth quarter, and reached record levels in the last quarter of 2009. Exports of fish are normally higher in the year’s last quarter, but compared with the fourth quarter of 2008 the volume was almost 25 per cent higher in the same quarter of 2009.

Overall, the volume of Norwegian exports was 0.9 per cent lower in the fourth quarter last year compared with the fourth quarter of 2008. Export volumes of oil, chemical products and certain types of machinery played a large role in bringing the total down. Excluding oil and natural gas, the volume was 3.6 per cent higher in the fourth quarter of 2009 than in the same quarter of the previous year. For 2009 as a whole, exports were 6.8 per cent lower than in 2008, excluding oil and natural gas.