External trade in goods, indices of volume and price, Q3 2011

Norwegian export prices increased for the seventh consecutive quarter, with a rise of 2.2 per cent from the second to the third quarter. While much of the increase in the previous quarters came from rising prices of petroleum and petroleum products, the price rise came from natural and manufactured gas from the second to the third quarter. Another group which contributed to the price rise was machinery and transport equipment where prices increased by 0.9 per cent. At the same time, prices decreased in several other product groups, such as petroleum and petroleum products, chemicals and manufactured goods. Compared to the third quarter of 2010, export prices increased by about 18 per cent.

Higher export volume

The volume of exported Norwegian goods rose by 4.5 per cent from the second to the third quarter. Higher volume of petroleum and petroleum products, natural and manufactured gas as well as fish and fish products were important to the overall increase. Adjusted for seasonal variations the volume of total export increased by 4.6 per cent, and, excluding crude oil and natural gas, went down 0.3 per cent. Compared to the third quarter in 2010, the volume of exported goods were 3.4 per cent higher in the third quarter this year.

Small decline in prices of imported goods

Altogether, import prices remained about unchanged from the second to the third quarter, slightly down by 0.1 per cent. Prices of food and manufactured goods fell by 3.3 and 1.7 per cent respectively. Lower prices of vegetables and fruit, coffea, tea, cocoa and spices and animal feeding stuff were important to the overall decrease in food prices. Among other groups, non-ferrous metals, together with iron and steel were important to the decline in prices of manufactured goods. Although the prices of imported goods have fallen in the two previous quarters, import prices were still 4 per cent higher compared to the third quarter 2010.

The volume of imported goods fell 2.3 per cent from the second to the third quarter this year, with lower imported volume in most of the product groups. Compared to the third quarter in 2010 the volume of imported goods increased by 1.7 per cent.