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Fourth consecutive quarter with rising import prices
statistikk
2014-01-15T10:00:00.000Z
External economy;External economy
en
uhvp, External trade in goods, indices of volume and price, import, export, price trends, volume development, product groups (for example food, raw materials, fuel), areas of application (for example energy goods, building materials, consumables)Balance of payments, External trade , External economy
false

External trade in goods, indices of volume and price, Q4 2013

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Fourth consecutive quarter with rising import prices

Prices of Norwegian imports rose by 2.7 per cent from the third to the fourth quarter of 2013. Prices achieved by Norwegian exporters increased by 1.5 per cent in the same period.

Indices of volume and price for external trade in goods, excl. ships and oil platforms. Change in per cent from previous quarter.1Published 15 January 2014
Volume indexPrice index
ExportsImportsExportsImports
1Groups according to the Standard International Trade Classification (SITC-Rev. 4).
4th quarter 2013 / 3rd quarter 2013
Goods excl. ships and oil platforms5.82.11.52.7
Exports excl. crude oil and natural gas4.5.2.3.
Food, beverages and tobacco35.26.31.20.9
Crude materials except fuels-0.7-3.51.81.3
Fuels4.2-17.91.20.4
Manufactured goods except food, beverages and tobacco4.04.60.93.1

Source: Statistics Norway

The volume and price indices for external trade in goods show an increase in import prices of 2.7 per cent from the third to the fourth quarter of 2013. Prices rose for most types of goods. The increase in import prices was caused by higher prices for goods such as machinery, different manufactured articles as well as manufactured goods classified by material.

One of the reasons import prices grew from the third to the fourth quarter of 2013 is that the Norwegian krone (NOK) depreciated further against other currencies.

Compared with the fourth quarter of 2012, import prices rose by 4.6 per cent. Prices rose for all goods, except crude materials.

Increased import volume

The volume index for imports indicates that the volume of Norwegian imports was 2.1 per cent higher in the fourth quarter than in the third quarter. The strongest growth in imports was found in food products, machinery and transport equipment as well as chemical products

From the fourth quarter of 2012 to the fourth quarter of 2013, imports have increased by 1.4 per cent. The growth within machinery and transport equipment and crude materials was the strongest.

Higher export prices

Prices of Norwegian exports increased by 1.5 per cent from the third to the fourth quarter of 2013. The price increase was mainly due to higher prices within the group mineral fuels, lubricants and related materials. Price increases in natural gas and electricity were an important reason for the price rise in the group. Export prices rose for most commodity groups, except the price fall within chemical products.

From the fourth quarter of 2012 to the fourth quarter of 2013, export prices increased by 4.9 per cent.

The price growth of fish of more than 30 per cent was an important contributor to the overall increase in export prices in this period. Prices of petroleum products and electricity, which rose by 6.2 and 7.7 per cent respectively, also played a large role in bringing the total up.

Higher export volume

The volume of Norwegian exports was 5.8 per cent higher in the fourth quarter than in the third. The increase was mainly due to higher exports in all main commodity groups, except a volume decrease in exports of animal and vegetable oils and fats.

Relative to exports in the fourth quarter of 2012, the volume was 4.7 per cent lower in the fourth quarter of 2013. Lower exports within the groups crude materials and mineral fuels, lubricants and related materials have caused the volume fall.