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199130
Higher import prices
statistikk
2015-10-15T10:00:00.000Z
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
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The volume and price indices for import and export of goods. The volume of Norwegian exports rose by 2.4 per cent from the second to the third quarter.

External trade in goods, indices of volume and price, Q3 2015

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Higher import prices

Prices of goods imported to Norway increased by 2.1 per cent from the second to the third quarter. At the same time, lower prices of crude oil and petroleum products led to a 4.1 per cent overall fall in export prices.

Indices of volume and price for external trade in goods, excl. ships and oil platforms. Change in per cent from previous quarter1Published 15 October 2015
Volume indexPrice index
ExportsImportsExportsImports
1Groups according to the Standard International Trade Classification (SITC-Rev. 4).
3rd quarter 2015 / 2nd quarter 2015
Goods excl. ships and oil platforms2.4-4.7-4.12.1
Exports excl. crude oil and natural gas-0.6.-0.8.
Food, beverages and tobacco1.0-1.94.34.1
Crude materials except fuels2.8-17.21.5-0.8
Fuels5.9-17.8-7.0-7.4
Manufactured goods except food, beverages and tobacco-5.8-2.50.92.4

Source: Statistics Norway

From the second to the third quarter, the price of imported goods increased by 2.1 per cent. Some of the main reasons for the overall rise were higher prices for vegetables and fruit, road vehicles and certain types of machinery, as well as clothing. One notable exception was the index for inedible crude materials, which showed a price decrease of 3.4 per cent. The index measures prices in the local currency, so for many goods some of the price increase is related to a depreciation of the Norwegian krone (NOK) against the currencies of Norway’s trading partners. According to the central bank’s import-weighted currency index, foreign currency was almost 13 per cent more expensive in the third quarter than in the same quarter last year.

Lower import volumes

The volume of Norwegian imports fell by 4.7 per cent from the second to the third quarter. Compared with the third quarter of 2014, import volumes were 4.8 per cent lower in the same quarter this year. Imports fell for most types of goods, with a few important exceptions in road vehicles and chemical products.

Falling export prices

The price index for exported goods fell by 4.1 per cent from the second to the third quarter. Export prices have fallen continuously since the end of 2013, mostly due to lower prices of oil and petroleum products. However, for certain important export goods, prices increased from the second to the third quarter. Prices of fish were 4.3 per cent higher, while prices of chemical products rose by 7.3 per cent. A comparison with the third quarter of 2014 shows a similar picture as that between the second and third quarter this year: prices of oil and metals have fallen, while prices of fish and chemical products have increased. Overall, the falling prices dominate, and the index shows a decline of 8.5 per cent over the past four quarters.

Higher export volumes

Following a decline in the previous quarter, the volume of exported goods increased by 2.4 per cent from the second to the third quarter, as exports of fish and natural gas rebounded. It is not unusual for exports of fish to increase in the year’s third quarter, but the volume this quarter was somewhat lower than in the same quarter last year. The overall export volume was 4.5 per cent higher than one year ago. Higher exports of natural gas, metals and chemical products outweighed the decline for oil, fish and certain types of machinery.