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Positive trade balance in goods with the EU, negative balance in services
statistikk
2013-09-25T10:00:00.000Z
External economy
en
urland, Balance of payments, geographical breakdown, balance of goods, balance of services, current balance, export, importBalance of payments, External economy
false

Balance of payments, geographical breakdown, 2012

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Positive trade balance in goods with the EU, negative balance in services

In 2012, Norway’s exports of goods to EU countries exceeded imports by NOK 435 billion, while the balance in services was negative. The figures are preliminary.

Balance of Payments, country breakdown. Current prices. NOK millionPublished 25 September 2013
Balance of goodsBalance of servicesCurrent account balance
201120122011201220112012
The world394 280422 204-27 583-32 783353 327417 238
EU (27 countries)417 907435 260-45 789-51 977353 201372 775
Other European country946728-6 771-8 781-12 158-11 214
Afrika-1 7861 0975 3675 53324 68733 943
Nord-Amerika16 3958 479-249-7319 88021 189
Central American and South American countries-1 835-1 6815 0765 61512 94911 560
Asia, Oceania & Polar regions-33 207-12 1428 2948 741-18 90416 445

Source: Statistics Norway

The positive trade balance with the EU is dominated by the high export earnings from the oil and gas industry. The negative service balance is primarily due to Norwegians’ expenses when travelling to EU countries.

For more information about the geographical breakdown of Norwegian export and import of goods, see External trade in goods .

Negative trade balance in services with Europe

In 2012, Norway imported services from EU countries amounting to NOK 52 billion more than its exports to the same countries. Imports of travel, the Norwegians' spending on travel abroad, is the main reason for the negative service balance towards the EU. In 2012, Norwegians spent NOK 72 billion on travel in the EU, while visitors from EU countries spent NOK 24 billion in Norway. Norway also had a negative services trade balance with other European countries. The trade in services balance was positive with all other parts of the world (except North America), and was largest with the countries of Asia and Oceania, amounting to NOK 9 billion in 2012.

Negative interest and transfers balance to the EU

Norway's revenues in the form of wages, property income and transfers from the EU countries were NOK 139 billion in 2012. The corresponding income payable to the EU countries was NOK 150 billion. Norway's current account to the EU, i.e. the sum of the goods and services balance and the income and transfers balance was thus NOK 373 billion in 2012.