Balance of payments, geographical breakdown, 2004

We are working with a new system for annual BOP data with geographical breakdown.

The deficit with Europe is estimated at NOK 21 billion. The surplus with North America was NOK 33 billion, mainly due to freight earnings of Norwegian shipping companies.

Norway's exports of services amounted to NOK 176 billion in 2004, of which 61 per cent constituted exports to European countries and 29 per cent exports to North America. The Nordic countries' imports of services from Norway are estimated at NOK 24 billion. This is nearly 23 per cent of Norway's total exports of services to Europe. Exports to other EU/EEA countries amounted to NOK 77 billion.

Sea transport

Income from maritime transport operations is the single most important credit item in Norway's international trade in services. About 46 per cent of the total exports of services in 2004 were freight earnings. Freight earnings are of a relatively high importance in the trade with overseas continents, accounting for more than 63 per cent of the services trade with both the American and Asian continents, while only 36 per cent of total exports of services to European countries.

Imports of services

On the debit side European countries are Norway's most important partners in services trade. Imports of services from these countries ended at NOK 128 billion in 2004. Imports from other continents were about NOK 34 billion, of which about 50 per cent were imports from North America.

Please note that the figures for 2002 and 2003 have been revised.

Tables:

• Table 1 Balance of Payments, geographical breakdown. 2002. NOK million
• Table 2 Balance of Payments, geographical breakdown. 2003. NOK million
• Table 3 Balance of Payments, geographical breakdown. 2004. NOK million