Norway’s trade balance decreased by 5 percent from Q4 2023 to Q4 2024, and the level in the fourth quarter was 11 billion lower than the quarter the previous year.
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The current account balance decreased by 9 percent compared to the fourth quarter of last year
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The trade balance decreased by 5 percent in the same period
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Highest increase in net foreign assets ever, up 29 per cent from 2023, equal to NOK 4 483 billion
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Gains in the global stock markets were the driving forces behind the increase, in addition, the weakening of the NOK also contributed to the increase
Lower trade balance surplus
The balance of trade in goods and services, also known as the trade balance, showed a surplus of NOK 205 billion in the fourth quarter of 2024, down from the NOK 216 billion observed in the fourth quarter of last year.
In total, Norway exported goods and services worth NOK 664 billion in Q4 2024. This is an increase of NOK 22 billion compared to the same period the previous year. Goods exports increased by 1 per cent, while service exports increased by 11 per cent.
Norway imported goods and services worth NOK 459 billion in the fourth quarter of 2024, up 8 percent from the same quarter of the previous year. Imports of goods and services both increased by 8 per cent.
For information on volume and price developments in exports and imports as well as seasonally adjusted figures, see quarterly national accounts.
Higher surplus on the balance of income and current transfers
The balance of income and current transfers showed a surplus of NOK 168 billion in 2024, NOK 70 billion higher than in 2023.
The balance of income and current transfers showed a surplus of NOK 6 billion in the fourth quarter of 2024, 10 billion NOK lower than in the fourth quarter of 2023.
The balance of income and current transfers has shown a surplus in all quarters since Q1 2023.
Financial accounts
Norway’s net foreign assets, or net International Investment Position (IIP), saw a rise of staggering 29 per cent during the year 2024. This increase equals NOK 4 483 billion.
Norway’s net foreign assets, or Net IIP, amounted to NOK 19 696 billion at the end of 2024. After a huge rise during the first quarter and a standstill in the second quarter, Norway’s net IIP continued to increase in the last two quarters of the year. Altogether, 2024 saw a considerable rise of 29 per cent, up NOK 4 483 billion from the year before.
The development in Norway’s net foreign assets, net lending and other changes i shown in figure 2.
Stock market gains
Other changes, i.e. gains and losses as a result of changes in market prices and exchange rate changes, had a large positive effect on Norway's net foreign assets in 2024. This was especially high in the first quarter, where stock market gains ensured a huge increase in the market value of stocks. The weakening of the Norwegian krone also had a significant impact on the development, as the value of Norway's foreign assets in foreign currency rose when converted to NOK.
Current account In this publication the current account is revised from 1st quarter 2023. Financial account The financial account is revised from 1st quarter 2023.
Revision of the national accounts time series Statistics Norway (SSB) is undertaking a revision of the time series in the national accounts. Parts of the revisions have now been published, the rest are planned to be published in November and December 2025. Statistics on foreign accounts are an integral part of the national accounts and a corresponding revision is carried out here. The revision incorporates new or updated statistics, as well as improved methods. Read more about the revision in separate articles.