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Higher oil exports, rising gas prices and the fish export season gave Norway its first trade surplus in seven months in October.
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The Norwegian trade balance turned into profit in October after six consecutive months of a deficit.
During the month, goods were exported for NOK 70.6 billion, while imports amounted to NOK 67.9 billion.
This gives a profit of NOK 2.7 billion.
It is, first and foremost, higher crude oil export volumes, growth in natural gas prices, and seasonal increases in fish exports that contribute to exports and therefore profits, according to Statistics from Norway.
Largest oil export since 2010
In October alone, 51 million barrels of crude oil were exported, the highest figure since 2010, according to Statistics Norway. That is also 38.1 percent more than in the same month last year.
At the same time, the price of oil has been much lower than a year ago, so the value of crude exports ended 0.1% lower than last year.
On the other hand, the value of natural gas exports has increased considerably since last summer, but is still lower than in the same month last year.
Natural gas exports were 8.9 billion standard cubic meters (56 million barrels of oil equivalent). This is a 2.8 percent increase over October last year. But the value fell 23.5 percent compared to October last year and ended at a total of NOK 10.4 billion.
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During the past year
The value of Norwegian exports has rebounded since the oil price collapse and this year’s lowest level in April, but it is still below last year’s values.
In October, the total value of Norwegian exports was 7.8% lower than in the same month of 2019, according to Statistics Norway. In the same period, continental exports fell 6.0 percent.
At the same time, the value of the goods Norway imports is even higher. In October, import values were up 1.5 percent compared to last year, according to Statistics Norway.
The Norwegian krone is still weak compared to last year. In isolation, this means that Norwegian exporters receive more crowns for the goods they sell in foreign currency, while importers have to pay more for the goods they buy.
