NEWS

Exports of goods accounted to NOK 65,3 NOK billion in August 2017, up 8,8 per cent from August last year. Mainland exports show a steady growth trend in 2017. The increase in mainland exports from August last year was 10.2 per cent. Revenues from exports of natural gas jumped, while crude oil declined.

The trade surplus ended at NOK 12.4 billion in august 2017 – up 74.3 per cent compared to last year. Total imports were NOK 52.9 billion – unchanged from 2016.

However – it is important to consider the imports excluding ships and oil platforms. The imports of these products can fluctuate considerably from one month to another. Imports excluding these products show a growth of 3.8 per cent from August 2016. Furthermore – the trade surplus shows a smaller growth, 46.3 per cent.

Lower oil exports but higher gas exports

Exports of crude oil ended at NOK 17.4 billion in August 2017, which was a fall of 3.7 per cent from August last year. The price was up by almost NOK 11 per barrel, hence there was a drop in volume. Export volumes were down by 6.3 per cent to 44.4 million barrels.

Exports of natural gas came to NOK 12.6 billion in August 2017. This corresponds to an increase of NOK 3.0 billion, or 31.5 per cent compared with August last year.

The export volume of natural gas in a gaseous state came to 9.8 billion standard cubic meters – up 32.7 per cent. However not a particularly high exports volume – maintenance work made the volume low in August 2016.