Imports/Exports in Norway

Overview by Globlatrade.net:

Norway has a widely open economy, trade represents almost 75% of the GDP (during the period 2007-2009). 

Traditionally, the country exports energy-intensive products and imports technology-intensive products. Its main trade partners are the countries of the European Union. 

The country is the third largest exporter of oil in the world, the largest supplier of natural gas to the the countries of  Western Europe, the largest exporter of fish in the world.  Overall, Norway is classified among the 30 largest exporters of the world.  The industrial products (ships, oil platforms, etc.) constitute nearly 10% of total exports.  Norway mainly imports manufactured merchandise (machines, transporters, information technology) which accounts for 40% of its total imports. 

The surplus in the trade balance is enormous.  The country's trade balance is structurally positive and this trend should continue during the next following years.

 

 

 
Foreign Trade Indicators 20062007200820092010
Imports of Goods (million USD) 64,26180,29790,29369,29276,902
Exports of Goods (million USD) 122,208136,354172,621120,880131,683
Imports of Services (million USD) 31,13538,75343,99036,29140,639
Exports of Services (million USD) 33,05740,19644,81038,26140,191
Imports of Goods and Services (Annual % Change) 8.48.64.3-11.4-
Exports of Goods and Services (Annual % Change) 0.42.8---
Imports of Goods and Services (in % of GDP) 28.430.429.227.3-
Exports of Goods and Services (in % of GDP) 46.445.848.142.0-
Trade Balance (million USD) 59,85660,27186,47254,405-
Trade Balance (Including Service) (million USD) 61,22761,10588,749--
Foreign Trade (in % of GDP) 74.876.277.369.4-

Source: WTO - World Trade Organization ; World Bank

 

Main Partner Countries

Main Customers
(% of Exports)
2010
United Kingdom 26.7%
Netherlands 12.1%
Germany 11.4%
Sweden 7.0%
France 6.6%
Other partnersClose extended list 36.2%
Main Suppliers
(% of Imports)
2010
Sweden 14.1%
Germany 12.4%
China 8.5%
Denmark 6.3%
United Kingdom 5.9%
Other partnersClose extended list 52.9%

Source: Comtrade

 

Main Products

Main Exports
(% of Exports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 36.3%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 23.4%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 4.0%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304) 3.3%
Unwrought aluminiumUnwrought aluminium 2.7%
Other productsClose extended list 30.3%
Main Imports
(% of Imports)
2010
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.6%
Cruise ships, excursion boats, ferry-boats, cargo...Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods 3.7%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.4%
Nickel mattes, nickel oxide sinters and other...Nickel mattes, nickel oxide sinters and other intermediate products of nickel metallurgy : 2.9%
Automatic data processing machines and units...Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.0%
Other productsClose extended list 82.4%

Source: Comtrade

 

Exchange Rate System

Exchange Rate Regime
There is a free convertibility of currency, the right to transfer profits, capital, dividends, interest and fees. Norway has an independently floating exchange rate regime. Central Bank's monetary policy is oriented towards low and stable inflation. Norges Bank's operational target of monetary policy is an annual consumer price inflation of close to 2.5 per cent over time.
Level of Currency Instability
Currently 1 EUR is worth 8 NOK. The value of Norwegian krone compared to other currencies varies considerably from one year to another, mainly based on changes in oil prices and interest rates.
 
 
Monetary Indicators 20052006200720082009
Norwegian Krone (NOK) - Average Annual Exchange Rate For 1 USD 6.446.415.865.646.29

Source: World Bank

 
 

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