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NORWAY: 2024 Goods Trade Surplus Down 13% Y/Y

NORWAY
CEEMEABulletNorwayMarketsFixed Income BulletsForeign Exchange Bullets

The Norwegian goods trade balance widened to NOK83.2bln in December, up from NOK74.1bln in November. For 2024 overall, the trade surplus was NOK745bln, 13% below 2023’s level. Excluding offshore trade, Norway ran a deficit of NOK338bln (11% larger than in 2023).

  • Total exports were down 4% Y/Y at NOK1,805bln, while imports rose 3.6% Y/Y to NOK1,061bln. The weak NOK likely pushed import prices (and therefore total import values) higher through the year.
  • Natural gas exports were NOK559bln in 2024, 11% lower than in 2023. However, natural gas exports still exceeded those of crude oil (which totalled NOK529bln).
  • The end of the Russia-Ukraine transit deal and recent cold weather in Europe have supported natural gas prices in January. These developments will have a positive impact on Norwegian gas export values from a price and volume (i.e. substitution) perspective.
  • Fish exports were NOK168bln, a new record high.

 

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The Norwegian goods trade balance widened to NOK83.2bln in December, up from NOK74.1bln in November. For 2024 overall, the trade surplus was NOK745bln, 13% below 2023’s level. Excluding offshore trade, Norway ran a deficit of NOK338bln (11% larger than in 2023).

  • Total exports were down 4% Y/Y at NOK1,805bln, while imports rose 3.6% Y/Y to NOK1,061bln. The weak NOK likely pushed import prices (and therefore total import values) higher through the year.
  • Natural gas exports were NOK559bln in 2024, 11% lower than in 2023. However, natural gas exports still exceeded those of crude oil (which totalled NOK529bln).
  • The end of the Russia-Ukraine transit deal and recent cold weather in Europe have supported natural gas prices in January. These developments will have a positive impact on Norwegian gas export values from a price and volume (i.e. substitution) perspective.
  • Fish exports were NOK168bln, a new record high.

 

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