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NORWAY: Highest Monthly Trade Surplus Since March ‘23

NORWAY
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The Norwegian trade balance was NOK74.2bln in November, from NOK62.6bln last month and NOK75.6bln a year ago. Excluding the offshore sector, Norway ran a deficit of NOK27.4bln, broadly in line with levels a year ago.

  • This was the largest monthly trade surplus of 2024, with gas prices reaching the highest levels since March 2023. Natural gas exports totalled NOK6.28bln, up 4% from November 2023.
  • Meanwhile, crude exports were down 11.5% Y/Y at NOK37.9bln, a function of both lower prices and volumes. Statistics Norway cites familiar headwinds facing the oil outlook: “Weaker global economic prospects, especially in China” and “Increased production in countries outside the OPEC+ cooperation, such as Brazil and Argentina”.
  • Mainland goods exports were up 0.7% Y/Y at NOK64.1bln, with NOK11.9bln in salmon exports (a record high for a single month).
  • Both imports and exports of electricity fell as a result of lower prices. 

 

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The Norwegian trade balance was NOK74.2bln in November, from NOK62.6bln last month and NOK75.6bln a year ago. Excluding the offshore sector, Norway ran a deficit of NOK27.4bln, broadly in line with levels a year ago.

  • This was the largest monthly trade surplus of 2024, with gas prices reaching the highest levels since March 2023. Natural gas exports totalled NOK6.28bln, up 4% from November 2023.
  • Meanwhile, crude exports were down 11.5% Y/Y at NOK37.9bln, a function of both lower prices and volumes. Statistics Norway cites familiar headwinds facing the oil outlook: “Weaker global economic prospects, especially in China” and “Increased production in countries outside the OPEC+ cooperation, such as Brazil and Argentina”.
  • Mainland goods exports were up 0.7% Y/Y at NOK64.1bln, with NOK11.9bln in salmon exports (a record high for a single month).
  • Both imports and exports of electricity fell as a result of lower prices.