Lowest trade surplus for Norway since 2005

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The trade balance surplus was NOK 22.2 billion in May. This is a decline of 47.2 per cent from last May and the lowest since June 2005. This is shown by fresh figures from Statistics Norway.

The export of goods amounted to NOK 55.1 billion while total imports ended at NOK 32.9 billion.

The low trade surplus is caused by a relatively larger decrease in exports than imports. Exports fell by NOK 27 billion compared to May last year. This decrease was mainly caused by far lower value of crude oil. The value of natural gas and metals also declined. Imports went down by NOK 7.2 billion, where cars and metalliferous ores showed the biggest decline.

The value of crude oil was NOK 17.8 billion in May, nearly half that of May last year. The oil exports in May ended at 47.4 million barrels of oil, down 14.1 per cent from May 2008.

The export value of natural gas ended at NOK 13.8 billion. The decrease from last year was 10.9 per cent, and 10.7 per cent from last month. A total of 7.2 billion cubic metres of gas in gaseous state were exported. This is a decline of 4.5 per cent from May last year and 11 per cent from last month.

However, the export value of fish increased by NOK 489 million compared to May last year and reached NOK 3.2 billion. Exports of fresh whole salmon amounted to NOK 1.6 billion and reached a new record level. Compared to the same period last year this is an increase of NOK 350 million. The average monthly price for whole fresh salmon was NOK 35.04 per kilo, which is the highest level since 2006.