Trade balance up

Exports of goods reached NOK 65 billion in October, while imports came to NOK 37.5 billion. Both exports and imports increased compared to the previous months, and the trade balance reached the highest value since July at NOK 27.4 billion

The trade balance in October increased 27 per cent compared with the previous month. In this period the import value remained almost unchanged, down just 1 per cent, while exports went up 9 percent. Increased crude oil exports contribute to the high October figures.

In October, the export value of crude oil ended at NOK 24.1 billion, up NOK 4.3 billion from September this year. This is the highest monthly value of crude oil exports since October 2008. Both a high number of exported barrels and the crude oil prices contributed to increased revenues this October. The number of exported barrels went up 8.8 million barrels from the previous month. The average crude oil price was NOK 416 per barrel in October, up from NOK 402in September.

Increased export volume of natural gas

The export value of natural gas came to NOK 12 billion in October. This equals an increase of 6 per cent, or NOK 682 million compared to September this year. The growth is mainly due to an increase in exported volume. Compared to October 2008 however, the export value of natural gas is halved.

Manufactured goods and machinery pull exports down

In October, the export value, excluding ships, oil platforms, crude oil, condensates and natural gas, ended at NOK 28.6 billion. This is a decrease of 12 per cent, or NOK 4 billion, compared to October 2008.

Several groups contributed to the low October figures compared to corresponding figures last year. Among them were manufactured goods which declined NOK 1.4 billion. Within this group iron and steel as well as non-ferrous metals pulled down, with NOK 572 and 364 million respectively.

Furthermore, exports of machinery and transport equipment also declined. In particular, machinery specialized for particular industries and power generating machinery came down compared to October last year.

The group chemicals and related products declined by NOK 560 million, where the subgroups manufactured fertilizers went down by NOK 265 million and organic chemicals declined by NOK 194 million.

Exports of the main group food, on the other hand, went up by NOK 33 million compared to October last year, where fish exports was the main contributor.

Imports of goods in October, excluding ships and oil platforms, ended at NOK 37.5 billion. The corresponding figures in October 2008 came to NOK 44.6 billion.

The group manufactured goods showed the largest change; down NOK 1.7 billion from October 2008, to NOK 6 billion this October. Within this group, iron and steel as well as manufactures of metals together dropped over NOK 1 billion this October.

The main group machinery and transport equipment came down by NOK 1.6 billion compared to the corresponding month in 2008. Within this group general industrial machinery and specialized machinery declined by NOK 745 and 654 million respectively. On the other hand, other transport equipment increased compared to October last year.

Miscellaneous manufactured articles came to NOK 6.2 billion in October, down NOK 1 billion from the corresponding period in 2008.

Source: Statistics Norway