Norway’s value of exports falls in June on decline in oil production and lower prices

Norway’s goods exports declined in June by 14.9 percent year-on-year to NOK 60 billion. Lower oil and gas prices, reduced oil production and maintenance brought the value of export down in the month, according to Statistics Norway.

The value of exports for the first half of 2016 fell 15.5 percent y/y. Meanwhile, the country’s imports dropped 2 percent year-on-year to NOK 53 billion. Total import value in the first half of 2016 fell 5 percent year-on-year. According to Statistics Norway, trade surplus so far this year has reached NOK 60.4 billion, down 45.3 percent year-on-year.

Looking into details, crude oil exports dropped 28.3 percent year-on-year to NOK 13.8 billion. The decline was because of reduced export volumes as well as lower prices. Scheduled maintenance cut oil production in June, while export volumes were at the lowest since June 2014.

Mainland exports reached NOK 34.9 billion in June. It dropped 2 percent year-on-year. Except foods, where increased fish prices pulled the value of exports, most of the main commodity groups saw a decline. Meanwhile, the value of imports, excluding ships and oil platform, fell 3.8 percent y/y to NOK 51 billion. Meanwhile, metals imports fell 45.7 percent year-on-year.