Norway’s trade surplus narrows in September on large imports of ship

Norway’s trade surplus narrowed in September to just NOK 3.2 billion, according to Statistics Norway. Export of goods reached a total of NOK 57.5 billion, whereas imports totalled NOK 54.3 billion. The reduction in trade surplus in the month was mainly due to huge imports of ship, along with moderate exports of natural gas.

Compared with September 2015, trade surplus was a whole 78.5 percent less in September 2016. Imports of goods rose 1.6 percent year-on-year, whereas exports of goods fell 15.9 percent. Mainland exports also fell, dropping 2.4 percent year-on-year in September to NOK 34.7 billion. The increase in the value of goods imports in the month is due to imports of ships amounting to NOK 3 billion. The value of ships usually fluctuates monthly.

The exported natural gas value totalled NOK 7.4 billion, a fall of 58.3 percent year-on-year. The low volume of export of natural gas was mainly due to scheduled maintenance and it added to the drop in the value, stated Statistics Norway. In September, only 5.7 billion standard cubic meters of natural gas in gaseous state were shipped, a drop of 34 percent.

Meanwhile, the value of crude oil exported totalled NOK 14.9 billion in the month, an increase of NOK 186 million from September 2015. The rise was due to an increase in volume of 7 percent as compared to the same month last year.