Foreign trade figures of Norway

Foreign Trade in Figures

Norway has a very open economy, with trade representing 71% of GDP (World Bank, latest data available). Traditionally, the country exports energy-intensive products and imports high-technology items. Norway is among the top 20 exporters of oil and the second-largest natural gas and seafood exporter in the world. Petroleum oils and gases represent more than 60% of total exports. Seafood is also among the most exported products (4.9%). Imports are led by motor cars (8.5%), petroleum, and nickel (data Comtrade).

The country's main trade partners are generally member states of the European Union. In 2021, however, the United Kingdom was the top destination of Norwegian exports (20.5%), followed by Germany (19.1%), the Netherlands (9.9%), Sweden (7.8%) and France (7.2%). China was the main supplier of goods and services in Norway (13.2%), followed by Sweden (11.3%), Germany (11.1%), the United States (6.3%) and the UK (4.6% - data Comtrade).

Norway’s trade surplus is considerable. However, it is closely linked to global oil and gas prices. In 2021, total exports almost doubled, reaching USD 160.1 billion, with imports increasing at a slower pace (USD 97.7 billion, +21.5%). Services exports stood at USD 40.3 billion, against USD 41.3 billion of imports (+13.8% and +12.2%, respectively – WTO). After it had turned negative for the first time in the last thirty years (due to low energy prices), the overall trade balance was positive by 12.3% of GDP in 2021 (World Bank). According to preliminary data from Statistics Norway, in the first eleven months of 2022 goods exports totalled NOK 2.3 million (+96.4% y-o-y – thanks to higher energy prices and lower supplies to Europe from Russia), whereas imports stood at NOK 934 million (+20.9% y-o-y). Furthermore, The Norwegian Seafood Council reported that Norway exported 2.9 million tonnes of seafood, equivalent to a value of around EUR 14 billion in 2022, an all-time high.