Norway’s foreign trade surplus decreased notably in January from a year ago as exports fell faster than imports, data from Statistics Norway showed on Monday.
The trade surplus dropped to NOK 75.9 billion in January from NOK 91.5 billion in the same month last year. Meanwhile, the surplus grew from NOK 42.9 billion in December.
Exports plunged 12.6 percent annually in January, and imports declined by 8.0 percent. The overall increase in exports was mainly driven by a 27.0 percent fall in outflows of natural gas.
Shipments of crude oil decreased 9.5 percent, and those of mineral fuels, lubricants, and related materials were 18.5 percent lower.
On a monthly basis, exports grew 11.3 percent, while imports tumbled by 18.0 percent.
Mainland exports showed a decrease of 0.3 percent compared to last year, while they increased 2.5 percent from December. The mainland trade logged a deficit of NOK 16.3 billion in January, down from NOK 35.1 billion in the prior month.
For comments and feedback contact: editorial@rttnews.com
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
