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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. Fish was the main export in 2022 (21.39% of the total), followed by manufactured goods (20.9%) and fuels (20.7% - data Statistics Norway). In the same year, imports were led by motor cars (8.1%), petroleum (6.6%), and nickel (3%).

The country's main trade partners are generally member states of the European Union (67.5% and 55.5% of total exports and imports in 2022, respectively). In terms of countries, Germany (27.6%) was the main destination, followed by the UK (22.3%), France (9.3%), Belgium (7.5%), and the Netherlands (6.3%). Sweden was the main supplier of goods and services in Norway (12.6%), ahead of China (12.3%), Germany (11.4%), the United States (6.2%) and Denmark (4.6% - data Statistics Norway).

In 2022, Norwegian foreign trade experienced an outstanding year: the dynamics of energy prices significantly influenced the country's exports, while concurrently, elevated inflation played a role in increasing both imports and exports in nominal terms. Export prices saw a more pronounced growth compared to import prices. Overall, the trade balance in goods and services recorded a notable increase, reaching NOK 1,579 billion compared to the previous year's figure of NOK 544 billion (Statistics Norway). According to data from WTO, total exports reached USD 249.8 billion (+56% y-o-y), with imports increasing at a slower pace (USD 105.5 billion, +7.9%). Meanwhile, services exports stood at USD 50.6 billion, against USD 53.4 billion in imports (+22.6% and +27%, respectively – WTO). According to preliminary data from Statistics Norway, in the first eleven months of 2023 goods exports totalled NOK 1,717 million (-28.9% y-o-y), whereas imports stood at NOK 944 million (+0.7% y-o-y).

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 85,31980,44797,764105,54595,292
Exports of Goods (million USD) 102,79984,459160,106249,805173,906
Imports of Services (million USD) 52,62539,52742,05357,23061,371
Exports of Services (million USD) 42,90534,11341,27452,21152,012

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 70.070.965.470.583.0
Trade Balance (million USD) 33,81615,7892,06563,675166,982
Trade Balance (Including Service) (million USD) 25,0656,069-3,34862,897164,152
Imports of Goods and Services (Annual % Change) 1.45.3-9.91.79.3
Exports of Goods and Services (Annual % Change) -1.52.1-2.35.85.9
Imports of Goods and Services (in % of GDP) 31.834.333.128.827.3
Exports of Goods and Services (in % of GDP) 38.236.632.241.755.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 1.43.42.71.71.7
Volume of imports of goods and services (Annual % change) 0.71.72.12.32.3

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Norway is a member of the following international economic organisations:  IMF, European Union, ICC, Euro-Atlantic Partnership Council (EAPC), WTO, OECD, among others. For the full list of economic and other international organisations in which participates Norway click here. International organisation membership of Norway is also outlined here.
Free Trade Agreements
The up-to-date list of Free Trade Agreements signed by Norway can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
United Kingdom 19.0%
Germany 19.0%
Netherlands 8.3%
Sweden 7.7%
Poland 6.1%
See More Countries 39.8%
Main Suppliers
(% of Imports)
2023
Germany 11.4%
China 11.1%
Sweden 10.8%
United States 7.6%
Netherlands 4.8%
See More Countries 54.3%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

276.9 bn USD of products exported in 2022
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 53.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 21.0%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304) 3.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.7%
Unwrought aluminiumUnwrought aluminium 1.8%
See More Products 17.4%
107.2 bn USD of products imported in 2022
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 8.1%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 6.6%
Nickel mattes, nickel oxide sinters and other...Nickel mattes, nickel oxide sinters and other intermediate products of nickel metallurgy : 3.0%
Electrical energyElectrical energy 2.1%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.1%
See More Products 78.1%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: June 2024