Xifres de comerç exterior de Noruega

Foreign Trade in Figures

Norway has a very open economy, with trade representing 80% 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 natural gas and the second biggest seafood exporter in the world. In 2023, exports were led by petroleum gas (34.8%), petroleum oils (32%), fresh or chilled fish (5.3%), unwrought aluminium (2.1%), and fish fillets (1.8%); whereas imports were more diversified and comprised chiefly motor cars (6.4%), petroleum oils (5.4%), nickel mattes (2.8%), telephone sets (2.2%), and automatic data-processing machines (2.0% - Comtrade).

The country's main trade partners are generally member states of the European Union. In terms of countries, the United Kingdom and Germany were the major export partners in 2023 (19.0% of the total), followed by the Netherlands (8.3%), Sweden (7.7%), and Poland (6.1%). On the other hand, imports came from Germany (11.4%), China (11.1%), Sweden (10.8%), the United States (7.6%), and the Netherlands (4.8% - data Comtrade). Norway is a member of the EEA, which allows it to be part of the EU’s single market. This ensures the free movement of goods, services, people, and capital between Norway and the EU. Moreover, it has numerous FTAs as part of its membership in EFTA.

After experiencing an outstanding year in 2022 as the dynamics of energy prices significantly influenced the country's exports, Norway’s foreign trade normalized in 2023, when total goods exports plummeted to USD 173.9 billion and imports decreased at a slower pace, to USD 95.3 billion (-30.3% and -9.7% y-o-y, respectively). Meanwhile, services exports stood at USD 52 billion, against USD 61.3 billion in imports (stable and +7.2%, respectively – WTO). For the year as a whole, the World Bank estimated a trade surplus equal to 14.7% of GDP (from the record-breaking 28.3% one year earlier). According to preliminary governmental figures, Norway's trade balance for 2024 ended with a surplus of NOK 722 billion, marking a decrease of approximately NOK 67 billion compared to 2023. The total value of exports reached NOK 2,472 billion, while imports amounted to NOK 1,750 billion.