Noruega: Visió econòmica i política
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 | 2018 | 2019 | 2020 | 2021 | 2022 |
Imports of Goods (million USD) | 86,600 | 85,319 | 80,447 | 97,764 | 105,545 |
Exports of Goods (million USD) | 121,791 | 102,799 | 84,459 | 160,106 | 249,805 |
Imports of Services (million USD) | 52,196 | 52,625 | 39,527 | 42,053 | 53,446 |
Exports of Services (million USD) | 43,445 | 42,905 | 34,113 | 41,274 | 50,617 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 70.0 | 70.9 | 65.4 | 70.5 | 83.0 |
Trade Balance (million USD) | 33,816 | 15,789 | 2,065 | 63,675 | 166,982 |
Trade Balance (Including Service) (million USD) | 25,065 | 6,069 | -3,348 | 62,897 | 164,152 |
Imports of Goods and Services (Annual % Change) | 1.4 | 5.3 | -9.9 | 1.7 | 9.3 |
Exports of Goods and Services (Annual % Change) | -1.5 | 2.1 | -2.3 | 5.8 | 5.9 |
Imports of Goods and Services (in % of GDP) | 31.8 | 34.3 | 33.1 | 28.8 | 27.3 |
Exports of Goods and Services (in % of GDP) | 38.2 | 36.6 | 32.2 | 41.7 | 55.7 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 5.1 | 2.2 | 1.3 | 1.5 | 1.5 |
Volume of imports of goods and services (Annual % change) | 0.8 | 1.5 | 1.9 | 2.2 | 2.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2022 |
Germany | 27.7% |
United Kingdom | 22.3% |
France | 9.3% |
Belgium | 7.5% |
Netherlands | 6.3% |
See More Countries | 26.9% |
Main Suppliers (% of Imports) |
2022 |
Sweden | 12.6% |
China | 12.3% |
Germany | 11.4% |
United States | 6.3% |
Denmark | 4.6% |
See More Countries | 52.8% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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.
48.1 bn USD of services exported in 2022 | |
47.67% | |
25.16% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 24.18% |
Research and developmentResearch and development | 0.98% |
11.42% | |
7.32% | |
3.15% | |
2.34% | |
0.92% | |
0.90% | |
0.86% | |
0.26% |
50.9 bn USD of services imported in 2022 | |
27.59% | |
24.94% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 23.65% |
Research and developmentResearch and development | 1.29% |
24.45% | |
13.73% | |
3.31% | |
2.73% | |
1.47% | |
1.08% | |
0.50% | |
0.20% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: April 2024