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. 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.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 81,249 | 86,600 | 85,319 | 80,447 | 97,764 |
Exports of Goods (million USD) | 101,054 | 121,791 | 102,799 | 84,459 | 160,106 |
Imports of Services (million USD) | 49,944 | 52,076 | 52,417 | 36,864 | 41,362 |
Exports of Services (million USD) | 40,845 | 43,296 | 43,288 | 35,414 | 40,301 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 69.2 | 70.2 | 71.0 | 65.3 | 70.9 |
Trade Balance (million USD) | 23,203 | 33,816 | 15,789 | -131 | 59,690 |
Trade Balance (Including Service) (million USD) | 13,910 | 25,065 | 6,069 | -2,914 | 58,629 |
Imports of Goods and Services (Annual % Change) | 1.9 | 1.4 | 5.1 | -11.9 | 2.3 |
Exports of Goods and Services (Annual % Change) | 1.7 | -1.2 | 1.1 | -1.2 | 4.7 |
Imports of Goods and Services (in % of GDP) | 32.8 | 32.2 | 34.8 | 33.1 | 29.3 |
Exports of Goods and Services (in % of GDP) | 36.3 | 38.0 | 36.3 | 32.2 | 41.6 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 5.9 | 4.0 | 2.7 | 1.5 | 1.4 |
Volume of imports of goods and services (Annual % change) | 9.3 | 0.9 | 1.4 | 1.9 | 2.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2022 |
Germany | 28.0% |
United Kingdom | 21.4% |
France | 9.4% |
Belgium | 7.6% |
Netherlands | 6.4% |
See More Countries | 27.2% |
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.
32.4 bn USD of services exported in 2020 | |
45.54% | |
Sea transportSea transport | 35.88% |
FreightFreight | 23.34% |
OtherOther | 12.05% |
PassengerPassenger | 0.50% |
Air transportAir transport | 3.25% |
OtherOther | 2.03% |
PassengerPassenger | 0.75% |
FreightFreight | 0.47% |
27.25% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 23.59% |
Research and developmentResearch and development | 3.66% |
6.42% | |
Information servicesInformation services | 1.03% |
5.52% | |
Personal travelPersonal travel | 5.52% |
4.96% | |
3.14% | |
Telecommunications servicesTelecommunications services | 2.37% |
Postal and courier servicesPostal and courier services | 0.77% |
2.74% | |
1.19% | |
1.15% | |
1.15% | |
0.95% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.58% |
Audiovisual and related servicesAudiovisual and related services | 0.37% |
34.8 bn USD of services imported in 2020 | |
32.41% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 29.54% |
Research and developmentResearch and development | 2.88% |
26.37% | |
Sea transportSea transport | 16.60% |
OtherOther | 14.58% |
FreightFreight | 1.70% |
PassengerPassenger | 0.32% |
Air transportAir transport | 2.22% |
OtherOther | 1.00% |
PassengerPassenger | 0.72% |
FreightFreight | 0.50% |
15.29% | |
Information servicesInformation services | 1.45% |
10.52% | |
Personal travelPersonal travel | 9.28% |
Business travelBusiness travel | 1.24% |
5.16% | |
Audiovisual and related servicesAudiovisual and related services | 3.14% |
Other personal, cultural, and...Other personal, cultural, and recreational services | 2.02% |
3.37% | |
2.20% | |
1.96% | |
1.92% | |
Telecommunications servicesTelecommunications services | 1.69% |
Postal and courier servicesPostal and courier services | 0.23% |
0.49% | |
0.30% |
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: November 2023