Noruega: Visió econòmica i política
Norway has a very open economy, trade representing 65.4% of GDP (World Bank, latest data available). Traditionally, the country exports energy-intensive products and imports high-technology items. The country is among the top 20 exporters of oil and the second-largest natural gas and seafood exporter in the world. Overall, Norway ranks among the 25 biggest global exporters (excluding inter-EU trade). Petroleum oils and gases represent around half of the total exports. Seafood is also among the most exported products (7.6%). Imports are led by motor cars (7%), refined petroleum and broadcasting equipment.
The country's main trade partners are generally member states of the European Union. In 2020, however, the United Kingdom was the top destination of Norwegian exports (17.4%), followed by Germany (11.7%), the Netherlands (9.9%), Sweden (9.9%) and China (7.8%), which was the main supplier of goods and services in Norway (12.1%), followed by Germany (11.5%), Sweden (10.7%), the United States (6.8%) and the UK (5.4%).
Norway’s trade surplus is considerable. However, it is closely linked to global oil and gas prices. Following the global Covid-19-induced crisis and the drop in energy prices, total exports decreased to USD 84.4 billion in 2020 (-7.9%), with imports declining only marginally (USD 80.4 billion, -5.7%). Services exports stood at USD 35.4 billion, against USD 35.8 billion of imports. As a result, the overall trade balance was negative in 2020 for the first time in the last thirty years (-0.4% of GDP – World Bank). According to preliminary data from Statistics Norway, in the first eleven months of 2021 exports totalled NOK 1,196 million (+70% y-o-y), whereas imports stood at NOK 770 million (+9.9% y-o-y).
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) | 3.5 | 3.9 | 2.3 | 1.2 | 1.4 |
Volume of imports of goods and services (Annual % change) | 6.3 | 3.3 | 2.2 | 2.2 | 2.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
United Kingdom | 20.5% |
Germany | 19.1% |
Netherlands | 7.9% |
Sweden | 7.8% |
France | 7.2% |
See More Countries | 37.4% |
Main Suppliers (% of Imports) |
2021 |
China | 13.2% |
Sweden | 11.3% |
Germany | 11.1% |
United States | 6.3% |
United Kingdom | 4.6% |
See More Countries | 53.5% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
40.2 bn USD of services exported in 2019 | |
44.28% | |
Sea transportSea transport | 34.49% |
FreightFreight | 23.64% |
OtherOther | 10.43% |
PassengerPassenger | 0.43% |
Air transportAir transport | 4.68% |
PassengerPassenger | 2.49% |
OtherOther | 2.04% |
FreightFreight | 0.15% |
22.70% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 19.62% |
Research and developmentResearch and development | 3.09% |
14.55% | |
Personal travelPersonal travel | 14.55% |
5.33% | |
Information servicesInformation services | 0.76% |
3.90% | |
2.82% | |
Telecommunications servicesTelecommunications services | 2.17% |
Postal and courier servicesPostal and courier services | 0.65% |
2.21% | |
1.49% | |
1.00% | |
0.90% | |
0.81% | |
Audiovisual and related servicesAudiovisual and related services | 0.41% |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.40% |
47.8 bn USD of services imported in 2019 | |
34.56% | |
Personal travelPersonal travel | 30.46% |
Business travelBusiness travel | 4.10% |
26.19% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 24.03% |
Research and developmentResearch and development | 2.16% |
18.84% | |
Sea transportSea transport | 11.70% |
OtherOther | 12.72% |
FreightFreight | 1.29% |
PassengerPassenger | 0.27% |
Air transportAir transport | 4.59% |
OtherOther | 2.43% |
PassengerPassenger | 2.16% |
9.33% | |
Information servicesInformation services | 0.98% |
3.47% | |
Audiovisual and related servicesAudiovisual and related services | 1.77% |
Other personal, cultural, and...Other personal, cultural, and recreational services | 1.71% |
2.29% | |
1.97% | |
1.54% | |
Telecommunications servicesTelecommunications services | 1.37% |
Postal and courier servicesPostal and courier services | 0.16% |
1.26% | |
0.30% | |
0.23% |
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: January 2023