Norway Trade Logs Biggest Surplus Since Early 2023

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Kaufen Verkaufen

(RTTNews) - Norway's foreign trade surplus expanded significantly in August, driven by robust export growth that outpaced import increases, according to data released Tuesday by Statistics Norway.

The trade surplus climbed to NOK 100.4 billion in August from NOK 59.3 billion in the same month last year. This represented the largest trade surplus since January 2023. In July, the surplus had totaled NOK 88.8 billion.

Exports surged 32.9 percent annually in August, while imports rose 7.3 percent over the same period. Natural gas exports led the growth with an 80.9 percent year-over-year increase. Crude oil exports also demonstrated strong performance, climbing 12.7 percent annually.

Mainland exports increased 12.3 percent annually and 4.8 percent monthly in August. The mainland trade deficit narrowed to NOK 19.9 billion from NOK 22.9 billion in July.