Norway Trade Surplus Grows In January

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(RTTNews) - Norway's foreign trade surplus increased notably in January from a year ago amid strong growth in exports, data from Statistics Norway showed on Monday.

The trade surplus rose to NOK 94.8 billion in January from NOK 66.1 billion in the same month last year. The surplus also grew from NOK 83.2 billion in December.

Exports surged 19.9 percent annually in January, while imports advanced only by 1.0 percent. The overall increase in exports was mainly driven by a 56.4 percent growth in outflows of natural gas.

Shipments of beverages and tobacco grew 32.1 percent, and crude oil exports were 1.2 percent higher.

On a monthly basis, exports gained 5.0 percent, while imports fell by 3.7 percent.

Mainland exports showed an increase of 6.5 percent compared to last year, and they increased 2.8 percent from December. The mainland trade logged a deficit of NOK 20.3 billion in January, down from NOK 25.2 billion in the prior month.