Norway Trade Surplus Rises Sharply In February

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

The trade surplus rose to NOK 84.7 billion in February from NOK 53.2 billion in the same month last year. However, the surplus shrank from NOK 94.1 billion in January.

Exports surged 29.1 percent annually in February, while imports advanced by 8.7 percent. The overall increase in exports was mainly driven by a 100.0 percent growth in ships and oil platforms. Shipments of natural gas also showed a surge of 85.4 percent.

On a monthly basis, exports dropped 4.3 percent, while imports climbed by 2.2 percent.

Mainland exports showed an increase of 15.6 percent compared to last year, and they increased 4.0 percent from January. The mainland trade logged a deficit of NOK 20.3 billion in February, down from NOK 21.8 billion a year ago.