Norway Trade, Exports and Imports

By: EconomyWatch Content   Date: 24 March 2010

About The Author

EconomyWatch Content

Follow The Money

EconomyWatch, Content Team

 

  • Dot Div
  •      

Traditionally, Norway's trade has been mostly with the EU, a trend that has continued to increase. Norway’s GDP per capita was €64,600 in 2008, which makes it the second highest in the European Economic Area (EEA) after Luxembourg. In 2008, Norway emerged as the EU’s most valuable import partner for trade in good totaling at €91.85 billion. Norway’s trade with the EU indicates a surplus of €48.27 billion. Further, the European Economic Area (EEA) Agreement will be essential for  safeguarding the Norwegian market interests in the huge European market.

Norway Trade: Exports and Imports

Norway’s traditional economic activities include fisheries, fish farming and shipping. In shipping, Norway has the world’s fourth largest fleet in the world. Norway’s exports tripled between the years 1974 and 1981, mostly because of the solid performance of its petroleum sector. The oil and gas sector constitutes about 25% of the Norwegian GDP and spans 52% of Norwegian exports. After Russia, Norway is the world’s most important non-OPEC oil exporter. However, during the same period, Norway’s imports soared by 93%.

In 2008, Norway’s exports to the EU comprised mostly primary products (share is 71%) whereas its share of manufactured goods exports was only 14.1% for the same year. During the same year, services formed a major growing chunk of Norway's world trade. Therefore, Norway’s exported services totaled to €31.1 billion whereas the country’s imports totaled to 29.6 billion.

Norway Trade: Exports Commodities

Norway’s exports include the following:

  • Oil and gas

  • Shipping

  • Wood products

  • Industrial machinery

  • Transport equipment

  • Hydroelectricity

  • Fish farming

  • Food processing

  • Seafood

  • Timber

  • Forests

  • Chemicals

  • Metals, particularly semi-finished steels, ferro-alloys and aluminium

  • Unwrought metals

  • Construction and operation of massive offshore installations and technology industry

Other mineral resources of Norway are copper, lead iron ore, zinc, nickel, titanium, pyrites, and nickel.

Norway Trade: Imports Commodities

  • Capital goods

  • Fuels

  • Industrial supplies

  • Machinery

  • Transportation

  • Food items

  • Metals

  • Chemicals

Norway’s main trading partners are UK, Netherlands, Germany, Sweden, US, France, and Denmark.

Featured Report That You Might Like: 
Date: 
1 Jan 2014
Price: 
   
...

Need more featured reports? Check out Economy Watch's research Store

blog comments powered by Disqus