With higher oil prices, the value of Norwegian exports in January increased by NOK 9.6 billion compared with the same month last year, according to figures from Statistics Norway.
In January, oil prices rose for the fourth month in a row. The export of goods for the month reached NOK 74 billion, while imports amounted to NOK 37.5 billion. The trade surplus thus ended at NOK 36.5 billion.
Imports went up by NOK 8.5 billion, or 29.3 per cent from January last year. A large proportion of this is increased imports of metals, machinery and transport equipment.
Crude oil worth NOK 28.5 billion were exported in January. The average price per barrel reached NOK 574, compared to NOK 557 in December. A total of 49.7 million barrels were exported in January, down 1.9 million barrels from December 2010. Export values of crude oil thus showed a small decrease of NOK 217 million.
Compared to January 2010, the export value increased by NOK 7.8 billion, or 37.6 per cent. This is mainly caused by higher crude oil prices that went up NOK 132, but also partially due to an increase in export volumes. Related to poor weather conditions in the North Sea, the export volumes of crude oil were low in January last year.
Natural gas worth NOK 17.2 billion was exported in January; a small decrease of NOK 325 million from December. Compared to January last year, the export value of natural gas went up by NOK 558 million.
(NRK/Press release)
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