Norway flag Norway: Economic and Political Overview

Foreign trade figures of Norway

Foreign Trade in Figures

Norway has a very open economy, with trade representing 71% of GDP (World Bank, latest data available). Traditionally, the country exports energy-intensive products and imports high-technology items. Norway is among the top 20 exporters of oil and the second-largest natural gas and seafood exporter in the world. Petroleum oils and gases represent more than 60% of total exports. Seafood is also among the most exported products (4.9%). Imports are led by motor cars (8.5%), petroleum, and nickel (data Comtrade).

The country's main trade partners are generally member states of the European Union. In 2021, however, the United Kingdom was the top destination of Norwegian exports (20.5%), followed by Germany (19.1%), the Netherlands (9.9%), Sweden (7.8%) and France (7.2%). China was the main supplier of goods and services in Norway (13.2%), followed by Sweden (11.3%), Germany (11.1%), the United States (6.3%) and the UK (4.6% - data Comtrade).

Norway’s trade surplus is considerable. However, it is closely linked to global oil and gas prices. In 2021, total exports almost doubled, reaching USD 160.1 billion, with imports increasing at a slower pace (USD 97.7 billion, +21.5%). Services exports stood at USD 40.3 billion, against USD 41.3 billion of imports (+13.8% and +12.2%, respectively – WTO). After it had turned negative for the first time in the last thirty years (due to low energy prices), the overall trade balance was positive by 12.3% of GDP in 2021 (World Bank). According to preliminary data from Statistics Norway, in the first eleven months of 2022 goods exports totalled NOK 2.3 million (+96.4% y-o-y – thanks to higher energy prices and lower supplies to Europe from Russia), whereas imports stood at NOK 934 million (+20.9% y-o-y). Furthermore, The Norwegian Seafood Council reported that Norway exported 2.9 million tonnes of seafood, equivalent to a value of around EUR 14 billion in 2022, an all-time high.

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 81,24986,60085,31980,44797,764
Exports of Goods (million USD) 101,054121,791102,79984,459160,106
Imports of Services (million USD) 49,94452,07652,41736,86441,362
Exports of Services (million USD) 40,84543,29643,28835,41440,301

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 69.270.271.065.370.9
Trade Balance (million USD) 23,20333,81615,789-13159,690
Trade Balance (Including Service) (million USD) 13,91025,0656,069-2,91458,629
Imports of Goods and Services (Annual % Change) 1.91.45.1-11.92.3
Exports of Goods and Services (Annual % Change) 1.7-1.21.1-1.24.7
Imports of Goods and Services (in % of GDP) 32.832.234.833.129.3
Exports of Goods and Services (in % of GDP) 36.338.036.332.241.6

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 5.94.02.71.51.4
Volume of imports of goods and services (Annual % change) 9.30.91.41.92.2

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Norway is a member of the following international economic organisations:  IMF, European Union, ICC, Euro-Atlantic Partnership Council (EAPC), WTO, OECD, among others. For the full list of economic and other international organisations in which participates Norway click here. International organisation membership of Norway is also outlined here.
Free Trade Agreements
The up-to-date list of Free Trade Agreements signed by Norway can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2022
Germany 28.0%
United Kingdom 21.4%
France 9.4%
Belgium 7.6%
Netherlands 6.4%
See More Countries 27.2%
Main Suppliers
(% of Imports)
2022
Sweden 12.6%
China 12.3%
Germany 11.4%
United States 6.3%
Denmark 4.6%
See More Countries 52.8%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

273.7 bn USD of products exported in 2022
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 53.3%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 21.3%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304) 3.3%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.7%
Unwrought aluminiumUnwrought aluminium 1.8%
See More Products 17.6%
107.2 bn USD of products imported in 2022
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 8.1%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 6.6%
Nickel mattes, nickel oxide sinters and other...Nickel mattes, nickel oxide sinters and other intermediate products of nickel metallurgy : 3.0%
Electrical energyElectrical energy 2.1%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.1%
See More Products 78.1%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

32.4 bn USD of services exported in 2020
45.54%
27.25%
6.42%
5.52%
4.96%
3.14%
2.74%
1.19%
1.15%
1.15%
0.95%
34.8 bn USD of services imported in 2020
32.41%
26.37%
15.29%
10.52%
5.16%
3.37%
2.20%
1.96%
1.92%
0.49%
0.30%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: September 2023