According to the Norwegian statistical office, for the fourth month in a row, total exports of goods are at a historical level. It amounted to NOK 156,8 billion in October. Record levels of natural and continental gas exports contributed to the highest trade surplus in history.
The trade surplus continues to rise
New data on foreign trade in goods for October 2021 show that the value of exports has more than doubled in comparison with the same month last year. At the same time, imports of goods amounted to NOK 72,3 billion, a relatively small increase of 6,8%. compared with last October.
The total value of crude oil and natural gas exports was NOK 104,7 billion, which is 66,8% of the total. total export value for October. New record levels of exports of metals and fish in October contributed to this.
The value of crude oil exports ended in October at NOK 32,7 billion, up 71,8 percent. more than twelve months ago. This increase is due to a much higher oil price: NOK 687 per barrel compared to NOK 367 in October 2020. We have to go back to December 2013 to find the right oil price measured in NOK. On the other hand, the number of exported barrels slightly decreased compared to the previous month and is by 47,6 million barrels by 8,3%. lower than in the same month last year.
There is a new record in natural gas exports
For the fourth month in a row, a new record was recorded in the value of natural gas exports, which in October amounted to as much as NOK 72 billion. That's 47,8 percent. more than a month ago and more than five times since last October. The increase is due to historically high gas prices in October this year. In October, 10,5 billion standard cubic meters of natural gas in gaseous form were exported, up 18,1 percent. more than the same month last year.
Passenger car imports ended in October at NOK 5,8 billion, down 22 percent. more than twelve months ago.
Source: Norwegian Statistical Office
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