Norway's Top Imports & Exports 2008
Major Norwegian Exports Are Oil, Other Petroleum Products and Fish
Oct 5, 2009
Achieving a Gross Domestic Product (GDP) valued at US$456.2 billion, Norway was the world’s 24th richest country in 2008.
With a population of 4.7 million Norwegians who enjoyed an average GDP of $55,200 per person last year, Norway was also the 7th wealthiest nation in terms of GDP per capita.
As the world’s 28th biggest exporter, Norway shipped $168.8 billion worth of exports in 2008. Principal Norwegian exports petroleum and petroleum products, machinery and equipment, metals, chemicals, ships and fish. Based on 2008 statistics, Norway’s largest export clients were the United Kingdom (27%), Germany (12.8%), Netherlands (10.4%), France (9.4%), Sweden (6.5%) and the United States (4.5%).
According to the CIA World Factbook, Norway imported $86 billion worth of foreign goods last year. Major commodities imported into Norway include machinery and equipment, chemicals, metals and foodstuffs. Leading suppliers to Norway were Sweden (14.4%), Germany (13.4%), Denmark (6.9%), China (6.4%), United Kingdom (5.9%), United States (5.4%) and Netherlands (4.2%).
In total, Norway’s international trade amounted to $254.8 billion or 55.9% in relation to its overall GDP. This compares with roughly 25% for the U.S. and 60% for Canada.
Norwegian Trade with the U.S.
Last year, Norwegian exports to America were $7.3 billion - a mere $2.6 million less than in 2007. Over that same period, Norway bought $3.3 billion worth of U.S. imports – an increase of 8.3%.
Therefore, Norway’s trade surplus with the U.S. came to $4 billion in 2008.
The lists below present the top 10 exports and imports that American and Norwegian enterprises exchanged in 2008. The fastest-growing trade product categories are also shown.
Norway’s Top Exports to America
Norway’s 4 leading exports to the U.S. in 2008 were fossil fuel products that accounted for 50.1% of total Norwegian shipment to America last year. Seven of Norway’s top export categories had positive growth percentages in 2008.
- Other petroleum products … US$1.3 billion, down 2.2% from 2007 (17.6% of US imports from Norway)
- Liquified petroleum gases … $1.1 billion, up 7.1% (14.6%)
- Crude oil… $700.7 million, down 36.1% (9.6%)
- Fuel oil … $610.1 million, up 29.6% (8.3%)
- Telecommunications equipment … $350.3 million, up 85.4% (4.8%)
- Medicinal, dental and pharmaceutical preparations … $307.7 million, up 45.1% (4.2%)
- Nickel … $248.3 million, down 44.1% (3.4%)
- Natural gas … $156.4 million, up 3,127,180% (2.1%)
- Unmanufactured steelmaking materials … $156.1 million, up 91.3% (2.1%)
- Other military equipment … $153.2 million, up 16.4% (2.1%).
Fastest-Growing Norwegian Exports to the U.S.
The 10 fastest-growing Norwegian exports to America experienced robust gains in 2008. Natural gas led with an amazing 3,127,180% increase from only $5,000 in 2007 to $156.4 million last year. Four other product categories below realized triple-digit increases while the remaining 5 Norwegian exports were up by double-digits of at least 73.4%.
- Natural gas … US$156.4 million, up 3,127,180%
- Household and kitchen appliances … US$19.4 million, up 181.8% from 2007
- Books, magazines, and other printed matter … $2.8 million, up 133%
- Civilian aircraft parts … $15.4 million, up 113.6%
- Electric apparatus … $75.2 million, up 100%
- Unmanufactured steelmaking materials … $156.1 million, up 91.3%
- Non-military spacecraft … $4.3 million, up 89.7%
- Telecommunications equipment … $350.3 million, up 84.5%
- Semiconductors … $4.7 million, up 76.9%
- Other commercial vessels (barges, tugboats) … $4.9 million, up 73.4%.
Norway’s Top Imports from America
America’s top 10 exports to Norway were also highly diverse and industry-specific, ranging from aircraft to medicinal equipment. The following 10 product categories account for 51.4% of total Norwegian imports from the U.S.
- Civilian aircraft … US$423.7 million, up 20.9% from 2007 (12.9% of US exports to Norway)
- Other non-ferrous metals… $217.9 million, up 10.1% (6.6%)
- Oilfield and drilling equipment … $204.6 million, up 4.1% (6.2%)
- Measuring, testing and control instruments … $172.7 million, down 18.4% (5.2%)
- Industrial engines … $168.5 million, up 47.1% (5.1%)
- Telecommunications equipment … $143.1 million, up 45.1% (4.3%)
- Other industrial machines … $134.5 million, up 55.6% (4.1%)
- Medicinal equipment … $93.6 million, down 31.7% (2.8%)
- Passenger cars … $92.8 million, up 12.8% (2.8%)
- Electric apparatus … $78 million, down 20.1% (2.4%).
Fastest-Growing Norwegian Imports from the U.S.
The following American exports to Norway that showed the highest percentage gains in 2008 were principally niche products that support specific Norwegian industries.
- Metallurgical grade coal … US$11.3 million, up 793.9%
- Other commercial vessels… $7.1 million, up 671%
- Military trucks, armored vehicles … $28.8 million, up 252.4%
- Specialized mining equipment… $4 million, up 230.8%
- Pharmaceutical preparations … $31.7 million, up 174.1%
- Numismatic collectible coins … $3.7 million, up 112.2%
- Marine engines and parts … $72.4 million, up 103%
- Materials handling equipment … $51.5 million, up 94%
- Nuclear fuel materials … $1.7 million, up 93.9%
- Laboratory testing instruments … $42.6 million, up 86.5%.
Comparative Trade Advantages
During 2008, Norway exported $1.3 billion of other petroleum products, $1.1 billion of liqufied petroleum gases, $700.7 million of crude oil, and $610.1 million worth of fuel oil to the U.S. Considering those same exported commodities, America shipped only $74.5 million worth of other petroleum products and $57 million in fuel oil to Norway.
These Norwegian-American trade statistics show that Norway has strong comparative advantages over the U.S. in the fossil-fuel energy trade between the 2 nations.
On the other hand, America exported $423.7 million worth of civilian aircraft to Norway in 2008 contrasted with U.S. imports of $80.2 million Norwegian-made engines for civilian aircraft. The Land of the Midnight Sun (Norway’s nickname) exported no complete civilian aircraft to the U.S. in 2008.
That the U.S. exported more than 5 times the value of Norwegian civilian aircraft products clearly shows that America has a comparative advantage in exporting civilian aircraft deliverables to Norway.
Sources
This analysis is based on latest statistics from the US Census Bureau- Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
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