Norway’s top trading partners for its exports are the United Kingdom (26.8% of total exports), Germany (12.3%), Netherlands (10.3%), France (8.2%), Sweden (6.4%) and the United States (5.7%).
Norway is a major exporter of oil and petroleum products, and also supplies its trading partners with machinery, equipment, metals, chemicals and fish.
Norway imports from Sweden (15% of total imports), Germany (13.5%), Denmark (6.9%), the U.K. (6.4%), China (5.7%), the U.S. (5.3%) and Netherlands (4.1%).
In 2007, Norway exported an estimated US$139.4 billion worth of goods onto the international trade marketplace. Norwegian imports totalled $78.1 billion, resulting in Norway’s overall $61.3-billion trade surplus last year.
Norwegian Trade with U.S.
Norway enjoyed a US$4.3-billion trade surplus with its American trade partner in 2007. The most recent surplus statistic is 13.3% higher than the Norway-US surplus in 2003 but represents a 9.1% decrease from the $4.7-billion surplus in 2006.
Exports from Norway to U.S.
With a population of 4.6 million, Norway exported US$7.3 billion worth of merchandise to the United States in 2007, a 3.3% increase from 2006 and up by 39.9% in 4 years. The following product categories represent about 71% of Norwegian exports to America.
- Other petroleum products … US$1.3 billion – up 40.8% from 2006 (18% of Norway-to-U.S. exports)
- Crude oil … $1.1 billion – down 35.2% (15%)
- Liquified petroleum gases … $998.2 million – down 27.3% (13.6%)
- Fuel oil … $470.8 million – up 23.6% (6.4%)
- Nickel … $444 million – up 46.9% (6.1%)
- Dental, medicinal and pharmaceutical preparations … $212.1 million – up 14.7% (2.9%)
- Drilling and oil field equipment … $197.6 million – up 275% (2.7%)
- Telecommunications equipment … $189.9 million – up 18.6% (2.6%)
- Fish and shellfish … $150.3 million – up 14.5% (2.1%)
- Other military equipment … $133.2 million – up 10.1% (1.8%).
In aggregate, Norway’s top 10 export product categories experienced a slight decrease in sales to the U.S. in 2007, down 1.3% from 2006.
Fastest-growing Norwegian Exports to U.S.
Below are selected Norwegian exports to America in 2007 with the highest percentage sales increases from 2006.
- Drilling and oil field equipment … US$197.6 million (up 275% from 2006)
- Materials handling equipment … $101.8 million (up 65.3%)
- Soft beverages, processed coffee … $100.8 million (up 60.5%)
- Miscellaneous non-ferrous metals … $133.2 million (up 60.3%)
- Nickel … $444 million – up 46.9% (6.1%).
Fastest-declining Norwegian Exports to U.S.
Selected Norwegian exports to America in 2007 with the highest percentage sales decreases from 2006 are listed below.
- Advanced iron and steel manufactures … US$13 million (down 40.7% from 2006)
- Crude oil … $1.1 billion – (down 35.2%)
- Pulp and paper machinery … $8.5 million (down 30%)
- Civilian aircraft parts … $7.2 million (down 28.5%)
- Liquified petroleum gases … $998.2 million (down 27.3%).
Norwegian Imports from U.S.
Norwegian imports from the U.S. rose by 27.5% to $3.1 billion in 2007, up 108.2% since 2003.
Of American exports to Norway in 2007, the following product categories had the highest values and in total represented half of all U.S. shipments into Norway.
- Measuring, testing and control instruments … US$211.6 million – up 30.6% from 2006 (6.9% of Norwegian imports from America)
- Other non-ferrous metals … $198 million – up 78.8% (6.5%)
- Drilling and oil field equipment … $196.7 million – down 0.6% (6.4%)
- Civilian aircraft - complete … $186.1 million – up 246% (6.1%)
- Civilian aircraft - parts … $137.5 million – up 33.9% (4.5%)
- Medicinal equipment … $137.2 million – up 33.4% (4.5%)
- Industrial engines … $114.6 million – up 6.1% (3.8%)
- Generators and accessories … $99.4 million – up 619.1% (3.3%)
- Telecommunications equipment … $98.6 million – up 1.9% (3.1%)
- Inorganic chemicals … $88.7 million – up 42.4% (2.9%).
Last year, Norway’s top 10 import product categories from the U.S. declined by 5.1% from 2006. From 2005 to 2006, the top 10 Norwegian imports from the U.S. had gained 33.8%.
Fastest-growing Norwegian Imports from U.S.
Below are selected American exports to Norway in 2007 with the highest percentage sales increases from 2006.
- Generators and accessories … US$99.4 million (up 619.1%)
- Civilian aircraft - complete … $186.1 million – up 246% (6.1%)
- Ammunition, artillery, guns, missiles, rockets and tanks … $66.3 million (up 164.1%)
- Other iron and steel products… $13.6 million (up 88.3%)
- Other non-ferrous metals … $198 million (up 78.8%).
Fastest-declining Norwegian Imports from U.S.
Selected American exports to Norway in 2007 with the highest percentage sales decreases from 2006 are listed below.
- Laboratory testing instruments … US$22.8 million (down 48.8% from 2006)
- Pulp and paper machinery … $8.5 million (down 26.4%)
- Wine and related products … $1.5 million (down 24.1%)
- Cookware, cutlery, tools … $3.2 million (down 19.5%)
- Bakery products … $2.9 million (down 13.6%).
See also Norway's Top Imports & Exports 2008
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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