In this economic guide to Norway we’ll give you an overview of the Norwegian economy, including the country’s primary imports and exports of goods and services.
Economy of Norway – Overview
Norway is currently the 33th largest export economy in the world and the country enjoys a positive trade balance of $37.8 billion after deducting annual imports of $89.5 billion from its exports of $127 billion.
Norway has suffered a fall in the annual value of its exports over the last five years, decreasing by $27 billion during that period (from $154 billion to $127 billion).
The GDP of Norway is $434 billion which results in a GDP per capita of $81,697.
The economy of Norway is sensitive to changes in output and prices in the offshore oil and gas sector as these are major export markets, alongside its fishing industry.
Norway’s Top 5 Commodity Exports
- Petroleum Gas – $37 billion
- Crude Petroleum – $33 billion
- Refined Petroleum – $7 billion
- Raw Aluminum – $3.2 billion
- Ferroalloys – $1.5 billion
Norway’s Other Notable Exports
- Non-fillet Fresh Fish – $6.8 billion
- Fish Fillets – $2.2 billion
- Raw Nickel – $1.4 billion
- Non-fillet Frozen Fish – $1.4 billion
- Processed Fish – $1.1 billion
Norway’s Top 5 Commodity Imports
- Refined Petroleum – $2.5 billion
- Crude Petroleum – $1.6 billion
- Iron Structures – $1.5 billion
- Nickel Mattes – $1.3 billion
- Aluminum Oxide – $875 million
Norway’s Other Notable Imports
- Cars – $6.2 billion
- Special Purpose Ships – $1.9 billion
- Broadcasting Equipment – $1.8 billion
- Passenger and Cargo Ships – $1.8 billion
- Planes, Helicopters, and/or Spacecraft – $1.7 billion
Details About Norway’s Imports/Exports
Here is some more detail about Norway’s commodity exports and imports.
Oil is the world’s second-biggest export product and Norway ranks in 12th place in the global standings, giving it a 3.06% share of a global market that is worth $1.08 trillion annually.
Norway’s exports petroleum gas represent 29.2% of all its exports. Combined with crude petroleum, that means petroleum products represent 55.1% of all the country’s exports.
Germany and the United Kingdom are major export destinations for Norway’s petroleum gas exports, accounting for 61.7% of Norway’s total exports of this product ($22.9 billion).
Norway is the 5th largest aluminum exporter in the world and has a 5.4% share of a worldwide export market that is worth $61.1 billion annually.
Exports of fish fillets account for $2.2 billion of Norway’s total annual exports (1.73%) and are responsible for 8.7% of a global market worth $25.2 billion, making Norway the 4rd largest exporter behind China, Chile, and Vietnam.
Fishing is an important industry for Norway and the country controls some of the world’s richest fishing grounds, The North Sea, the Barents Sea and the Norwegian Sea polar front, plus some important fish breeding grounds just off its coast.
Interesting Facts About Norway
- Norway has some of the highest gasoline prices in the world, even though Norway is one the biggest exporters of oil in the world.
- Norway has won more medals in the Winter Olympics than any other country.
- Norwegian King Olav V won an Olympic gold medal for sailing in 1928.
- Based on the number of inhabitants, Norwegians are the biggest coffee consumers in the world.
All figures based on OEC/IMF 2018 calculations and projections unless otherwise stated.
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- Commodity.com Guide to Commodity Brokers
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- Aluminum Trading Guide