Financial News: Norway Trade Surplus Shrinks In March

Norway Trade Surplus Shrinks In March

04/15/2024 - 04:31:00 (RTTNews)

(RTTNews) - Norway's foreign trade surplus decreased in March from a year ago amid a sharp fall in exports, data from Statistics Norway showed on Monday.

The trade surplus dropped to NOK 64.0 billion in March from NOK 77.1 billion in the same month last year. Nonetheless, the surplus grew from NOK 51.7 billion in February.

Exports plunged 20.5 percent annually in March, and imports tumbled by 23.1 percent. The downward trend in exports was driven by a 99.5 percent slump in demand for ships and oil platforms and a 38.1 percent decline in natural gas outflows.

On a monthly basis, exports climbed 9.5 percent in January, while imports increased only by 0.1 percent.

However, Mainland exports slumped 25.1 percent over last year, and they dropped 4.4 percent from February. The mainland trade logged a deficit of NOK 23.9 billion in March, up from NOK 21.3 billion in the prior month.

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