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Financial News: Norway Trade Surplus Grows In May

Norway Trade Surplus Grows In May

06/17/2024 - 03:11:00 (RTTNews)

(RTTNews) - Norway's foreign trade surplus increased notably in May from a year ago as exports grew faster than imports, data from Statistics Norway showed on Monday.

The trade surplus rose to NOK 58.7 billion in May from NOK 45.3 billion in the same month last year. Nonetheless, the surplus declined from NOK 65.8 billion in April.

Exports climbed 9.9 percent annually in May, while imports rose at a slower pace by 0.5 percent. The upward trend in exports was driven by a 26.5 percent surge in demand for crude oil and a 6.6 percent growth in natural gas outflows.

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

However, Mainland exports surged 29.4 percent over last year, and they dropped 10.8 percent from April. The mainland trade logged a deficit of NOK 34.4 billion in May, up from NOK 30.4 billion in the prior month.

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