Financial News: Norway Trade Surplus Grows Sharply In June

Norway Trade Surplus Grows Sharply In June

07/12/2024 - 04:29:00 (RTTNews)

(RTTNews) - Norway's foreign trade surplus increased notably in June from a year ago as exports grew amid a sharp fall in imports, data from Statistics Norway showed on Friday.

The trade surplus rose to NOK 61.7 billion in June from NOK 45.3 billion in the same month last year. The surplus also advanced from NOK 58.3 billion in May.

Exports climbed 4.9 percent annually in June, while imports plunged by 10.1 percent. The upward trend in exports was driven by a 325.9 percent surge in demand for ships and oil platforms. Natural gas exports grew 44.2 percent.

On a monthly basis, both exports and imports declined by 4.5 percent and 10.9 percent, respectively.

Mainland exports fell 10.1 percent over last year, and they dropped 6.4 percent from May. The mainland trade logged a deficit of NOK 28.2 billion in June, down from NOK 34.7 billion in the prior month.

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