Financial News: Norway Trade Surplus Shrinks To NOK 86.9 Bln

Norway Trade Surplus Shrinks To NOK 86.9 Bln

11/15/2023 - 04:45:00 (RTTNews)

(RTTNews) - Norway's foreign trade surplus decreased in October from a year ago as exports fell faster than imports, data from Statistics Norway showed on Wednesday.

The trade surplus shrank to 86.9 billion in October from NOK 97.7 billion in the same month last year. Nonetheless, the surplus grew sharply from NOK 44.04 billion in September.

Exports fell 9.9 percent annually in October, and imports dropped 6.8 percent. The downward trend in exports was driven by a 100.0 percent slump in demand for ships and oil platforms and a 27.8 percent decline in natural gas outflows.

On a monthly basis, exports surged 32.0 percent in October, while imports slid by 0.7 percent.

Mainland exports climbed 7.8 percent over last year, and they advanced 11.0 percent from September. The mainland trade logged a deficit of NOK 23.6 billion in October versus NOK 30.5 billion in September.

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