Financial News: Norway Trade Surplus Shrinks Sharply On Exports Plunge

Norway Trade Surplus Shrinks Sharply On Exports Plunge

05/15/2023 - 07:51:00 (RTTNews)

(RTTNews) - Norway's trade surplus decreased sharply in April compared to the previous year as exports plunged amid an increase in imports, data from Statistics Norway showed on Monday.

The trade surplus shrank to NOK 76.1 billion in April from NOK 113.7 billion in the same month last year. In March, the surplus was NOK 70.4 billion.

Exports fell 17.5 percent annually in April, while imports advanced 6.9 percent.

A 42.6 percent slump in overseas demand for natural gas was the key factor behind the sharp drop in exports. Meanwhile, crude oil exports rose 3.8 percent.

Data showed that mainland exports climbed 9.5 percent annually in April.

On a monthly basis, exports declined 10.4 percent and imports fell at a faster pace of 23.3 percent.

The mainland trade logged a deficit of NOK 22.8 billion in April, down from NOK 28.7 billion in March.

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