2017.12.1502:58:00UTC+00Norway Trade Balance Turns To Deficit In November

Norway's foreign trade balance turned to a deficit in November from a surplus in the previous year, as imports grew much faster than exports, preliminary figures from Statistics Norway showed Friday.

The trade balance came in at a deficit of NOK 4.19 billion versus a surplus of NOK 13.5 billion in the corresponding month last year. In October, the surplus was NOK 14.6 billion.

Exports rose 6.9 percent year-over-year in October and imports jumped by 39.6 percent.

On a monthly basis, exports increased 5.7 percent in October, while imports surged by 40.5 percent.

At the same time, the mainland trade deficit widened to NOK 41.4 billion in November from NOK 18.78 billion in the same month of 2016.