16.10.202311:04:00UTC+00Norway Trade Surplus Falls Sharply As Exports Plunge 47.7%

Norway's foreign trade surplus decreased notably in September from a year ago as exports fell rapidly than imports, data from Statistics Norway showed on Monday.

The trade surplus shrank to 45.6 billion in September from NOK 156.3 billion in the same month last year. In August, the surplus was NOK 61.4 billion.

Exports tumbled 47.7 percent annually in September, and imports dropped 9.9 percent. The downward trend in exports was driven by a 99.8 percent slump in demand for ships and oil platforms and an 80.9 percent decline in natural gas outflows.

On a monthly basis, exports declined 6.0 percent in September, while imports increased 9.5 percent.

Mainland exports dropped 2.2 percent over last year, while they advanced 2.2 percent from August. The mainland trade logged a deficit of NOK 28.2 billion in September versus NOK 22.0 billion in August.