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Monday, November 4, 2024

Norway logs another huge trade surplus

While many countries struggle with trade deficits, Norway managed to log its third-highest trade surplus ever earlier this month. The country’s exports were valued at NOK 365 billion more than imports during the first six months of this year, thanks largely to its gas and oil.

“This shows that the world needs our goods,” said Kyrre Knudsen, chief economist at Sparebank1, when the numbers were released just as the summer holidays began. The trade surplus amounted to NOK 61.7 billiln in June alone, according to the figures from state statistics bureau SSB (Statistics Norway).

Gas exports were relatively low in June of last year, however, while both export volume and gas prices were higher this year. Jan Olav Rørhus of SSB stressed that the trade surplus is high, while Knudsen called the numbers “very good, again.”

NewsinEnglish.no staff

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