Norges handelsoverskudd stiger til 105 milliarder

In September, Norway's trade surplus surged to 105 billion kroner, marking the fourth consecutive month of growth and nearing a threefold increase compared to September last year. This surplus, the highest since January 2023, stands at an unprecedented level, with SpareBank 1 Sør-Norges senior economist Kyrre Knudsen commenting on the remarkable figure.

The trade surplus is driven by Norway's strong exports, particularly of oil and gas, which have seen significant price increases. Gas exports alone generated 79.4 billion kroner, marking a doubling from September last year. The rise in gas prices is attributed to Europe's gas reservoirs being at historically low levels and disruptions in the Hormuz Strait, affecting the shipment of liquefied natural gas (LNG) from Qatar.

Norwegian oil exports also contributed significantly, with a 60.6% increase to 56.3 billion kroner, supported by a sharp rise in oil prices from an average of 414 kroner per barrel in September last year to 1,069 kroner per barrel in September this year. Additionally, exports of non-oil and gas goods increased by 7.4%, with petrochemical products and aluminum driving this growth, as the shortage of supplies in the Middle East has led to higher prices worldwide, boosting the value of Norway's exports.