Norway2020 Economic Complexity : 0.71, Rank 36 of 127
2020 Product Exports | Imports: $86.2B | $83.9B, 38 of 226 | 38 of 226
2020 Per Capita Product Exports | Imports: $16k | $15.6k, 11 of 219 | 14 of 219
2017 Service Exports | Imports : $95 | $85, 146 of 146 | 146 of 146
Overview In 2020 Norway was the number 31 economy in the world in terms of GDP (current US$), the number 38 in total exports, the number 38 in total imports, the number 7 economy in terms of GDP per capita (current US$) and the number 36 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Norway are Petroleum oils and oils obtained from bituminous minerals; crude ($22.6B), Petroleum gases and other gaseous hydrocarbons ($14.4B), Fish; fresh or chilled, excluding fish fillets and other fish meat of... ($6.49B), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing... ($3.68B), and Aluminium; unwrought ($2.58B), exporting mostly to United Kingdom ($14B), Germany ($9.77B), Sweden ($9.1B), Netherlands ($8.09B), and China ($6.8B).
In 2020, Norway was the world's biggest exporter of Fish; fresh or chilled, excluding fish fillets and other fish meat of heading 0304 ($6.49B), Fish, dried, salted or in brine; smoked fish, whether or not cooked before or during the smoking process; flours, meals and pellets of fish, fit for human consumption ($1.01B), and Residual lyes from the manufacture of wood pulp, whether or not concentrated, desugared or chemically treated, including lignin sulphonates, but excluding tall oil of heading no. 3803 ($108M)
Imports The top imports of Norway are Motor cars and other motor vehicles; principally designed for the transport of... ($5.29B), Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for... ($2.52B), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing... ($1.82B), Transmission apparatus for radio-broadcasting or television, whether or not incorporating reception apparatus... ($1.76B), and Automatic data processing machines and units thereof, magnetic or optical readers, machines... ($1.44B), importing mostly from Sweden ($14.2B), Germany ($9.71B), China ($7.79B), Denmark ($5.72B), and United Kingdom ($5.18B).
In 2020, Norway was the world's biggest importer of Fats and oils and their fractions of fish or marine mammals; whether or not refined, but not chemically modified ($431M) and Fishing vessels, factory ships and other vessels; for processing or preserving fishery products ($311M)
Location Norway borders Finland, Russia, and Sweden by land and Denmark, Iceland, United Kingdom, and Greenland by sea.
May, 2022
Overview In May 2022 Norway exported NOK176B and imported NOK89.2B, resulting in a positive trade balance of NOK86.6B. Between May 2021 and May 2022 the exports of Norway have increased by NOK88.9B (102%) from NOK86.9B to NOK176B, while imports increased by NOK16.7B (23%) from NOK72.5B to NOK89.2B.
Trade In May 2022, the top exports of Norway were Gas, natural and manufactured (NOK65B), Petroleum, petroleum products and related materials (NOK60.2B), Fish (not marine mammals), crustaceans, molluscs... (NOK11.9B), Non-ferrous metals (NOK9.48B), and Chemical materials and products, n.e.s. (NOK2.64B). In May 2022 the top imports of Norway were Road vehicles (including air-cushion vehicles) (NOK9.39B), Metalliferous ores and metal scrap (NOK6.89B), Petroleum, petroleum products and related materials (NOK6.53B), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK5.07B), and Manufactures of metals, n.e.s. (NOK3.94B).
Destinations In May 2022, Norway exported mostly to Germany (NOK40.9B), United Kingdom (NOK36.7B), Sweden (NOK15.5B), Netherlands (NOK14.9B), and France (NOK13.4B), and imported mostly from Sweden (NOK11.3B), Germany (NOK10.1B), China (NOK9.08B), United States (NOK5.03B), and Canada (NOK4.61B).
Growth In May 2022, the increase in Norway's year-by-year exports was explained primarily by an increase in exports to China (NOK4.51B or 94.8%), France (NOK1.22B or 33.1%), and Germany (NOK1.11B or 12.9%), and product exports increase in Gas, natural and manufactured (NOK6.28B or 45.5%), Electric current (NOK852M or 377%), and Chemical materials and products, n.e.s. (NOK149M or 10.5%). In May 2022, the increase in Norway's year-by-year imports was explained primarily by an increase in imports from China (NOK1.08B or 16.1%), Spain (NOK450M or 36.6%), and Belgium (NOK150M or 16.7%), and product imports increase in Fixed vegetable fats and oils, crude,... (NOK293M or 83.2%), Tobacco and tobacco manufactures (NOK273M or 151%), and Miscellaneous manufactured articles, n.e.s. (NOK247M or 10.7%).
EXPORT GROWTH (May 2021 - May 2022): NOK88.9B, (102%)
IMPORT GROWTH (May 2021 - May 2022): NOK16.7B, (23%)
MAIN DESTINATION (May 2022): Germany, NOK40.9B
This section shows exports and imports data at subnational level for Norway. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of Norway over time.
For full datasets download visit Bulk Download page.
Top Export (2020): Petroleum oils and oils obtained from bituminous minerals; crude, $22.6B
Top Destination (2020): United Kingdom, $14.2B
In 2020, Norway exported a total of $86.2B, making it the number 38 exporter in the world. During the last five reported years the exports of Norway have changed by -$23.8B from $110B in 2015 to $86.2B in 2020.
The most recent exports are led by Petroleum oils and oils obtained from bituminous minerals; crude ($22.6B), Petroleum gases and other gaseous hydrocarbons ($14.4B), Fish; fresh or chilled, excluding fish fillets and other fish meat of... ($6.49B), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing... ($3.68B), and Aluminium; unwrought ($2.58B). The most common destination for the exports of Norway are United Kingdom ($14B), Germany ($9.77B), Sweden ($9.1B), Netherlands ($8.09B), and China ($6.8B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Norway Exports Services (2017): $95
Norway Imports Services (2017): $85
In 2017, Norway exported $95 worth of services. The top services exported by Norway in 2017 were Government services, n.i.e. ($15), Personal, cultural, and recreational services ($14), Other business services ($13), Computer and information services ($11), and Royalties and license fees ($10).
The top services imported by Norway in 2017 were Personal, cultural, and recreational services ($14), Other business services ($13), Computer and information services ($11), Royalties and license fees ($10), and Financial services ($9).
Norway has a high level of specialization in Fish; fresh or chilled, excluding fish fillets and other fish meat of heading 0304 (63.1), Fish, dried, salted or in brine; smoked fish, whether or not cooked before or during the smoking process; flours, meals and pellets of fish, fit for human consumption (30.4), Carboxyamide-function compounds; amide-function compounds of carbonic acid (25.8), Fishing vessels, factory ships and other vessels; for processing or preserving fishery products (25.7), and Nickel; unwrought (22.9). Specialization is measured using RCA, an index that takes the ratio between Norway observed and expected exports in each product.
The highest complexity exports of Norway according to the product complexity index (PCI) are Vegetable parchment, greaseproof papers, tracing papers, glassine and other glazed transparent or translucent papers, in rolls or sheets (1.6), Industrial or laboratory electric furnaces and ovens (including those functioning by induction or dielectric loss); other industrial or laboratory equipment for the heat treatment of materials by induction or dielectric loss (1.6), Copper, nails, tacks, drawing pins, staples (not those of heading no. 8305) and the like, of copper or iron or steel with heads of copper; screws bolts, nuts, screws hooks, rivets, cotters, washers (1.38), Carboxyimide-function compounds (including saccharin and its salts) and imine-function compounds (1.37), and Reagents; diagnostic or laboratory reagents on a backing and prepared diagnostic or laboratory reagents whether or not on a backing, other than those of heading no. 3002 or 3006; certified reference material (1.31). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Norway according to the relatedness index, are Iron ores and concentrates; including roasted iron pyrites (0.18), Nickel mattes; nickel oxide sinters and other intermediate products of nickel metallurgy (0.18), Cobalt oxides and hydroxides; commercial cobalt oxides (0.18), Lead; waste and scrap (0.18), and Coal; briquettes, ovoids and similar solid fuels manufactured from coal (0.18). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Norway is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Norway's economy has become relatively less complex, moving from the 15th to the 36th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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