2019 Economic Complexity : 0.79, Rank 38 of 146
2019 Product Exports | Imports: $109B | $88.9B, 35 of 225 | 38 of 225
2019 Per Capita Product Exports | Imports: $20.4k | $16.6k, 11 of 219 | 16 of 219
2011 Service Exports | Imports : $81.9B | $90.6B, 139 of 139 | 139 of 139
Overview: In 2019 Norway was the number 29 economy in the world in terms of GDP (current US$), the number 35 in total exports, the number 38 in total imports, the number 6 economy in terms of GDP per capita (current US$) and the number 38 most complex economy according to the Economic Complexity Index (ECI).
Exports: The top exports of Norway are Crude Petroleum ($29.6B), Petroleum Gas ($23B), Non-fillet Fresh Fish ($6.82B), Refined Petroleum ($6.11B), and Raw Aluminium ($2.93B), exporting mostly to United Kingdom ($20B), Germany ($15.5B), Netherlands ($11.1B), Sweden ($10.1B), and France ($6.58B).
In 2019, Norway was the world's biggest exporter of Non-fillet Fresh Fish ($6.82B), Processed Fish ($1.08B), Other Sea Vessels ($628M), and Wood Pulp Lyes ($105M)
Imports: The top imports of Norway are Cars ($5.5B), Refined Petroleum ($2.76B), Broadcasting Equipment ($1.81B), Petroleum Gas ($1.72B), and Crude Petroleum ($1.64B), importing mostly from Sweden ($14.8B), Germany ($10.3B), China ($6.73B), Denmark ($5.8B), and United States ($5.3B).
In 2019, Norway was the world's biggest importer of Fish Oil ($386M), Fishing Ships ($374M), and Other Sea Vessels ($304M)
Top Export (2019): Crude Petroleum, $29.6B
Top Destination (2019): United Kingdom, $20B
In 2019, Norway exported a total of $109B, making it the number 35 exporter in the world. During the last five reported years the exports of Norway have changed by -$40.5B from $150B in 2014 to $109B in 2019.
The most recent exports are led by Crude Petroleum ($29.6B), Petroleum Gas ($23B), Non-fillet Fresh Fish ($6.82B), Refined Petroleum ($6.11B), and Raw Aluminium ($2.93B). The most common destination for the exports of Norway are United Kingdom ($20B), Germany ($15.5B), Netherlands ($11.1B), Sweden ($10.1B), and France ($6.58B).
In 2019 Norway imported $88.9B, making it the number 38 trade destination in the world. During the last five reported years the imports of Norway changed by -$2.49B from $91.3B in 2014 to $88.9B in 2019.
The most recent imports of Norway are led by Cars ($5.5B), Refined Petroleum ($2.76B), Broadcasting Equipment ($1.81B), Petroleum Gas ($1.72B), and Crude Petroleum ($1.64B). The most common import partners for Norway are Sweden ($14.8B), Germany ($10.3B), China ($6.73B), Denmark ($5.8B), and United States ($5.3B).
Norway Exports Services (2011): $81.9B
Norway Imports Services (2011): $90.6B
In 2011, Norway exported $81.9B worth of services. The top services exported by Norway in 2011 were Services not allocated ($39.3B), Sea transport ($11.8B), Miscellaneous business, professional, and technical services ($11.2B), Personal travel ($4.87B), and Other transport ($3.34B).
The top services imported by Norway in 2011 were Services not allocated ($43.8B), Personal travel ($11.5B), Miscellaneous business, professional, and technical services ($11B), Sea transport ($4.66B), and Business travel ($3.44B).
The top product import tariffs by their MFN Ad Valorem value for Norway are Poultry: live, ducks, weighing not more than 185g (555%) and Poultry: live, geese, weighing not more than 185g (555%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Norway are:
Norway has a high level of specialization in Non-fillet Fresh Fish (53.3), Processed Fish (26.6), Other Sea Vessels (26.3), Carboxyamide Compounds (24.3), and Fishing Ships (18). 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 Glazed transparent, translucent papers (1.6), Equipment to measure fluid flow, level, pressure, etc (1.51), Carboxyimide-function and imine-function compounds (1.42), Pumps for liquids (1.41), and Amino-resins, pheonolic resins, polyurethanes, primary (1.26). 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 Uranium and Thorium Ore (0.2), Iron Ore (0.18), Sulphur (0.17), Manganese Ore (0.16), and Nickel Mattes (0.16). 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 it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.
During the last 20 years Norway's economy has become relatively less complex, moving from the 19th to the 38th 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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