Norway2019 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
2018 Service Exports | Imports : $60.9B | $72.4B, 27 of 125 | 22 of 125
Overview In 2019 Norway was the number 29 economy in the world in terms of GDP (current US$), 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)
Location Norway borders Finland, Russia, and Sweden by land and Denmark, Iceland, United Kingdom, and Greenland by sea.
July, 2021
Overview In July 2021 Norway exported NOK107B and imported NOK65.2B, resulting in a positive trade balance of NOK42.2B. Between July 2020 and July 2021 the exports of Norway have increased by NOK46.1B (75.2%) from NOK61.3B to NOK107B, while imports increased by NOK4.76B (7.87%) from NOK60.5B to NOK65.2B.
Trade In July 2021, the top exports of Norway were Photographic and optical goods (NOK23.2B), Gas , natural and manufactured (NOK18.5B), Coal, coke and briquettes (NOK9.94B), Furniture and parts thereof (NOK8.22B), and Textile yarn, fabrics, made-up articles (NOK7.14B). In July 2021 the top imports of Norway were Hides, skins and furskins, raw (NOK8.24B), Gas , natural and manufactured (NOK7.21B), Furniture and parts thereof (NOK7.09B), Photographic and optical goods (NOK3.72B), and Pulp and waste paper (NOK3.3B).
Destinations In July 2021, Norway exported mostly to Colombia (NOK13.9B), Philippines (NOK11.7B), Pitcairn Islands (NOK7.08B), Burundi (NOK5.1B), and Cuba (NOK4.74B), and imported mostly from Timor-Leste (NOK2.58B), Fiji (NOK2.15B), Benin (NOK1.81B), Dominican Republic (NOK1.59B), and South Africa (NOK1.55B).
Growth In July 2021, the increase in Norway's year-by-year exports was explained primarily by an increase in exports to Colombia (NOK10B or 261%), Philippines (NOK5.6B or 92.2%), and Pitcairn Islands (NOK5.52B or 354%), and product exports increase in N/A. In July 2021, the increase in Norway's year-by-year imports was explained primarily by an increase in imports from Benin (NOK770M or 74.2%), Kenya (NOK751M or 278%), and Iceland (NOK624M or 347%), and product imports increase in Metal working machinery (NOK1.97B or 172%), Furniture and parts thereof (NOK1.33B or 23.1%), and Textile yarn, fabrics, made-up articles (NOK609M or 29.5%).
EXPORT GROWTH (July 2020 - July 2021): NOK46.1B, (75.2%)
IMPORT GROWTH (July 2020 - July 2021): NOK4.76B, (7.87%)
MAIN DESTINATION (July 2021): Colombia, NOK13.9B
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.
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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 (2018): $60.9B
Norway Imports Services (2018): $72.4B
In 2018, Norway exported $60.9B worth of services. The top services exported by Norway in 2018 were Transportation ($28.7B), Other business services ($13B), Personal travel ($8.15B), Financial services ($4.38B), and Computer and information services ($3.5B).
The top services imported by Norway in 2018 were Personal travel ($21.2B), Other business services ($17.9B), Transportation ($17.2B), Computer and information services ($6.16B), and Business travel ($2.94B).
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.