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
2019 Service Exports | Imports : $37.2B | $42.8B, 31 of 108 | 27 of 108
Overview In 2020, Norway was the number 31 economy in the world in terms of GDP (current US$), 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 Crude Petroleum ($22.6B), Petroleum Gas ($14.4B), Non-fillet Fresh Fish ($6.49B), Refined Petroleum ($3.68B), and Raw Aluminium ($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 Non-fillet Fresh Fish ($6.49B), Processed Fish ($1.01B), and Wood Pulp Lyes ($108M)
Imports The top imports of Norway are Cars ($5.29B), Passenger and Cargo Ships ($2.52B), Refined Petroleum ($1.82B), Broadcasting Equipment ($1.76B), and Computers ($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 Fish oil ($431M) and Fishing Ships ($311M)
Location Norway borders Finland, Russia, and Sweden by land and Denmark, Iceland, United Kingdom, and Greenland by sea.
September, 2022
Overview In September 2022 Norway exported NOK218B and imported NOK95.4B, resulting in a positive trade balance of NOK122B. Between September 2021 and September 2022 the exports of Norway have increased by NOK88.3B (68.2%) from NOK130B to NOK218B, while imports increased by NOK19.6B (25.8%) from NOK75.8B to NOK95.4B.
Trade In September 2022, the top exports of Norway were Gas, natural and manufactured (NOK115B), Petroleum, petroleum products and related materials (NOK48.1B), Fish (not marine mammals), crustaceans, molluscs... (NOK14.2B), Non-ferrous metals (NOK6.94B), and Other transport equipment (NOK3.9B). In September 2022 the top imports of Norway were Road vehicles (including air-cushion vehicles) (NOK11.1B), Petroleum, petroleum products and related materials (NOK6.27B), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK5.62B), Electric current (NOK5.45B), and Metalliferous ores and metal scrap (NOK4.63B).
Destinations In September 2022, Norway exported mostly to Germany (NOK66.8B), United Kingdom (NOK39.1B), France (NOK19.9B), Belgium (NOK17.1B), and Netherlands (NOK11.9B), and imported mostly from Sweden (NOK13.9B), China (NOK12.7B), Germany (NOK10.7B), United States (NOK5.99B), and United Kingdom (NOK5.25B).
Growth In September 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 September 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 (September 2021 - September 2022): NOK88.3B, (68.2%)
IMPORT GROWTH (September 2021 - September 2022): NOK19.6B, (25.8%)
MAIN DESTINATION (September 2022): Germany, NOK66.8B
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): Crude Petroleum, $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 Crude Petroleum ($22.6B), Petroleum Gas ($14.4B), Non-fillet Fresh Fish ($6.49B), Refined Petroleum ($3.68B), and Raw Aluminium ($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 (2019): $37.2B
Norway Imports Services (2019): $42.8B
In 2019, Norway exported $37.2B worth of services. The top services exported by Norway in 2019 were Sea transport ($13.9B), Miscellaneous business, professional, and technical services ($7.89B), Personal travel ($5.85B), Other transport ($2.06B), and Air transport ($1.88B).
The top services imported by Norway in 2019 were Personal travel ($14.6B), Miscellaneous business, professional, and technical services ($11.5B), Sea transport ($5.59B), Air transport ($2.19B), and Business travel ($1.96B).
Norway has a high level of specialization in Non-fillet Fresh Fish (63.1), Processed Fish (30.4), Carboxyamide Compounds (25.8), Fishing Ships (25.7), and Raw Nickel (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 Ore (0.18), Nickel Mattes (0.18), Cobalt Oxides and Hydroxides (0.18), Scrap Lead (0.18), and Coal Briquettes (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.
Have questions, comments, or concerns?
Send us an e-mail: [email protected]
v5.1.12 ibex