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

Historical Data

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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).

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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).

Economic Complexity

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Export Opportunities by Relatedness

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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.

Relatedness Space

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This network shows the products most related to the production structure of Norway. These are products that tend to be co-exported with the products that Norway exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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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.

Economic Complexity Ranking

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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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