Overview: In 2018 Norway was the number 27 economy in the world in terms of GDP (current US$), the number 33 in total exports, the number 40 in total imports,
the number 5 economy in terms of GDP per capita (current US$) and the number 34 most complex economy according to the Economic Complexity Index (ECI)
In 2018, Norway exported a total of $127B, making it the number 33 exporter in the world. During the last five reported years the exports of Norway have changed by -$27B from $154B in 2013 to $127B in 2018.
In 2018 Norway imported $89.5B, making it the number 40 trade destination in the world. During the last five reported years the imports of Norway changed by -$2.86B from $92.4B in 2013 to $89.5B in 2018.
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).
This section shows forecasts for total product exports and imports for Norway. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Norway are:136: Most Favoured Nation duty rate treatement143: Norway Generalized System of Preference144: Norway Generalized System of Preference for lower income GSP countries145: Norway GSP for Least Developed Countries160: Preferential tariff for Albania172: Preferential tariff for Bosnia and Herzegovina178: Preferential tariff for Canada182: Preferential tariff for Chile189: Preferential tariff for Colombia192: Preferential tariff for Costa Rica206: Preferential tariff for Egypt216: Preferential tariff for European Economic Area217: Preferential tariff for European Free Trade Association (EFTA) countries218: Preferential tariff for European Union countries222: Preferential tariff for Faroe Islands224: Preferential tariff for for occupied Palestinian territory226: Preferential tariff for Georgia228: Preferential tariff for Greeland231: Preferential tariff for Gulf Cooperation Council (GCC)235: Preferential tariff for Hong Kong244: Preferential tariff for Israel247: Preferential tariff for Jordan249: Preferential tariff for Korea, Republic of255: Preferential tariff for Lebanon262: Preferential tariff for Macedonia270: Preferential tariff for Mexico272: Preferential tariff for Montenegro273: Preferential tariff for Morocco285: Preferential tariff for Panama289: Preferential tariff for Peru299: Preferential tariff for Singapore303: Preferential tariff for Southern African Customs Union (SACU) countries321: Preferential tariff for Tunisia322: Preferential tariff for Turkey325: Preferential tariff for Ukraine
During the last 20 years Norway's economy has become relatively less complex, moving from the 15th to the 34th 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.
The top export opportunities for Norway according to the relatedness index, are Uranium and Thorium Ore (0.2), Iron Ore (0.17), Asbestos (0.15), Coal Briquettes (0.15), and Manganese Ore (0.15). 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.
Norway
