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

Historical Data

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Top Import (2020): Cars, $5.29B

Top Origin (2020): Sweden, $14.2B

In 2020, Norway imported $83.9B, making it the number 38 trade destination in the world. During the last five reported years the imports of Norway changed by $3.86B from $80B in 2015 to $83.9B in 2020.

The most recent imports of Norway are led by Cars ($5.29B), Passenger and Cargo Ships ($2.52B), Refined Petroleum ($1.82B), Broadcasting Equipment ($1.76B), and Computers ($1.44B). The most common import partners for Norway are Sweden ($14.2B), Germany ($9.71B), China ($7.79B), Denmark ($5.72B), and United Kingdom ($5.18B).

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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).

Economic Complexity

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Most Specialized Products by RCA Index

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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.

Export Opportunities by Relatedness

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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.

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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