Norway (NOR) and Russia (RUS) Trade | The Observatory of Economic Complexity

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Norway-Russia Trade: In 2022, Norway exported $229M to Russia. The main products that Norway exported to Russia were Animal Food ($112M), Live Fish ($23.6M), and Paper Containers ($8.54M). Over the past 5 years the exports of Norway to Russia have decreased at an annualized rate of 7.97%, from $347M in 2017 to $229M in 2022.

In 2010, Norway exported services to Russia worth $641M, with Services not allocated ($321M), Other business services ($150M), and Transportation ($80.2M) being the largest in terms of value.

Russia-Norway Trade: In 2022, Russia exported $1.76B to Norway. The main products that Russia exported to Norway were Refined Petroleum ($604M), Raw Aluminium ($424M), and Rapeseed Oil ($202M). Over the past 5 years the exports of Russia to Norway have increased at an annualized rate of 13.2%, from $947M in 2017 to $1.76B in 2022.

In 2020, Russia exported services to Norway worth $117M, with Transportation ($42M), Other business services ($37.2M), and Computer and information services ($21.3M) being the largest in terms of value.

Comparison: In 2022, Norway ranked 43 in the Economic Complexity Index (ECI 0.54), and 28 in total exports ($285B). That same year, Russia ranked 47 in the Economic Complexity Index (ECI 0.43), and 12 in total exports ($486B).

Latest Trends

October, 2024

About

Overview In October 2024, Norway exported NOK34.3M and imported NOK180M from Russia, resulting in a negative trade balance of NOK146M. Between October 2023 and October 2024 the exports of Norway have decreased by NOK-76.4M (-69%) from NOK111M to NOK34.3M, while imports decreased by NOK-14.7M (-7.52%) from NOK195M to NOK180M.

Trade In October 2024, the top exports of Norway to Russia were Feeding stuff for animals (not including... (NOK82.7M), Manufactures of metals, n.e.s. (NOK10M), Textile yarn, fabrics, made-up articles, n.e.s.,... (NOK8.01M), General industrial machinery and equipment, n.e.s.,... (NOK6.06M), and Articles of apparel and clothing accessories (NOK4.55M). In October 2024 the top imports of Norway from Russia were Non-ferrous metals (NOK161M), Fish (not marine mammals), crustaceans, molluscs... (NOK63.6M), Fixed vegetable fats and oils, crude,... (NOK49.5M), Inorganic chemicals (NOK6.08M), and Crude animal and vegetable materials, n.e.s. (NOK4.09M).

Growth In October 2024, the decrease in Norway's year-by-year exports to Russia was explained primarily by an decrease in product exports in Plastics in primary forms (NOK-11.1M or -99.5%), General industrial machinery and equipment, n.e.s.,... (NOK-8.82M or -59.3%), and Manufactures of metals, n.e.s. (NOK-7.87M or -43.9%). In October 2024, the decrease in Norway's year-by-year imports from Russia was explained primarily by an decrease in product imports in Petroleum, petroleum products and related materials (NOK-582M or -100%), Non-ferrous metals (NOK-337M or -67.6%), and Feeding stuff for animals (not including... (NOK-166M or -100%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (October 2023 - October 2024)NOK-76.4M(-69%)

IMPORT GROWTH (October 2023 - October 2024)NOK-14.7M(-7.52%)

This section shows exports and imports data at subnational level for Norway. Click any date in the line plot or any product to explore the exports or imports behavior of Norway over time.

To check Russia and Norway trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Norway exported $229M to Russia. The main products exported from Norway to Russia were Animal Food ($112M), Live Fish ($23.6M), and Paper Containers ($8.54M). During the last 5 years the exports of Norway to Russia have decreased at an annualized rate of 7.97%, from $347M in 2017 to $229M in 2022.

In 2017, Russia exported $1.76B to Norway. The main products exported from Russia to Norway were Refined Petroleum ($604M), Raw Aluminium ($424M), and Rapeseed Oil ($202M). During the last 5 years the exports of Russia to Norway have increased at an annualized rate of 13.2%, from $947M in 2022 to $1.76B in 2017.

Exports from Norway () to Russia () (2022)

Exports from Russia () to Norway () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Norway
Top DestinationGermany$78.1B

Russia
Top DestinationChina$101B

This map shows whether countries import more from Norway or Russia. Each country is colored based on the difference in imports they receive from Norway and Russia or the difference in the growth in imports.

In 2022, countries that imported more from Norway than Russia included United Kingdom ($59.1B), Germany ($78.1B), and Sweden ($17.7B).

In 2022, countries that imported more from Russia than Norway included China ($101B), India ($40.4B), and Turkey ($25.3B).

Difference in imports from Russia () and Norway () (2022)

Comparative Advantage Norway - Russia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between Norway and Russia by product, considering products traded by both, Norway and Russia.

During 2022, Norway had a large net trade with Russia in the exports of Foodstuffs ($115M), Machines ($27M), and Animal Products ($25.8M).

During 2017, Russia had a large net trade with Norway in the exports of Mineral Products ($668M), Metals ($434M), and Animal and Vegetable Bi-Products ($229M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Norway Russia+$5.97MRefined Petroleum

Top Product Potential Russia Norway+$387MRefined Petroleum

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

Rus Year

Nor Year

In 2010, Norway exported services to Russia worth $641M, with Services not allocated ($321M), Other business services ($150M), and Transportation ($80.2M) being the largest in terms of value.

In 2020, Russia exported services to Norway worth $117M, with Transportation ($42M), Other business services ($37.2M), and Computer and information services ($21.3M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Norway () to Russia () (2010)

Services Exports from Russia () to Norway () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of Norway and Russia. This means that a dot/product with the flag of Norway indicates it has a comparative advantage over Russia. Similarly, a dot/product with the flag of Russia indicates it has a comparative advantage over Norway.

About

Latest Trends

About

Latest Trade

Historical Data

Bilateral Trade by Products

Exports from Norway () to Russia () (2022)

Exports from Russia () to Norway () (2022)

Market Competitiveness

Difference in imports from Russia () and Norway () (2022)

Comparative Advantage Norway - Russia

Potential Exports

Potential Exports

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Bilateral Service Trade

Services Exports from Norway () to Russia () (2010)

Services Exports from Russia () to Norway () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Product Space of Norway () and Russia () (2022)

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