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Norway February Trade Surplus At Record High

Norway's trade surplus surged to a record high in February due to higher exports of crude oil and gas, data from Statistics Norway showed Thursday.

The trade surplus increased to NOK 45.3 billion in February from NOK 29.5 billion in the same month last year. Economists had expected a surplus of NOK 42 billion.

Total exports increased 24.6 percent annually to NOK 84.5 billion in February. The growth was mainly due to the the rise in export of natural gas and crude oil. Higher oil prices contributed to the growth in exports value. Meanwhile, total imports advanced 2.3 percent on a yearly basis to NOK 39.2 billion in February.

The exported value of natural gas increased 50.7 percent annually to NOK 22.9 billion in February. In January 2012, Norway's natural gas exports marked a record high.

by RTT Staff Writer

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