Norway's trade surplus hit a new record high in March, driven by an an all-time high value for mainland exports and higher crude oil prices.
Statistics Norway said that the trade surplus amounted to NOK 46.4 billion in March, which was 46 percent higher than the same month last year. This was also higher than February's surplus of NOK 45.3 billion.
The mean price of a barrel of crude oil surpassed NOK 700 for the first time. This, coupled with a record high value of mainland exports, contributed to the largest trade surplus ever recorded, the statistical office said.
The export of goods came in at an all-time high of NOK 88.9 billion in March, 11.5 percent higher on an year-on-year basis. Imports, on the other hand, fell 11.4 percent to NOK 42.5 billion.
The export value of crude oil rose 6 percent annually to NOK 30.5 billion in March, but represented a marginal decline from NOK 30.6 billion in February.
Natural gas exports came in at NOK 24 billion, just NOK 0.2 billion less than the peak in January. This was an increase of 4.9 percent compared to February and 44.5 percent compared to March last year.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.