Norway’s trade balance registered its second lowest surplus in 12 years in September, Statistics Norway said Thursday.
The trade surplus fell to NOK 15.46 billion from NOK 20.20 billion in August. This was the second lowest since March 2003.
Exports decreased largely due to the lower price and volume of crude oil. Oil exports plunged 42.5 percent annually.
Overall exports slid 0.7 percent from August and by 6.3 percent from same period of last year. On the other hand, imports grew 9 percent on month and by 2 percent from prior year.
Another report from the statistical office showed that prices of goods imported to Norway increased by 2.1 percent from the second to the third quarter.
At the same time, lower prices of crude oil and petroleum products led to a 4.1 percent overall fall in export prices.
The volume of Norwegian imports fell by 4.7 percent from the second quarter. Meanwhile, following a decline in the previous quarter, the volume of exported goods increased 2.4 percent.
The material has been provided by InstaForex Company – www.instaforex.com