Collapse of Norwegian Trade. The Worst Result in Years
In September 2025, Norway's trade surplus reached its lowest level since June 2021. The decline in oil and gas revenues was partially offset by an increase in exports from the so-called mainland economy, keeping the total value of foreign sales close to last year's result.
Lower commodity prices are primarily to blame.
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Norwegian exports in September reached NOK 131.8 billion, an increase of 0.6 percent year-on-year. Imports rose to NOK 94.9 billion, up 1.8 percent compared to September 2024. As a result, the trade surplus stood at NOK 36.9 billion, 2.4 percent lower than a year earlier.
Statistics Norway (SSB) notes that the krone exchange rate (Norges Bank I44 index) strengthened by 3.0 percent compared to September 2024, which usually lowers exporters' revenues and favors cheaper imports.
Statistics Norway (SSB) notes that the krone exchange rate (Norges Bank I44 index) strengthened by 3.0 percent compared to September 2024, which usually lowers exporters' revenues and favors cheaper imports.
Oil and Gas Not Helping
In the oil segment, Norway exported 52.7 million barrels with a total value of NOK 34.5 billion. Despite a higher volume (up 13.5 percent year-on-year), the sales value was 5.3 percent lower, which SSB attributes to low oil prices. In September 2025, the price of the commodity, as estimated by officials, was at its lowest level since August 2021.
Natural gas exports amounted to NOK 32.9 billion, 1.6 percent lower than a year earlier. At the same time, 7.8 billion standard cubic meters of gas were shipped, an increase of 18.4 percent year-on-year, with the price dropping by 12.5 percent.
Natural gas exports amounted to NOK 32.9 billion, 1.6 percent lower than a year earlier. At the same time, 7.8 billion standard cubic meters of gas were shipped, an increase of 18.4 percent year-on-year, with the price dropping by 12.5 percent.
Norway's trade balance over the past five years.Ill. SSB
Norwegian Fish Sales on the Rise
Exports from the so-called mainland economy reached NOK 63.6 billion. Fish exports brought Norwegians NOK 17.0 billion in profit. There was, among other things, a higher value of mackerel exports (NOK 2.2 billion), despite a lower volume. On the import side, spending on materials needed to build data centers grew rapidly (NOK 4.6 billion, up 67.5 percent year-on-year).
In September, about 13,400 passenger cars worth NOK 5.3 billion were imported to Norway (a 14.1 percent decrease in number). In electricity trade, exports were worth NOK 1.9 billion (up 34.4 percent year-on-year), and imports amounted to NOK 320.6 million (up 86.1 percent year-on-year).
In September, about 13,400 passenger cars worth NOK 5.3 billion were imported to Norway (a 14.1 percent decrease in number). In electricity trade, exports were worth NOK 1.9 billion (up 34.4 percent year-on-year), and imports amounted to NOK 320.6 million (up 86.1 percent year-on-year).
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