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Gas and Oil Drag Exports Down. One Sector Records a Record-Breaking Surge
The drop in gas and oil prices has hit Norway's commodity exports hard. Fot. Fotolia
Norway recorded a slight decline in foreign trade activity in October 2025. Lower revenues from gas and oil exports reduced the total value of foreign sales, despite solid growth in mainland sector exports. At the same time, imports decreased, allowing the trade surplus to remain at a stable, positive level.
Norway's exports reached NOK 154.5 billion in October, a decrease of 3.9 percent compared to October 2024. The biggest impact came from a marked drop in natural gas revenues, which fell by 23.8 percent. The reduced export value was mainly due to lower commodity prices and a decrease in shipment volumes.
Oil also brought in less revenue, even though the number of exported barrels increased by 17.6 percent. In October, oil prices were almost 20 percent lower than a year earlier, resulting in export value dropping to NOK 37.4 billion.
Oil also brought in less revenue, even though the number of exported barrels increased by 17.6 percent. In October, oil prices were almost 20 percent lower than a year earlier, resulting in export value dropping to NOK 37.4 billion.
Imports Down, Krone Up
Imports in October amounted to NOK 98.0 billion, which is 5.8 percent less than a year ago. As a result, the trade surplus remained high at NOK 56.5 billion. According to Norway's statistical office, lower imports helped offset the impact of reduced commodity export revenues.
Data from Norway's central bank also indicate a strengthening of the krone by 3.2 percent, which made imports cheaper. However, the stronger currency negatively affected the revenues of some exporting companies.
Data from Norway's central bank also indicate a strengthening of the krone by 3.2 percent, which made imports cheaper. However, the stronger currency negatively affected the revenues of some exporting companies.
Trade balanceIll. Statistisk sentralbyrå
Dynamic Growth in Mainland Goods Exports
Mainland goods exports saw a clear increase in October, reaching NOK 74.5 billion—over 14 percent more than a year earlier. The largest contributor to this growth was electric power machinery and parts, which boosted export value by nearly NOK 8 billion.
Norwegian suppliers for offshore wind power projects are securing large international contracts, which, according to the Central Statistical Bureau, is driving results. At the same time, exports of refined petroleum products fell by 48 percent, mainly due to a lower volume of exported gasoline. Fish exports decreased by 1.4 percent, although revenues from salmon and cod exports increased.
Norwegian suppliers for offshore wind power projects are securing large international contracts, which, according to the Central Statistical Bureau, is driving results. At the same time, exports of refined petroleum products fell by 48 percent, mainly due to a lower volume of exported gasoline. Fish exports decreased by 1.4 percent, although revenues from salmon and cod exports increased.
Imports fell by 5.8 percent, and the strengthened krone made foreign purchases cheaper.Photo: Fotokon - stock.adobe.com/standard/Editorial use only
Changing Trade Trends
October also saw an increase in imports of electric buses, which exceeded NOK 369 million—more than three times higher than a year earlier. Electricity exports reached NOK 2.1 billion, up 47.2 percent, driven by higher prices.
The changing structure of Norwegian trade in October highlights the growing role of technology and mainland goods exports. At the same time, fluctuations in global energy markets continue to strongly shape the country's economic performance and affect revenues from key commodities.
The changing structure of Norwegian trade in October highlights the growing role of technology and mainland goods exports. At the same time, fluctuations in global energy markets continue to strongly shape the country's economic performance and affect revenues from key commodities.
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