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Norway's Foreign Trade in Crisis? The Numbers Speak for Themselves
The decline in exports is due, among other things, to the situation on the oil and gas market. fot. materiały prasowe Equinor
In August 2025, foreign trade in goods showed reduced activity on both the export and import sides. The total value of purchased goods and services decreased by 9.4 percent year-on-year. Exports fell by 5.2 percent.
Norway's exports in August amounted to NOK 143.4 billion, a decrease of NOK 7.8 billion compared to August 2024. The main reason was lower sales of crude oil and natural gas. In contrast, exports of goods from the mainland economy—products other than oil, gas, condensates, ships, and oil platforms—increased, mainly due to individual transactions in the energy infrastructure segment.
Imports in August reached NOK 83.3 billion. This is a decrease of NOK 8.6 billion compared to August of the previous year.
Imports in August reached NOK 83.3 billion. This is a decrease of NOK 8.6 billion compared to August of the previous year.
Norway's imports, exports, and trade balance over the past five years.Ill. SSB
Norway's Trade Balance in August
The trade balance—the difference between exports and imports—amounted to NOK 60.1 billion. Compared to August 2024, the surplus increased by NOK 830 million, corresponding to a rise of 1.4 percent.
The krone exchange rate against key trading partners, measured by the I44 index, strengthened by 1.2 percent since August 2024. A stronger krone on one hand reduces revenues for export-oriented industries, but on the other hand makes imports cheaper.
The krone exchange rate against key trading partners, measured by the I44 index, strengthened by 1.2 percent since August 2024. A stronger krone on one hand reduces revenues for export-oriented industries, but on the other hand makes imports cheaper.
Norway Lost Out on Fish Trade
Exports of goods from the mainland economy amounted to NOK 63.1 billion in August, an increase of NOK 6.1 billion, or about 10.7 percent year-on-year. The largest increase was recorded in the export of electrical devices and engines, as well as equipment for electricity transmission, which together contributed to a value increase of about NOK 6.3 billion.
The value of exports of refined petroleum products, liquefied propane and butane, as well as fish and seafood, decreased. Among fish, the largest drop affected salmon and trout. For salmon, the value fell by about NOK 372 million, even though the volume increased by about 20,000 tons to 144,200 tons.
The value of exports of refined petroleum products, liquefied propane and butane, as well as fish and seafood, decreased. Among fish, the largest drop affected salmon and trout. For salmon, the value fell by about NOK 372 million, even though the volume increased by about 20,000 tons to 144,200 tons.
EU Countries Still Most Important
August data also highlights the geographical structure of Norwegian trade. The largest partners remain European Union countries, especially Germany, Poland (the largest recipient of fish), and Sweden. However, the growing importance of Asian markets is evident, with an increasing share of exports of electrical devices and energy components going there.
In imports, China plays a key role, supplying a significant share of electronics and machinery. This underscores Norway's dependence on global supply chains.
In imports, China plays a key role, supplying a significant share of electronics and machinery. This underscores Norway's dependence on global supply chains.
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