Record Revenues and More Expensive Energy. Norwegian Trade Gained Billions of Kroner
Norway ended July 2026 with a trade surplus of NOK 84.3 billion. That’s NOK 31 billion more than in July 2025. The biggest impact came from high gas prices, but the value of oil, fish, and electricity exports also increased.
Natural gas and oil prices continue to shape Norway's trade balance.
Fot. Jan Arne Wold, Øyvind Gravås/materiały prasowe Equinor
Statistics Norway (SSB) reported that the value of goods exports in July 2026 reached NOK 173.6 billion. This is 21.5 percent more than in the same month of 2025, while imports remained almost unchanged at NOK 89.3 billion. The krone was also stronger. Its import-weighted exchange rate rose by 5.1 percent compared to July 2025, making imports cheaper but limiting exporters’ revenues when converted to NOK.
Gas and Oil Boosted Exports. Prices Rose Sharply
Natural gas exports reached NOK 66.5 billion in July. This is 43.5 percent more than a year earlier and the highest result since January 2025. The main reason was prices. The average gas price rose to NOK 6.26 per standard cubic meter, reaching its highest level since the winter of 2025. SSB points out that tensions around the Strait of Hormuz, limited LNG supplies, and lower-than-usual gas stocks in Europe for this time of year all played a role.
In July, 10.2 billion standard cubic meters of gas were exported, 1.0 percent more than a year earlier. Oil revenues also increased. Crude oil exports were worth NOK 44.7 billion, 14.8 percent more than in July 2025. The average price per barrel reached NOK 887, which is NOK 156 more than in June and NOK 163 more than a year earlier. At the same time, export volume fell by 6.2 percent to 50.4 million barrels.
In July, 10.2 billion standard cubic meters of gas were exported, 1.0 percent more than a year earlier. Oil revenues also increased. Crude oil exports were worth NOK 44.7 billion, 14.8 percent more than in July 2025. The average price per barrel reached NOK 887, which is NOK 156 more than in June and NOK 163 more than a year earlier. At the same time, export volume fell by 6.2 percent to 50.4 million barrels.
Norway's trade balance over the past six years.Ill. SSB
Fish and Electricity Increased Revenues. Aluminum Also Benefited
Exports from the mainland economy reached NOK 61.9 billion. This was 4.1 percent more than in July last year. Fish exports were particularly strong, reaching a record NOK 14.6 billion for July, 10 percent more than a year earlier. The total volume was 203,000 tons, up 3.4 percent. The value of fresh head-on salmon exports rose by 17 percent to NOK 8.6 billion, and its volume increased by 10.6 percent to 121,800 tons.
Electricity exports also brought in more revenue. Their value rose by 12 percent to NOK 2.7 billion, although the volume fell by 23.2 percent to 2.4 million MWh. Higher energy prices in Europe raised the prices of Norwegian exports, while lower reservoir levels limited production and sales abroad. From March to July, aluminum exports were worth NOK 28.2 billion, 27.9 percent more than a year earlier. Limited availability of aluminum from Gulf countries increased demand for supplies from other countries, including Norway.
Electricity exports also brought in more revenue. Their value rose by 12 percent to NOK 2.7 billion, although the volume fell by 23.2 percent to 2.4 million MWh. Higher energy prices in Europe raised the prices of Norwegian exports, while lower reservoir levels limited production and sales abroad. From March to July, aluminum exports were worth NOK 28.2 billion, 27.9 percent more than a year earlier. Limited availability of aluminum from Gulf countries increased demand for supplies from other countries, including Norway.
Changes in the energy market also affected Norwegian imports. In July, the value of imported electricity reached NOK 1.3 billion, almost four times higher than a year earlier. Both the price and the volume of imported energy increased.
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