Things Are Fine, But the Worst in Four Years. All Because of Norwegian Oil
Norway's trade surplus in 2025 fell to its lowest level in four years. The decisive factors were lower oil export revenues and higher imports.
In the photo: one of the bases used for the expansion of the Johan Castberg oil field.
Fot. Øyvind Gravås, Even Kleppa/materiały prasowe Equinor
In 2025, Norway exported goods worth NOK 1,775 billion. Imports amounted to NOK 1,112 billion. The trade balance closed at NOK 663 billion. The last time a lower result was recorded was in 2021.
Exports Under Oil Price Pressure
The value of Norwegian exports fell by 1.8 percent compared to 2024. The main factor was lower oil prices. Since the record year of 2022, the total export value has been systematically declining. This trend was softened by high revenues from gas and mainland Norway exports.
Oil exports reached NOK 437.0 billion. This represents a 16.6 percent drop in value despite a 1.6 percent increase in volume. In 2025, 618.0 million barrels of oil were exported. The increase in volume was related to the launch of the Johan Castberg field.
Oil exports reached NOK 437.0 billion. This represents a 16.6 percent drop in value despite a 1.6 percent increase in volume. In 2025, 618.0 million barrels of oil were exported. The increase in volume was related to the launch of the Johan Castberg field.
Norway's trade balance over the past five years.Ill. SSB
Gas and Fish Stabilize Trade
Natural gas exports rose to NOK 568.2 billion, an increase of 2.5 percent year-on-year. Average prices were high at the beginning of the year and then declined. The volume of gas exports fell by 1.8 percent to 115.8 billion cubic meters.
Exports from so-called mainland Norway amounted to NOK 765.6 billion, up 7.7 percent. The fisheries sector played a key role. The value of fish exports reached NOK 173.9 billion, an increase of 3.5 percent. However, the volume fell by 3.1 percent to 2.3 million tons.
Exports from so-called mainland Norway amounted to NOK 765.6 billion, up 7.7 percent. The fisheries sector played a key role. The value of fish exports reached NOK 173.9 billion, an increase of 3.5 percent. However, the volume fell by 3.1 percent to 2.3 million tons.
This Was Norwegian Imports in 2025
Norwegian imports rose by 2.2 percent in 2025, mainly due to passenger cars. Nearly 190,000 cars worth NOK 75.4 billion were imported, the highest in three years.
The value of imports of IT equipment and data center machinery also increased significantly. At the same time, the Norwegian krone strengthened by 0.6 percent, which slightly reduced exporters' revenues and made imports cheaper.
The value of imports of IT equipment and data center machinery also increased significantly. At the same time, the Norwegian krone strengthened by 0.6 percent, which slightly reduced exporters' revenues and made imports cheaper.
How do you rate this article?