Sturdy commerce surplus in Might – adressa.no

New figures from Statistics Norway present that the worth of products exports ended at NOK 153 billion in Might 2024. This is a rise of 9.9 per cent from the identical month final 12 months.

The commerce stability ended with a surplus of NOK 58.7 billion, a rise of 29.4 per cent from Might 2023.

A complete of NOK 52 billion price of crude oil was exported in Might, a rise of 26.8 per cent from the identical month final 12 months.

“Elevated export costs for crude oil to date this 12 months are driving up export earnings, regardless of the oil worth falling in Might,” says Jan Olav Rørhus, senior adviser at Statistics Norway.

Decrease commerce surplus this 12 months

The commerce surplus is 22.9 per cent decrease for the primary 5 months of this 12 months, in comparison with the corresponding interval in 2023. That is largely because of the truth that exports of pure fuel have been decrease total to date this 12 months.

The import worth stays at roughly the identical stage as final 12 months and ended at NOK 94.6 billion in Might, up 0.5 per cent from Might final 12 months.

The krone change charge stays weak

Chief economist Kyrre M. Knudsen at Sparebank 1 SR-Financial institution says {that a} commerce surplus of just about NOK 60 billion may be very constructive for the Norwegian financial system.

– Oil exports specifically contribute giant revenues. Fuel revenues are holding up, whereas seafood has turn into an necessary export for Norway. This underpins the picture of a Norwegian financial system in good condition, the place the export aspect helps to supply a tailwind. For Norges Financial institution, it is a reminder earlier than the rate of interest assembly on Thursday that there are circumstances that pull the financial system upwards, he says.

Norges Financial institution’s import-weighted change charge index towards the currencies of Norway’s most necessary buying and selling companions (I44) reveals that the krone has strengthened by 3.0 per cent since Might final 12 months, writes SSB.

– The krone change charge remains to be traditionally weak, which contributes to the massive commerce surplus for Norway. Elevated rates of interest and elevated inflation have additionally made Norwegians extra cautious, says Knudsen.