Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Norwegian trade surplus grows despite oil strike

Share this article

12:36 CEST+02:00
Norway's June trade surplus jumped 15.1 percent year-on-year, to 29.5 billion kroner ($4.82 billion), despite a fall in oil exports, the national statistics agency said on Monday.

Last month, Norwegian exports rose 8.9 percent to 72.2 billion kroner, while imports swelled 4.9 percent, to 42.6 billion, Statistics Norway said in a statement.

The export rise came despite an 8.8-percent drop in oil sales -- the main driver of the Norwegian economy -- amid falling barrel prices and export volumes.

"The decrease in the exported volume of crude oil may be linked to maintenance activity during the summer months and the strike that hit the Norwegian shelf at the end of June," Statistics Norway said.

The strike over a pension dispute started on June 24th and was brought to a dramatic end on July 10th when Norway's government intervened just minutes ahead of a threatened lockout at all the country's oil production sites.

The work stoppage entailed total losses of about 3.1 billion kroner, according to the employers' organisation, although most of the impact should be seen in July trade figures.

Excluding oil and gas, Norway had a trade deficit of 11 billion kroner in June, compared to a 10.5-billion kroner deficit during the same month a year earlier, Statistics Norway said.

Including oil and gas, Norway saw its trade surplus grow 24.8 percent, to 242.5 billion kroner, during the first half of 2012, while its trade deficit excluding its offshore riches shrank to 59.9 billion kroner from 65 billion during the first half of 2011.

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university tackling the challenges of tomorrow

Ranked among the world’s best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement