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Gas boosts Norway’s record foreign trade figures

Frazer Norwell
Frazer Norwell - [email protected] • 15 Sep, 2022 Updated Thu 15 Sep 2022 10:48 CEST
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Norway had a trade surplus in August. File photo: The Mongstad oil refinery in western Norway, the most polluting of the country. Photo by Pierre-Henry Deshayes/ AFP. Pictured is a gas and oil refinery in Norway.

Soaring prices for natural gas contributed to a record high trading surplus for Norway in August, the latest figures from Statistics Norway reveal.

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New statistics for Norway’s trade were published on Thursday by the national data agency Statistics Norway (SSB), which revealed that Norway had a record trade surplus last month.

A trade surplus is when a country generates more income from exports than imports. The opposite is a trade deficit.

In August, the country had a trade surplus of 197.7 billion kroner, the figure for the same month a year before was 42.6 billion. The total value of exports increased by 25.8 percent compared to July and can be attributed to soaring gas price.

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Norway exported around 176 billion kroner’s worth of gas during August. In addition, the country exported 9.9 billion cubic metres of natural gas.

The Scandinavian country recently replaced Russia as Europe’s leading gas supplier, due to plunging Russian deliveries and Norway moving to maximise production.

Increased production means the country will likely see 1.5 trillion kroner in increased revenues this year, and 1.9 trillion kroner in 2023.

Across Europe, there have been calls for a maximum ceiling to be introduced on gas prices. However, Norway’s PM has repeatedly reiterated that he is sceptical about a potential price cap.

READ MORE: Norwegian PM ‘sceptical’ on gas price cap

However, he said the country would work with the EU to find a solution to stabilise current prices. On Thursday, he met with leaders in the gas industry to discuss potential solutions.

Among the solutions the industry is open to is the prospect of longer-term gas agreements.

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Frazer Norwell 2022/09/15 10:48

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