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Comprising Scandinavia’s western portion of Northern Europe, the Kingdom of Norway shipped 82.8 billion dollars worth of products around the globe in 2020. That figure represents a minus 7.5 percent slowdown since 2016 and a minus 19.4 percent decline from 2019 to 2020.
Applying a continental lens, 75.7 percent of Norway’s exports by value were delivered to fellow European countries while 16.2 percent were sold to Asian importers. Norway shipped another 5 percent worth of goods to North America. Smaller percentages of 1.8 percent went to Africa, Latin America excluding Mexico but including the Caribbean got 1 percent then Oceania led by Australia got 0.3 percent.
Norway’s Top 15 Trading Partners
The following is a list of 15 of Norway's biggest trading partners in terms of export sales. That is the nation that imported the greatest number of Norwegian shipments in terms of dollar value in 2020. The percentage of total Norwegian exports for each importing country is also indicated.
The United Kingdom with 14.5 billion dollars accounts for 17.5 percent of total Norwegian exports
Germany receives 9.7 billion dollars which amounts to 11.7 percent
8.2 billion dollars for Sweden at 9.9 percent
8.2 billion dollars in the Netherlands also standing at 9.9 percent
6.4 billion dollars in China account for 7.8 percent
France receives 4.2 billion dollars which is 5.1 percent
Denmark with 3.5 billion dollars accounts for 4.2 percent
3.3 billion in the United States accounts for 4 percent
Belgium is worth 3.1 billion dollars which is 3.8 percent
2.3 billion dollars for Poland which is 2.7 percent
Spain will receive 1.5 billion dollars which stands at 1.8 percent
1.4 billion in South Korea representing 1.7 percent
1.4 billion dollars for Turkey accounting for 1.7 percent
Finland receives 1.3 billion dollars which accounts for 1.6 percent
1.3 billion dollars for Italy which is 1.5 percent
In 2020, the previously mentioned 15 trading partners received nearly four-fifths or 84.9 percent of Norwegian exports.
Turkey went up by 68.5 percent, China up by 51.1 percent, and South Korea was among Norway's major importers that increased their imports from Norway at the quickest rate from 2019 to 2020 up by 23.5 percent.
Importers in Spain went down by 35.1 percent, Germany was down by 34.3 percent, France went down by 30.1 percent, and the United Kingdom led the year-over-year decliners down by 29.5 percent.
Norway’s Top 10 Exports
Geographically its closest trading partners are Finland, Russia, and Denmark. The Kingdom of Norway shipped 82.8 billion dollars worth of goods around the globe in 2020, down by minus 7.5 percent since 2016 and down by minus 19.4 percent from 2019 to 2020.
Based on the average exchange rate for 2020, the Norwegian krone has depreciated by minus 12.1 percent against the US dollar since 2016 and declined by minus 7 percent from 2019 to 2020. Norway’s weaker local currency makes Norwegian exports paid for in stronger US dollars relatively less expensive for international buyers.
From a continental perspective, 75.7 percent of Norway’s exports by value were delivered to European countries while 16.2 percent were sold to Asian importers. Norway shipped another 5 percent worth of goods to North America. Smaller percentages of 1.8 percent went to Africa, Latin America excluding Mexico but including the Caribbean got 1 percent then Oceania led by Australia with 0.3 percent.
The latest available country-specific data shows that 80.1 percent of products exported from Norway were bought by importers in the United Kingdom with 17.5 percent of the global total, Germany with 11.7 percent, Sweden with 9.9 percent, the Netherlands with 9.9 percent, China with 7.8 percent, France with 5.1 percent, Denmark with 4.2 percent, the United States with 4.0 percent, Belgium with 3.8 percent, Poland with 2.7 percent, Spain with 1.8 percent and South Korea with 1.7 percent.
Given Norway’s population of 5.4 million people, its total of 82.8 billion dollars in 2020 exports translates to roughly 15,400 dollars for every resident in the Nordic nation.
The following export product groups represent the highest dollar value in Norwegian global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from Norway.
Mineral fuels including oil with 40.9 billion dollars account for 49.4 percent of total exports
Fish with 10.7 billion dollars accounts for 13 percent
Machinery including computers with 4.1 billion dollars accounts for 5 percent
Aluminum with 3.3 billion dollars accounts for 4 percent
Electrical machinery, and equipment with 2.4 billion dollars account for 2.9 percent
Optical, technical, and medical apparatus with 1.5 billion dollars accounts for 1.8 percent
Nickel with 1.3 billion dollars accounts for 1.5 percent
Organic chemicals with 1.2 billion dollars account for 1.4 percent
Iron, steel with 1.1 billion dollars account for 1.3 percent
Vehicles with 942.1 million dollars account for 1.1 percent
Norway’s top 10 exports accounted for 81.3 percent of the overall value of its global shipments.
Nickel was the slowest declining among the top 10 export categories, down by minus 0.9 percent year over year since 2019. In second place for decreasing export sales were iron and steel which slowed by minus 3 percent. Norway’s shipments of vehicles posted the third lowest drop in value down by minus 3.9 percent year over year.
The leading decliner among Norway’s top 10 export categories was mineral fuels including oil which fell by 28.4 percent.
Norway’s Top 10 Imports
A Nordic nation in northwestern Europe that shares its long eastern border with Sweden, the Kingdom of Norway’s imports cost a total of 81.4 billion dollars in 2020. That dollar amount reflects a 12.1 percent increase since 2016 but a 5.2 percent drop from 2019 to 2020.
Based on the average exchange rate for 2020, the Norwegian krone has depreciated by minus 12.1 percent against the US dollar since 2016 and declined by minus 7 percent from 2019 to 2020. Norway’s weaker local currency makes Norwegian imports paid for in stronger US dollars relatively more expensive when converted starting from the Norwegian krone.
From a continental perspective, approaching two-thirds or 63.9 percent of Norway’s total imports by value in 2020 were purchased from fellow European countries. Trade partners in Asia supplied over a fifth or 21.9 percent of import purchases by Norway while 9.6 percent worth of goods originated from North America. Smaller percentages came from exporters in Latin America with 2.6 percent excluding Mexico but including the Caribbean, Africa with 1.6 percent then Oceania with 0.3 percent led by Australia
Given Norway’s population of 5.4 million people, its total of 81.4 billion dollars in 2020 imports translates to roughly 15,100 dollars in yearly product demand from every person in the northernmost Scandinavian Peninsula country. Norway is not a member of the European Union.
The following product groups represent the highest dollar value in Norway’s import purchases during 2020. Also shown is the percentage share each product category represents in terms of overall imports into Norway.
Machinery including computers with 11.3 billion dollars accounting for 13.9 percent of total imports
Vehicles with 9.5 billion dollars account for 11.6 percent
Electrical machinery, and equipment with 8.1 billion dollars account for 9.9 percent
Articles of iron or steel with 3.9 billion dollars account for 4.8 percent
Mineral fuels including oil with 3.5 billion dollars account for 4.3 percent
Furniture, bedding, lighting, signs, and prefabricated buildings with 2.9 billion dollars account for 3.5 percent
Optical, technical, and medical apparatus with 2.8 billion dollars account for 3.4 percent
Plastics, plastic articles with 2.5 billion dollars account for 3.1 percent
Pharmaceuticals with 2.4 billion dollars account for 2.9 percent
Nickel with 2 billion dollars accounts for 2.4 percent
Norway’s top 10 imports accounted for 60 percent of the overall value of its product purchases from other countries.
Nickel posted the fastest growth in value among Norway’s top 10 import categories, up by 12.6 percent from 2019 to 2020. In second place for improving imports, purchases were the pharmaceuticals category via its 5.9 percent gain. Norwegian imports of plastic including articles made from plastic recorded the third-fastest gain up 1.7 percent.
Leading Norway’s declining top categories were imported articles made from iron or steel down by minus 12 percent trailing mineral fuels including oil down by minus 36.2 percent.
Sources:
https://www.worldstopexports.com/norways-top-10-exports/
https://www.worldstopexports.com/norways-top-15-import-partners/
https://www.worldstopexports.com/norways-top-10-imports/
https://tradingeconomics.com/norway/exports
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