OSLO: Norwegian companies are celebrating higher export revenues as a result of a weaker Krone. Merchandise from the Norwegian producer Aabakke AS is now 25 percent cheaper abroad.
“To us, the fall of the Norwegian Krone is positive because we do not buy so much foreign currency,” says director Inge Brigt Aarbakke in the oil production company Aarbakke AS.
The Norwegian Krone has lost its value against the American dollar. Back in July a dollar cost NOK 5,99, whereas its value now is NOK 7,60.
We had problems selling our products in dollar. We were not competitive. However, our merchandise is now 25 percent cheaper in comparison to Houston. That is incredibly positive,” Aarbakke explains.
Norwegian exports were worth a total of NOK 384 billion last year, a record, and an increase of almost NOK 20 billion from the year before. The world economy has also grown, which according to Norsk Industri (“Norwegian Industry”) contributed to an increase in export revenue of five percent in 2014.
Despite the cheaper Krone, Aarbakke would still prefer if the price of oil would go back up. However, he still hopes to increase export due to a continued growth in the international market.
