OSLO: Norway’s foreign trade surplus increased at the end of the year, as exports rose and imports fell, figures from Statistics Norway showed Monday.
The trade surplus climbed to NOK 23.3 billion in December from NOK 15.9 billion in the corresponding month last year. In November, the surplus was NOK 15.4 billion. Moreover, the latest surplus was the highest since July 2015, when it was NOK 25.1 billion. Exports surged 8.5 percent year-over-year in December, while imports dropped by 3.5 percent.
On a monthly basis, exports grew 4.4 percent and imports dipped by 9.0 percent. At the same time, the mainland trade deficit narrowed slightly to NOK 16.1 billion in December from NOK 16.4 billion in the same month of the preceding year.
In 2016, the total trade surplus of the country fell by 36.3 percent to 140.4 billion from 220.4 billion in 2015. This was the lowest trade surplus since 1999. Exports of goods plunged 10.6 percent as compared 2015, mainly due to lower oil and gas prices and weakened mainland shipments.
