Norway flag Norway: Economic and Political Overview

Foreign trade figures of Norway

Foreign Trade in Figures

Norway has a very open economy, with trade representing 80% of GDP (World Bank, latest data available). Traditionally, the country exports energy-intensive products and imports high-technology items. Norway is among the top 20 exporters of oil and natural gas and the second biggest seafood exporter in the world. In 2023, exports were led by petroleum gas (34.8%), petroleum oils (32%), fresh or chilled fish (5.3%), unwrought aluminium (2.1%), and fish fillets (1.8%); whereas imports were more diversified and comprised chiefly motor cars (6.4%), petroleum oils (5.4%), nickel mattes (2.8%), telephone sets (2.2%), and automatic data-processing machines (2.0% - Comtrade).

The country's main trade partners are generally member states of the European Union. In terms of countries, the United Kingdom and Germany were the major export partners in 2023 (19.0% of the total), followed by the Netherlands (8.3%), Sweden (7.7%), and Poland (6.1%). On the other hand, imports came from Germany (11.4%), China (11.1%), Sweden (10.8%), the United States (7.6%), and the Netherlands (4.8% - data Comtrade). Norway is a member of the EEA, which allows it to be part of the EU’s single market. This ensures the free movement of goods, services, people, and capital between Norway and the EU. Moreover, it has numerous FTAs as part of its membership in EFTA.

After experiencing an outstanding year in 2022 as the dynamics of energy prices significantly influenced the country's exports, Norway’s foreign trade normalized in 2023, when total goods exports plummeted to USD 173.9 billion and imports decreased at a slower pace, to USD 95.3 billion (-30.3% and -9.7% y-o-y, respectively). Meanwhile, services exports stood at USD 52 billion, against USD 61.3 billion in imports (stable and +7.2%, respectively – WTO). For the year as a whole, the World Bank estimated a trade surplus equal to 14.7% of GDP (from the record-breaking 28.3% one year earlier). According to preliminary governmental figures, Norway's trade balance for 2024 ended with a surplus of NOK 722 billion, marking a decrease of approximately NOK 67 billion compared to 2023. The total value of exports reached NOK 2,472 billion, while imports amounted to NOK 1,750 billion.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 85,31980,44797,764105,54595,292
Exports of Goods (million USD) 102,79984,459160,106249,805173,906
Imports of Services (million USD) 52,62539,52742,05357,23061,371
Exports of Services (million USD) 42,90534,11341,27452,21152,012

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 70.965.471.282.679.7
Trade Balance (million USD) 15,7892,06563,675171,07978,423
Trade Balance (Including Service) (million USD) 6,069-3,34862,897166,06169,255
Imports of Goods and Services (Annual % Change) 5.3-9.91.812.50.7
Exports of Goods and Services (Annual % Change) 2.1-2.36.14.51.4
Imports of Goods and Services (in % of GDP) 34.333.128.227.132.5
Exports of Goods and Services (in % of GDP) 36.632.243.055.547.2

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 3.32.71.71.71.7
Volume of imports of goods and services (Annual % change) 1.32.12.32.32.3

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Norway is a member of the following international economic organisations:  IMF, European Union, ICC, Euro-Atlantic Partnership Council (EAPC), WTO, OECD, among others. For the full list of economic and other international organisations in which participates Norway click here. International organisation membership of Norway is also outlined here.
Free Trade Agreements
The up-to-date list of Free Trade Agreements signed by Norway can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
United Kingdom 19.0%
Germany 19.0%
Netherlands 8.3%
Sweden 7.7%
Poland 6.1%
See More Countries 39.8%
Main Suppliers
(% of Imports)
2023
Germany 11.4%
China 11.1%
Sweden 10.8%
United States 7.6%
Netherlands 4.8%
See More Countries 54.3%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

176.9 bn USD of products exported in 2023
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 34.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 28.3%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304) 5.3%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.7%
Unwrought aluminiumUnwrought aluminium 2.1%
See More Products 25.8%
96.7 bn USD of products imported in 2023
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.4%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 5.4%
Nickel mattes, nickel oxide sinters and other...Nickel mattes, nickel oxide sinters and other intermediate products of nickel metallurgy : 2.8%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.2%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.0%
See More Products 81.3%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

52.1 bn USD of services exported in 2023
40.53%
26.08%
11.89%
8.34%
4.85%
2.36%
1.77%
1.37%
1.07%
0.79%
0.73%
0.22%
61.0 bn USD of services imported in 2023
29.63%
24.25%
19.03%
13.05%
3.84%
3.55%
3.06%
1.42%
0.94%
0.74%
0.34%
0.15%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: March 2025