Norway Trade Surplus Shrinks In May

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(RTTNews) - Norway's foreign trade surplus declined in May from a year ago as exports fell faster than imports, data from Statistics Norway showed on Monday.

The trade surplus dropped to NOK 46.1 billion in May from NOK 52.3 billion in the same month last year. The surplus also decreased from NOK 56.4 billion in April.

Exports fell 7.4 percent annually in May, and imports were 5.0 percent lower. The overall decrease in exports was mainly driven by a 29.0 percent plunge in outflows of crude oil.

On a monthly basis, exports declined 5.4 percent, while imports grew by 0.6 percent.

Mainland exports were 1.1 percent higher compared to last year, while they decreased 7.1 percent from April. The mainland trade logged a deficit of NOK 31.6 billion in May, up from NOK 26.4 billion a month ago.