Norway Trade Surplus Shrinks On Weaker Exports

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(RTTNews) - Norway's foreign trade surplus decreased in September from a year ago as exports fell amid a rise in imports, data from Statistics Norway showed on Tuesday.

The trade surplus dropped to NOK 42.8 billion in September from NOK 47.6 billion in the same month last year. The surplus also fell from NOK 63.4 billion in August.

Exports declined 2.7 percent annually in September, while imports rose by 1.2 percent. The overall decrease in exports was mainly driven by a 72.2 percent plunge in demand for ships and oil platforms. Crude oil exports were 24.5 percent lower.

On a monthly basis, exports tumbled 13.9 percent, and imports fell slightly by 0.6 percent.

Mainland exports showed an increase of 4.0 percent compared to last year, and they grew 5.2 percent from August. The mainland trade logged a deficit of NOK 28.9 billion in September, down from NOK 30.7 billion in the prior month.