Norway2020 Economic Complexity : 0.71, Rank 36 of 127
2020 Product Exports | Imports: $86.2B | $83.9B, 38 of 226 | 38 of 226
2020 Per Capita Product Exports | Imports: $16k | $15.6k, 11 of 219 | 14 of 219
2019 Service Exports | Imports : $37.2B | $42.8B, 31 of 108 | 27 of 108
Overview In 2020, Norway was the number 32 economy in the world in terms of GDP (current US$), the number 38 in total exports, the number 38 in total imports, the number 7 economy in terms of GDP per capita (current US$) and the number 36 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Norway are Crude Petroleum ($22.6B), Petroleum Gas ($14.4B), Non-fillet Fresh Fish ($6.49B), Refined Petroleum ($3.68B), and Raw Aluminium ($2.58B), exporting mostly to United Kingdom ($14B), Germany ($9.77B), Sweden ($9.1B), Netherlands ($8.09B), and China ($6.8B).
In 2020, Norway was the world's biggest exporter of Non-fillet Fresh Fish ($6.49B), Fish: dried, salted, smoked or in brine ($1.01B), and Wood Pulp Lyes ($108M)
Imports The top imports of Norway are Cars ($5.29B), Passenger and Cargo Ships ($2.52B), Refined Petroleum ($1.82B), Broadcasting Equipment ($1.76B), and Computers ($1.44B), importing mostly from Sweden ($14.2B), Germany ($9.71B), China ($7.79B), Denmark ($5.72B), and United Kingdom ($5.18B).
In 2020, Norway was the world's biggest importer of Fish oil ($431M) and Fishing Ships ($311M)
Location Norway borders Finland, Russia, and Sweden by land and Denmark, Iceland, United Kingdom, and Greenland by sea.
December, 2022
Overview In December 2022 Norway exported NOK240B and imported NOK91B, resulting in a positive trade balance of NOK149B. Between December 2021 and December 2022 the exports of Norway have increased by NOK58B (31.9%) from NOK182B to NOK240B, while imports increased by NOK15.2B (20%) from NOK75.8B to NOK91B.
Trade In December 2022, the top exports of Norway were Gas, natural and manufactured (NOK137B), Petroleum, petroleum products and related materials (NOK48.1B), Fish (not marine mammals), crustaceans, molluscs... (NOK13.1B), Non-ferrous metals (NOK7.36B), and Electric current (NOK6.64B). In December 2022 the top imports of Norway were Road vehicles (including air-cushion vehicles) (NOK16.5B), Petroleum, petroleum products and related materials (NOK6.55B), Metalliferous ores and metal scrap (NOK5.72B), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK5.28B), and General industrial machinery and equipment, n.e.s.,... (NOK4.04B).
Destinations In December 2022, Norway exported mostly to Germany (NOK63.9B), United Kingdom (NOK60.3B), Belgium (NOK18.7B), France (NOK16.2B), and Sweden (NOK13.7B), and imported mostly from Germany (NOK13B), China (NOK10.4B), Sweden (NOK10.3B), United States (NOK5.7B), and Netherlands (NOK4.97B).
Growth In December 2022, the increase in Norway's year-by-year exports was explained primarily by an increase in exports to Germany (NOK32.4B or 335%), United Kingdom (NOK19.3B or 117%), and France (NOK9.11B or 186%), and product exports increase in Gas, natural and manufactured (NOK61.3B or 306%), Petroleum, petroleum products and related materials (NOK12.3B or 46.6%), and Non-ferrous metals (NOK2.24B or 51.2%). In December 2022, the increase in Norway's year-by-year imports was explained primarily by an increase in imports from Sweden (NOK2.14B or 34.7%), China (NOK1.54B or 19.7%), and Singapore (NOK1.35B or 563%), and product imports increase in Manufactures of metals, n.e.s. (NOK1.89B or 85.1%), Medicinal and pharmaceutical products (NOK1.56B or 98%), and Petroleum, petroleum products and related materials (NOK1.21B or 55.1%).
EXPORT GROWTH (December 2021 - December 2022): NOK58B, (31.9%)
IMPORT GROWTH (December 2021 - December 2022): NOK15.2B, (20%)
MAIN DESTINATION (December 2022): Germany, NOK63.9B
This section shows exports and imports data at subnational level for Norway. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of Norway over time.
For full datasets download visit Bulk Download page.
Top Export (2020): Crude Petroleum, $22.6B
Top Destination (2020): United Kingdom, $14.2B
In 2020, Norway exported a total of $86.2B, making it the number 38 exporter in the world. During the last five reported years the exports of Norway have changed by -$23.8B from $110B in 2015 to $86.2B in 2020.
The most recent exports are led by Crude Petroleum ($22.6B), Petroleum Gas ($14.4B), Non-fillet Fresh Fish ($6.49B), Refined Petroleum ($3.68B), and Raw Aluminium ($2.58B). The most common destination for the exports of Norway are United Kingdom ($14B), Germany ($9.77B), Sweden ($9.1B), Netherlands ($8.09B), and China ($6.8B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Norway Exports Services (2019): $37.2B
Norway Imports Services (2019): $42.8B
In 2019, Norway exported $37.2B worth of services. The top services exported by Norway in 2019 were Sea transport ($13.9B), Miscellaneous business, professional, and technical services ($7.89B), Personal travel ($5.85B), Other transport ($2.06B), and Air transport ($1.88B).
The top services imported by Norway in 2019 were Personal travel ($14.6B), Miscellaneous business, professional, and technical services ($11.5B), Sea transport ($5.59B), Air transport ($2.19B), and Business travel ($1.96B).
Norway has a high level of specialization in Non-fillet Fresh Fish (63.1), Fish: dried, salted, smoked or in brine (30.4), Carboxyamide Compounds (25.8), Fishing Ships (25.7), and Raw Nickel (22.9). Specialization is measured using RCA, an index that takes the ratio between Norway observed and expected exports in each product.
The highest complexity exports of Norway according to the product complexity index (PCI) are Vegetable Parchment (1.6), Electric Furnaces (1.6), Copper Fasteners (1.38), Carboxyimide Compounds (1.37), and Laboratory Reagents (1.31). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Norway according to the relatedness index, are Iron Ore (0.18), Nickel Mattes (0.18), Cobalt Oxides and Hydroxides (0.18), Scrap Lead (0.18), and Coal Briquettes (0.18). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Norway is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Norway's economy has become relatively less complex, moving from the 15th to the 36th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
Have questions, comments, or concerns?
Send us an e-mail: support@oec.world
v5.1.13 koala