In May, Norway experienced a significant increase in its foreign trade surplus compared to the previous year, driven by faster export growth relative to imports, according to data released by Statistics Norway on Monday.
The trade surplus expanded to NOK 58.7 billion in May, a rise from NOK 45.3 billion in the same month last year. However, it marked a decrease from NOK 65.8 billion recorded in April.
Year-on-year, exports surged by 9.9 percent in May, while imports grew at a modest rate of 0.5 percent. The substantial rise in exports was fueled by a 26.5 percent increase in demand for crude oil and a 6.6 percent growth in natural gas exports.
On a monthly basis, there was a 9.5 percent decline in exports in January, whereas imports saw a slight increase of 0.1 percent.
Mainland exports experienced a notable 29.4 percent increase compared to the previous year, though they dropped 10.8 percent from April. The mainland trade recorded a deficit of NOK 34.4 billion in May, higher than the NOK 30.4 billion deficit observed in the preceding month.
