FX.co ★ Norway Trade Surplus Smallest Since 2021

In September 2025, Norway experienced a trade surplus decline to NOK 36.9 billion, down from NOK 37.8 billion in the same month a year earlier; this marks the lowest surplus since June 2021. Imports increased by 1.8% on a year-over-year basis to NOK 94.9 billion, driven largely by substantial growth in the acquisition of raw materials excluding fuel (17.7%), processed goods categorized mainly by material (13.4%), as well as beverages and tobacco (11.7%). On the export front, there was a more modest increase of 0.6% year-on-year to NOK 131.8 billion. This rise was mainly attributed to heightened sales in animal and vegetable oils, fats, and waxes (24%), various finished goods (21.1%), and machinery and transport equipment (9.8%). However, there was a noted decline in the export of raw materials excluding fuel (-4.5%) and in fuels, lubricating oils, and electric power (-4.1%). For the cumulative first nine months of the year, Norway’s trade surplus amounted to NOK 527.6 billion, marking a 2.2% increase compared to the same period in the preceding year.