Norway Trade Surplus Smallest Since 2021

Norway's trade surplus narrowed to NOK 36.9 billion in September 2025 from NOK 37.8 billion in the same month of the previous year, marking the smallest surplus since June 2021. Imports grew by 1.8% year-on-year to NOK 94.9 billion, primarily driven by higher purchases of raw materials excluding fuel (17.7%), processed goods mainly grouped by material (13.4%), and beverages and tobacco (11.7%). Meanwhile, exports increased at a softer pace of 0.6% year-on-year to NOK 131.8 billion, mainly due to higher sales of animal and vegetable oils, fats, and waxes (24%), various finished goods (21.1%), and machinery and transport equipment (9.8%). However, sales of raw materials excluding fuel (-4.5%) and fuels, lubricating oils, and electric power (-4.1%) declined. For the first nine months of the year, Norway’s trade surplus reached NOK 527.6 billion, representing a 2.2% increase compared to the same period in the previous year.