Overview In 2021, Norway was the number 27 economy in the world in terms of GDP (current US$), the number 33 in total exports, the number 40 in total imports, the number 5 economy in terms of GDP per capita (current US$) and the number 38 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Norway are Petroleum Gas ($57.7B), Crude Petroleum ($41.5B), Non-fillet Fresh Fish ($8.08B), Refined Petroleum ($6.07B), and Raw Aluminium ($3.89B), exporting mostly to United Kingdom ($33.5B), Germany ($31.5B), Sweden ($13.7B), Netherlands ($12.2B), and China ($9.5B).

In 2021, Norway was the world's biggest exporter of Non-fillet Fresh Fish ($8.08B), Fish: dried, salted, smoked or in brine ($1.08B), and Wood Pulp Lyes ($131M)

Imports The top imports of Norway are Cars ($7.87B), Refined Petroleum ($3.11B), Broadcasting Equipment ($1.98B), Computers ($1.79B), and Passenger and Cargo Ships ($1.7B), importing mostly from Sweden ($17.4B), Germany ($11.3B), China ($9.87B), Denmark ($6.36B), and United States ($5.16B).

In 2021, Norway was the world's biggest importer of Fishing Ships ($641M) and Fish oil ($408M)

Location Norway borders Finland, Russia, and Sweden by land and Denmark, Iceland, United Kingdom, and Greenland by sea.

April, 2023

Historical Data

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Top Export (2021): Petroleum Gas, $57.7B

Top Destination (2021): United Kingdom, $33.5B

In 2021, Norway exported a total of $164B, making it the number 33 exporter in the world. During the last five reported years the exports of Norway have changed by $69.2B from $94.6B in 2016 to $164B in 2021.

The most recent exports are led by Petroleum Gas ($57.7B), Crude Petroleum ($41.5B), Non-fillet Fresh Fish ($8.08B), Refined Petroleum ($6.07B), and Raw Aluminium ($3.89B). The most common destination for the exports of Norway are United Kingdom ($33.5B), Germany ($31.5B), Sweden ($13.7B), Netherlands ($12.2B), and China ($9.5B).

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Fastest Growing Export Markets (2020 - 2021)

Fastest Growing Import Markets (2020 - 2021)

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).

Economic Complexity

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Most Specialized Products by RCA Index

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Norway has a high level of specialization in Non-fillet Fresh Fish (41.8), Wood Pulp Lyes (33.2), Fish: dried, salted, smoked or in brine (20), Carboxyamide Compounds (18.1), and Petroleum Gas (16.9). Specialization is measured using RCA, an index that takes the ratio between Norway observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Norway according to the product complexity index (PCI) are Vegetable parchment, greaseproof papers, tracing papers, glassine and other glazed transparent or... (1.46), Nickel; plates, sheets, strip and foil (1.35), Carboxyimide-function compounds (including saccharin and its salts) and imine-function compounds (1.31), Instruments, apparatus for measuring or checking the flow, level, pressure of liquids,... (1.17), and Boat Propellers (1.11). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Norway according to the relatedness index, were Nickel Mattes (0.13), Sulphur (0.13), Iron Ore (0.13), Nickel Ore (0.13), and Coal Briquettes (0.13). 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.

Relatedness Space

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This network shows the products most related to the production structure of Norway. These are products that tend to be co-exported with the products that Norway exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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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.

Economic Complexity Ranking

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During the last 20 years Norway's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨15th to the 38th⁩ 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.

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