Norway2021 Economic Complexity Trade : 0.69, Rank 38 of 131
2021 Economic Complexity Technology : 1.33, Rank 6 of 96
2021 Economic Complexity Research : 1.65, Rank 14 of 140
2021 Product Exports | Imports: $164B | $98.2B, 33 of 226 | 40 of 226
2021 Per Capita Product Exports | Imports: $30.3k | $18.2k, 9 of 219 | 17 of 219
Overview In 2021, Norway was the number 27 economy in the world in terms of GDP (current US$), 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
Overview In April 2023 Norway exported NOK154B and imported NOK77.5B, resulting in a positive trade balance of NOK76.1B. Between April 2022 and April 2023 the exports of Norway have decreased by NOK-11.9B (-7.21%) from NOK166B to NOK154B, while imports increased by NOK4.82B (6.63%) from NOK72.7B to NOK77.5B.
Trade In April 2023, the top exports of Norway were Gas, natural and manufactured (NOK54.7B), Petroleum, petroleum products and related materials (NOK51.3B), Fish (not marine mammals), crustaceans, molluscs... (NOK12.6B), Non-ferrous metals (NOK7.25B), and Electric current (NOK2.61B). In April 2023 the top imports of Norway were Road vehicles (including air-cushion vehicles) (NOK10.2B), Petroleum, petroleum products and related materials (NOK5.73B), Metalliferous ores and metal scrap (NOK4.96B), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK4.64B), and General industrial machinery and equipment, n.e.s.,... (NOK4.29B).
Destinations In April 2023, Norway exported mostly to Germany (NOK30.7B), United Kingdom (NOK27.3B), Netherlands (NOK12.3B), Sweden (NOK12.1B), and Poland (NOK10.9B), and imported mostly from Sweden (NOK9.34B), Germany (NOK9.01B), China (NOK7.78B), United States (NOK5.03B), and United Kingdom (NOK3.91B).
Growth In April 2023, the decrease in Norway's year-by-year exports was explained primarily by an decrease in exports to Germany (NOK-12.2B or -28.4%), United Kingdom (NOK-6.51B or -19.2%), and France (NOK-4.64B or -33.2%), and product exports decrease in Gas, natural and manufactured (NOK-20.8B or -27.6%), Non-ferrous metals (NOK-1.23B or -14.6%), and Iron and steel (NOK-676M or -31.9%). In April 2023, the increase in Norway's year-by-year imports was explained primarily by an increase in imports from Canada (NOK1.59B or 106%), United Kingdom (NOK1.29B or 49.5%), and Germany (NOK1.24B or 16%), and product imports increase in Road vehicles (including air-cushion vehicles) (NOK2.77B or 37.3%), Metalliferous ores and metal scrap (NOK1.4B or 39.3%), and General industrial machinery and equipment, n.e.s.,... (NOK1.13B or 35.9%).
EXPORT GROWTH (April 2022 - April 2023): NOK-11.9B, (-7.21%)
IMPORT GROWTH (April 2022 - April 2023): NOK4.82B, (6.63%)
MAIN DESTINATION (April 2023): Germany, NOK30.7B
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.
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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).
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 (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.
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.
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.
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 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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