Norway Trade Surplus Shrinks In July

(RTTNews) - Norway's foreign trade surplus decreased in July from a year ago as imports grew much faster than exports, data from Statistics Norway showed on Thursday.

The trade surplus decreased to NOK 59.3 billion in July from NOK 66.8 billion in the same month last year. The surplus also declined from NOK 60.9 billion in June.

Exports climbed 2.8 percent annually in July, while imports surged by 15.6 percent. The slower growth in exports was due to a 100.0 percent plunge in demand for ships and oil platforms. However, the overall upturn was largely attributed to a 9.2 percent rise in natural gas exports. 

On a monthly basis, both exports and imports declined by 1.5 percent and 0.6 percent, respectively.

Mainland exports rose 2.9 percent over last year, while they dropped 4.2 percent from May. The mainland trade logged a deficit of NOK 30.8 billion in July, up from NOK 20.9 billion in the prior month.