Norway Trade Surplus Shrinks Sharply In November

(RTTNews) - Norway's foreign trade surplus decreased significantly in November from a year ago as exports plunged amid an increase in imports, data from Statistics Norway showed on Monday.

The trade surplus dropped to NOK 41.3 billion in November from NOK 68.8 billion in the same month last year. The surplus also fell from NOK 56.1 billion in October.

Exports declined 14.8 percent annually in November, while imports rose by 3.3 percent. The decrease in exports was mainly driven by a 33.1 percent plunge in natural gas. Crude oil exports were 9.9 percent lower.

On a monthly basis, exports tumbled 9.5 percent, while imports rose slightly by 0.1 percent.

Mainland exports also showed a double-digit monthly decline of 14.0 percent, while they remained flat compared to the previous month. The mainland trade logged a deficit of NOK 34.3 billion in November, widened from NOK 23.8 billion in the prior month.