Norway’s Top 10 Exports

Norway’s Top 10 Exports

by Flagpictures.org

Geographically its closest trading partners are Finland, Russia and Denmark, the Kingdom of Norway shipped US$102 billion worth of goods around the globe in 2017, down by -34.4% since 2013 but up by 13.8% from 2016 to 2017.

As of June 2018, Norway’s exported goods were valued at $60 billion up 19.9% compared to the first 6 months of 2017.

Based on estimates from the Central Intelligence Agency’s World Factbook, Norway’s exported goods plus services represent 36.4% of total Norwegian economic output or Gross Domestic Product. The analysis below focuses on exported products only.

From a continental perspective, 82.1% of Norwegian exports by value were delivered to fellow European countries while 9.3% were sold to Asian importers. Norway shipped another 6% worth to North America with 1.5% arriving in Africa and 1% going to Latin America excluding Mexico but including the Caribbean.

Given Norway’s population of 5.3 million people, its total $102 billion in 2017 exports translates to roughly $19,200 for every resident in that country.

Norway’s unemployment rate was 4% as of February 2018 according to Trading Economics, down from 4.5% in December 2015.

Norway’s Top 10 Exports

Top 10

The following export product groups represent the highest dollar value in Norwegian global shipments during 2017. Also shown is the percentage share each export category represents in terms of overall exports from Norway.

At the more detailed four-digit Harmonized Tariff System code level, Norway’s most valuable export products are petroleum gases trailed by crude oil, fresh whole fish, refined petroleum oils then aluminum.

  1. Mineral fuels including oil: US$58.3 billion (57.2% of total exports)
  2. Fish: $11 billion (10.8%)
  3. Machinery including computers: $4 billion (4%)
  4. Aluminum: $4 billion (3.9%)
  5. Electrical machinery, equipment: $2.7 billion (2.6%)
  6. Ships, boats: $1.6 billion (1.6%)
  7. Optical, technical, medical apparatus: $1.4 billion (1.4%)
  8. Iron, steel: $1.2 billion (1.1%)
  9. Organic chemicals: $1.1 billion (1%)
  10. Nickel: $904.4 million (0.9%)

Norway’s top 10 exports accounted for 84.5% of the overall value of its global shipments.

Aluminum was the fastest-growing among the top 10 export categories, up 24.4% from 2016 to 2017.

In second place for improving export sales was mineral fuels including oil which was up 22.8% led by improved international sales of petroleum gases and oils.

Norwegian iron and steel posted the third-fastest gain in value up 21.4%.

Optical, technical and medical apparatus led the decliners with a -18.5% drop in value year over year.

Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Norway’s Most Valuable Export Products further down below.

Advantages

Overall Norway posted a $16.5 billion trade surplus during 2017, down -2.2% from $16.8 billion in black ink for 2016.

As of June 2018, Norway’s trade surplus stood at $15 billion up 32.3% compared to the first 6 months of 2017.

The following types of Norwegian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. In a nutshell, net exports is the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

  1. Mineral fuels including oil: US$54.5 billion (Up by 21.4% since 2016)
  2. Fish: $10.6 billion (Up by 5.1%)
  3. Aluminum: $2.7 billion (Up by 23.8%)
  4. Zinc: $498.7 million (Up by 34.3%)
  5. Iron, steel: $351.9 million (Up by 34.4%)
  6. Arms, ammunition: $280.4 million (Reversing a -$17.4 million deficit)
  7. Woodpulp: $222.9 million (Up by 17.2%)
  8. Organic chemicals: $162.6 million (Down by -25.3%)
  9. Gems, precious metals: $149 million (Down by -5.9%)
  10. Other base metals: $140.7 million (Up by 470.2%)

Norway has highly positive net exports in the international trade of mineral fuels-related products. In turn, these cashflows indicate Norway’s strong competitive advantages under the mineral fuels including oil category.

Opportunities

Below are exports from Norway that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Norway’s goods trail Norwegian importer spending on foreign products.

  1. Vehicles: -US$9.2 billion (Up by 16.7% since 2016)
  2. Machinery including computers: -$6.2 billion (Up by 23.4%)
  3. Articles of iron or steel: -$6 billion (Up by 198.2%)
  4. Electrical machinery, equipment: -$4.9 billion (Up by 21.6%)
  5. Furniture, bedding, lighting , signs, prefab buildings: -$2.6 billion (Up by 10.2%)
  6. Plastics, plastic articles: -$2 billion (Up by 9.7%)
  7. Ships, boats: -$1.7 billion (Up by 66.5%)
  8. Pharmaceuticals: -$1.6 billion (Up by 31.4%)
  9. Optical, technical, medical apparatus: -$1.2 billion (Up by 47%)
  10. Clothing, accessories (not knit or crochet): -$1.2 billion (Up by 8.6%)

Norway has highly negative net exports and therefore deep international trade deficits for vehicles (notably cars, trucks, automobile parts and trailers).

These cashflow deficiencies clearly indicate Norway’s competitive disadvantages in the international automotive market, but also represent key opportunities for Norway to improve its position in the global economy through focused innovations.

Companies

Norwegian Export Companies

Nine Norwegian corporations rank among Forbes Global 2000. Below is a sample of the major Norwegian export companies that Forbes included:

  • Norsk Hydro (aluminum)
  • Orkla (industrial conglomerates)
  • Statoil (oil, gas)
  • Telenor (telecommunications)
  • Yara International (specialized chemicals)

Wikipedia also lists exporters from Norway. Selected examples are shown below:

  • Cermaq (fish)
  • Norske Skogindustrier, (pulp, paper)
  • The Jotun Group (paints, related chemicals)
  • Thin Film Electronics ASA (printed electronics)
  • Tine (dairy products)
  • Yara International (chemicals)


 
Norway’s capital city is Oslo.

Searchable List of Norway’s Most Valuable Export Products

At the more granular four-digit HTS code level, Norway’s top export products are petroleum gases, crude oil followed by fresh fish, refined petroleum oils then aluminum.

The following searchable table displays 200 of the most in-demand goods shipped from Norway during 2017. Shown beside each product label is its total export value then the percentage increase or decrease since 2016.

RankNorway's Export Product2017 Value (US$)Change
1Petroleum gases$26.5 billion+28%
2Crude oil$25.9 billion+13.3%
3Whole fish (fresh)$6.7 billion+3.7%
4Processed petroleum oils$5.2 billion+59.8%
5Aluminum (unwrought)$3.1 billion+27.1%
6Fish fillets, pieces$1.9 billion+8.7%
7Whole fish (frozen)$1.5 billion+5%
8Cruise/cargo ships, barges$1.2 billion-10.7%
9Carboxyamid/amide-function compounds$907.5 million-0.9%
10Nickel (unwrought)$892.3 million-0.9%
11Fish (dried, salted, smoked)$841.8 million+10.1%
12Electrical energy$702.6 million+8.1%
13Iron ferroalloys$693.5 million+25.5%
14Miscellaneous machinery$576.9 million-19.3%
15Medication mixes in dosage$560.7 million+9.6%
16Automobile parts/accessories$519.9 million+13.1%
17Hydrogen, rare gases$516.5 million+5.6%
18Zinc (unwrought)$511.5 million+34.5%
19Insulated wire/cable$500 million-14.1%
20Aluminum plates, sheets, strips$491.2 million+17.7%
21Liquid pumps and elevators$479.2 million-29.7%
22Aircraft parts$473.5 million+15.2%
23Machinery parts$391.3 million-29.6%
24Taps, valves, similar appliances$370.1 million-31.6%
25Turbo-jets$354.8 million+7.3%
26Survey/hydro/weather instruments$347.5 million-8.7%
27Phone system devices $327 million+33.1%
28Electric generating sets, converters$278.2 million+203.1%
29Electrical/optical circuit boards, panels$269.2 million-8.9%
30Uncoated paper for writing/printing$261.2 million-0.9%
31Platinum (unwrought)$244.2 million+4.5%
32Pebbles, gravel, crushed stone$242.3 million+12.1%
33Miscellaneous iron and steel structures$236.5 million-32.1%
34Seats (excluding barber/dentist chairs)$222.7 million-3.8%
35Liquid/gas checking instruments$215.2 million-32.2%
36Warships, lifeboats$214 million-42.3%
37Cobalt$210.7 million+153%
38Rough wood$207.9 million+3.7%
39Bombs, grenades, ammunition$207.6 million+43.9%
40Computers, optical readers$199.9 million+19.4%
41Chemical woodpulp (dissolving)$190.1 million+6.9%
42Other diagnostic/lab reagents$188.8 million+17.8%
43Electro-medical equip (e.g. xrays)$183.8 million-9.5%
44Connector/insulating parts$175.5 million+16%
45Fishing vessels, factory ships$171.9 million+5.1%
46Other food preparations$169.2 million+3.1%
47Regulate/control instruments$164.9 million-39.8%
48Plastic packing goods, lids, caps$157.2 million+20.4%
49Iron or steel scrap$151.9 million+34.5%
50Piston engine parts$148.9 million-21.5%
51Aluminum wire$146.8 million+31%
52Sawn wood$143 million+10.5%
53Trucks$142.5 million-2%
54Finishing agents, dye carriers, fixers$140.9 million-8.6%
55Refined copper, unwrought alloys$138 million+0.2%
56Crustaceans (including lobsters)$131.3 million-9.5%
57Sutures, special pharmaceutical goods$128.7 million+24%
58Lamps, lighting, illuminated signs$125.7 million+8.4%
59Fish/marine mammal fats and oils$125.3 million+1.2%
60Miscellaneous animal feed preparations$122.8 million+17.7%
61Miscellaneous iron or steel items$121.4 million-53%
62Centrifuges, filters and purifiers$118.1 million-35.4%
63Carbon electrodes, brushes$115.9 million+8.6%
64Other military weapons$113.9 million+17,151%
65Iron or steel tubes, pipes$112.8 million+1%
66Air or vacuum pumps$108.6 million-26.1%
67Copper waste, scrap$105.3 million+27.6%
68Iron or non-alloy steel bars, rods$105 million-2.2%
69Electrical converters/power units$103.2 million-4.6%
70Metal-containing ash, residues$102.8 million+60.4%
71TV receivers/monitors/projectors$101.5 million+4.9%
72Computer parts, accessories$100.1 million+4.7%
73Aluminum bars/rods$96.9 million+6.1%
74TV receiver/transmit/digital cameras$95.8 million+2.5%
75Agricultural/forestry machinery$95.4 million+6.3%
76Gold (unwrought)$94.8 million+8.2%
77Chemical industry products/residuals$93.2 million+2.9%
78Navigational aids including compasses$93.2 million-22.5%
79Educational demo apparatus$90.6 million+5.5%
80Lower-voltage switches, fuses$89.3 million-17.3%
81Physical/chemical analysis tools$88.9 million-9%
82Iron ores, concentrates$85.4 million+35.3%
83Arms parts, accessories$82.4 million+11.5%
84Other measuring/testing machines$81.5 million-17.4%
85Vegetable parchment, tracing papers$81.2 million+14%
86Soya-bean oil-cake, other solid residues$81.2 million-7.6%
87Aluminum waste, scrap$79.5 million+18.9%
88Plastic tubes, pipes, fittings$79 million+37.8%
89Plastic plates, sheets, film, tape, strips$78.7 million+31.6%
90Inedible meat flour$77.5 million-15.6%
91Granite, basalt, sandstone building stone$77 million+2.7%
92Mattresses, quilts$76.7 million-0.3%
93Aircraft, spacecraft$75.2 million-43.6%
94Special purpose vehicles$74.8 million+107.1%
95Coiled iron or non-alloy steel bars, rods$71.9 million+10%
96Radar, radio communication items$71.7 million+25.3%
97Cheese, curd$71.6 million-5.1%
98Iron and steel screws, bolts, nuts, washers$71.2 million+4.5%
99Biodiesel$70 million+105.1%
100Paper/paperboard waste, scrap$69.5 million+17.7%
101Miscellaneous engines, motors$68.5 million-22.2%
102TV/radio/radar device parts$66.8 million-3%
103Iron or steel pipe fittings$65.8 million-38.4%
104Glass fibers$64 million+0.1%
105Electric circuit parts, fuses, switches$63.2 million-7.6%
106Electric water heaters, hair dryers$62.8 million-1.2%
107Electric sound/visual signal bells or alarms$62.5 million+1.1%
108Transmission shafts, gears, clutches$60.6 million-23.6%
109Pulley tackle, hoists, winches$60.1 million-16.9%
110Other organic cleaning preparations$59.9 million+10.3%
111Heavy machinery (bulldozers, excavators, road rollers)$59.9 million-10.8%
112Unrecorded sound media$59.7 million-23.7%
113Soya-bean oil$59.5 million-4.5%
114Blood fractions (including antisera)$58.7 million-12.7%
115Cars$57.2 million+0.9%
116Chemicals used in electronics$56.9 million-15.9%
117Wood fiberboard, other ligneous materials$55.7 million+99.1%
118Microphones/headphones/amps$53.8 million+20.1%
119Industrial preparation machinery$53.3 million+1.9%
120Artificial graphite$52.2 million+16.9%
121Miscellaneous plastic items$51.5 million+2.7%
122Inorganic acids, oxygen compounds$49.5 million+12.4%
123Mineral, aerated waters$47.5 million-13.1%
124Packaged insecticides/fungicides/herbicides$46 million-1.3%
125Derricks, cranes$45.6 million-56.4%
126Lifting/loading machinery$43.3 million-18.2%
127Newspapers, journals$43.2 million-27.4%
128Wood carpentry, builders' joinery$43.1 million-28.6%
129Miscellaneous raw furskins$42.4 million-20.4%
130Pneumatic hand tool$42.1 million-2.5%
131Other machine parts, accessories$42 million+1.1%
132Miscellaneous cast iron or steel items$41.9 million+14.8%
133Bread, biscuits, cakes, pastries$41.9 million+26.9%
134Prefabricated buildings$41.7 million+7%
135Feldspar, leucite, nepheline, fluorspar$41.3 million-3.9%
136Other precious metal items$40.6 million+5.1%
137Electric motors, generators$40.6 million-9.9%
138Integrated circuits/microassemblies$40 million+4.8%
139Vulcanized rubber items$39.3 million+15.1%
140Paint/varnish non-aqueous solution$39 million-10.3%
141Orthopedic appliances$38.3 million+53.3%
142Amino-compounds (oxygen)$38.2 million+9.6%
143Particle board, other ligneous materials$38.2 million+16.3%
144Miscellaneous furniture$38.1 million+10.4%
145Fish, caviar (preserved/prepared)$37.8 million-9.6%
146Petroleum oil residues$37.7 million-5.6%
147Vulcanized rubber tubes, pipes$37.4 million+25.1%
148Metal soldering/hot-spray equipment$36.7 million+188.5%
149Interchangeable hand/machine tools$36.5 million-33.2%
150Alcohol (including spirits, liqueurs)$36.2 million-14.3%
151Aluminum foil (thin)$35.7 million-11.9%
152Iron and steel stoves, barbecues$35 million-5.9%
153Bridge structures, parts$34.9 million+47.5%
154Miscellaneous animal products$34.8 million+13.5%
155Electrical machinery$34.5 million-14%
156Iron and steel tubes, pipes$34.3 million+42.1%
157Chocolate, other cocoa preparations$32.8 million+16.1%
158Uncoated paper$32.7 million+2.8%
159Sports equipment$32.6 million-9.4%
160Fuel wood, wood chips, sawdust$32.6 million-5.6%
161Spray/dispersing mechanical appliances$32.5 million-39.5%
162#N/A$32.4 million-10.4%
163#N/A$31.5 million+14.6%
164Iron or non-alloy steel products (semi-finished)$31.5 million+141.7%
165Temperature-change machines$31 million-19.3%
166Move/grade/scrape/boring machinery$30.5 million-18.2%
167Paint/varnish aqueous solution$30.3 million+15.3%
168Saturated acyclic mono acids$30.1 million+193.2%
169Miscellaneous parts, accessories$29.3 million+80%
170Mechanical woodpulp$28.5 million+48.2%
171Tissues, napkins, toilet paper$28.2 million-7.1%
172Coal tar oils (high temperature distillation)$27.6 million+16.2%
173Bovine/equine rawhides, skins$27.3 million+14%
174Stone articles, other mineral substances$26.1 million+12.4%
175Worn clothing$26 million+11.2%
176Rare-earth metals compounds$25.9 million-20.9%
177Packing cases, boxes, crates, drums$25.8 million+8.8%
178Transportation containers$25.5 million-46.6%
179Electric storage batteries$25 million+44.9%
180Public-transport vehicles$24.8 million+2.4%
181Oscilloscopes, spectrum analyzers$24.6 million-30.1%
182Miscellaneous iron or steel tubes, pipes$24.5 million-4.6%
183Trailers$24.5 million+9.7%
184Paper containers, cellulose wadding$24.2 million-1%
185Knotting netting of twine, cordage, rope$23.6 million-13%
186Iron or steel chains$23.4 million-22.9%
187Refrigerators, freezers$22.4 million+34.3%
188Gaskets, other metal sheeting joints$22.3 million-19.6%
189Telecommunication receivers$22 million+93.9%
190Breaker vessels$21.8 million+0.7%
191Miscellaneous aluminum items$21.8 million+4.5%
192Hand-drawn paintings, drawings$21.7 million-49.6%
193Acrylic polymers$21.3 million+39.5%
194Rubber/plastic article making machines$21.3 million-18.3%
195Piston engines$21.1 million+9.2%
196Carboxyimide-function compounds like saccharin$21 million+20.3%
197Iron and steel reservoirs, tanks, vats$20.8 million+63.9%
198Plastic plates, sheets, film, tape, strips$20.6 million+16.7%
199Manganese oxides$20.4 million+54%
200Flat-rolled iron or non-alloy steel products (plated/coated)$20.2 million+28.3%

These 200 exported goods were worth a subtotal of US$95.3 billion or 93.4% by value for all products exported from Norway during 2017.

See also Norway’s Top 15 Trading Partners, Denmark’s Top 10 Exports and Capital Facts for Oslo, Norway

Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 4, 2018

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on September 4, 2018

Trade Map, International Trade Centre. Accessed on September 4, 2018

Investopedia, Net Exports Definition. Accessed on September 4, 2018

Wikipedia, List of Companies of Norway. Accessed on September 4, 2018

Wikipedia, Norway. Accessed on September 4, 2018

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 4, 2018