Norway’s Top 15 Trading Partners

Norway's Top 15 Trading Partners

Oslo parade

Comprising Scandinavia’s western portion of Northern Europe, the Kingdom of Norway shipped US$123 billion worth of products around the globe in 2018. That figure represents roughly 0.7% of overall global exports estimated at $17.546 trillion one year earlier in 2017.

From a continental lens, 83.5% of Norwegian exports by value were delivered to fellow European countries while 7.8% were sold to importers in Asia. Norway shipped another 5.6% worth to North America with 1.9% arriving in Africa, and 0.8% going to Latin America excluding Mexico but including the Caribbean.

Norway’s Top 15 Trading Partners

Top 15

Below is a list showcasing 15 of Norway’s top trading partners in terms of export sales. That is, countries that imported the most Norwegian shipments by dollar value during 2018. Also shown is each importing country’s percentage of total Norwegian exports.

  1. United Kingdom: US$26.5 billion (21.6% of Norway’s total exports)
  2. Germany: $19.7 billion (16%)
  3. Netherlands: $13.1 billion (10.7%)
  4. Sweden: $8.2 billion (6.7%)
  5. France: $8.2 billion (6.7%)
  6. Belgium: $6.4 billion (5.2%)
  7. Denmark: $5.8 billion (4.7%)
  8. United States: $5.7 billion (4.7%)
  9. Poland: $2.8 billion (2.3%)
  10. China: $2.6 billion (2.1%)
  11. Spain: $2.2 billion (1.8%)
  12. Finland: $2 billion (1.6%)
  13. Italy: $1.6 billion (1.3%)
  14. Japan: $1.4 billion (1.2%)
  15. South Korea: $1.4 billion (1.1%)

Well over four-fifths (87.5%) of Norwegian exports in 2018 were delivered to the above 15 trade partners.

The fastest-growing customers for exported products from Norway in 2018 compared to 2017 are South Korea (up 36.8%), Belgium (up 31.3%), the Netherlands (up 29.7%) and Finland (up 26.7%).

Among these top importers, the sole decliner in year-over-year imports from Norway was Spain via its -6% drop.

Deficits

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

Norway incurred the highest trade deficits with the following countries:

  1. China: -US$6.2 billion (country-specific trade deficit in 2018)
  2. Sweden: -$2.4 billion
  3. Russia: -$1.8 billion
  4. United States: -$1.4 billion
  5. Italy: -$1.2 billion
  6. Canada: -$1.1 billion
  7. Brazil: -$964.9 million
  8. South Korea: -$818.2 million
  9. Czech Republic: -$764.2 million
  10. Switzerland: -$623.3 million

Among Norway’s trading partners that cause the greatest negative trade balances, Norwegian deficits with Canada (up 145.9%), Brazil (up 35.1%) and Russia (up 33.6%) grew at the fastest pace from 2017 to 2018.

These cashflow deficiencies clearly indicate Norway’s competitive disadvantages with the above countries, but also represent key opportunities for Norway to develop country-specific strategies to strengthen its overall position in international trade.

Surpluses

Overall Norway posted a $35.3 billion trade surplus during 2018, up 114.9% from $16.5 billion in black ink for 2017.

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

Norway incurred the highest trade surpluses with the following countries:

  1. United Kingdom: US$21.8 billion (country-specific trade deficit in 2018)
  2. Germany: $10.1 billion
  3. Netherlands: $10 billion
  4. France: $5.4 billion
  5. Belgium: $5 billion
  6. Denmark: $973.2 million
  7. Nigeria: $719 million
  8. Ireland: $687.6 million
  9. Spain: $393 million
  10. Iceland: $372.2 million

Among Norway’s trading partners that cause the greatest negative trade balances, Norwegian deficits with United Kingdom (up 24.8%), Germany (up 59.6%) and Netherlands (up 45.5%) grew at the fastest pace from 2017 to 2018.

These positive cashflow streams clearly indicate Norway’s competitive advantages with the above countries, but also represent key opportunities for Norway to develop country-specific strategies to optimize its overall position in international trade.

Companies

Companies Servicing Norwegian Trading Partners

Nine Norwegian corporations rank among Forbes Global 2000. Below is a sample of the major Norwegian 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)


 
See also Norway’s Top 10 Exports and Norway’s Top 10 Imports

Research Sources:
The World Factbook, Field Listing: Imports – Commodities, Central Intelligence Agency. Accessed on January 21, 2019

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on January 21, 2019

Investopedia, Net Importer Definition. Accessed on January 21, 2019

Wikipedia, List of Companies of Norway. Accessed on January 21, 2019

Wikipedia, Norway. Accessed on January 21, 2019

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on January 21, 2019