The 6 biggest customers purchasing Norway’s exports are the United Kingdom, Germany, Netherlands, Sweden, France and Belgium. Collectively, that cohort of top trading partners bought over two-thirds (68.7%) of Norway’s total exported goods sold in 2021.
Applying a continental lens, 81.9% of Norway’s exports by value was sent to fellow European countries while 12.1% was delivered to importers in Asia.
Norway shipped another 3.5% worth of goods to North America. Even smaller percentages went to Africa (1.4%), Latin America (0.9%) excluding Mexico but including the Caribbean, and Oceania (0.3%) led by Australia, Marshall Islands and New Zealand.
Norway’s Top Trading Partners
Below is a list showcasing 25 of Norway’s top trading partners in terms of export sales. That is, countries that imported the most Norwegian shipments by dollar value during 2021. Also shown is each importing country’s percentage of total Norwegian exports.
- United Kingdom: US$33.1 billion (20.7% of total Norwegian exports)
- Germany: $30.6 billion (19.2%)
- Netherlands: $12.6 billion (7.9%)
- Sweden: $12.5 billion (7.8%)
- France: $11.6 billion (7.3%)
- Belgium: $9.4 billion (5.9%)
- China: $9.3 billion (5.8%)
- Denmark: $4.5 billion (2.8%)
- United States: $4.4 billion (2.7%)
- Poland: $3.4 billion (2.1%)
- South Korea: $2.5 billion (1.6%)
- Spain: $2.4 billion (1.5%)
- Italy: $2.1 billion (1.3%)
- Turkey: $1.7 billion (1.1%)
- Finland: $1.6 billion (1%)
- India: $1.32 billion (0.8%)
- Nigeria: $1.26 billion (0.8%)
- Japan: $1.1 billion (0.7%)
- Canada: $987 million (0.6%)
- Greece: $869 million (0.5%)
- Ireland: $854.9 million (0.5%)
- Iceland: $733.2 million (0.5%)
- Brazil: $716.4 million (0.4%)
- Lithuania: $621.7 million (0.4%)
- Portugal: $621.3 million (0.4%)
Well over nine-tenths (94.4%) of Norwegian exports in 2021 were delivered to the above 25 trade partners.
There were 6 among Norway’s top importers that expanded their purchases from Norway at a triple-digit pace from 2020 to 2021. Those fast-growing importers were Greece (up 265.4%), India (up 231.6%), Germany (up 218.8%), Belgium (up 201%), France (up 175.2%) and the United Kingdom (up 130.6%).
There was one year-over-year decliner, namely Lithuania due to its -10.2% drop in spending on Norwegian exports.
Countries Causing Norway’s Highest Trade 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.
- China: -US$3.6 billion (country-specific trade deficit in 2021)
- Russia: -$2.1 billion
- United States: -$1.8 billion
- Canada: -$1.6 billion
- Czech Republic: -$993.1 million
- Brazil: -$851.1 million
- Italy: -$812.2 million
- Japan: -$687.1 million
- Vietnam: -$684.4 million
- Lithuania: -$615.8 million
Among Norway’s trading partners that cause the greatest negative trade balances, Norwegian deficits with Russia (up 86%), Lithuania (up 43.5%) and Czech Republic (up 34.5%) grew at the fastest pace from 2020 to 2021.
The severest reductions in Norway’s red ink resulted from trading with Italy (down -31.5%) and the United States (down -18%).
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.
Countries Behind Norway’s Greatest Trade Surpluses
Norway produced a $61.3 billion trade surplus during 2021, up 5,425% from $1.1 billion in black ink one year earlier.
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 garnered the highest trade surpluses with the following countries.
- United Kingdom: US$28.5 billion (country-specific trade surplus in 2021)
- Germany: $19.6 billion
- Netherlands: $9 billion
- France: $8.8 billion
- Belgium: $7.5 billion
- South Korea: $1.5 billion
- Sweden: $1.4 billion
- Nigeria: $1.2 billion
- Greece: $752.9 million
- India: $569.2 million
Among Norway’s trading partners that generate the greatest positive trade balances, Norwegian surpluses with Germany (up 6,970%), France (up 425.8%) and Greece (up 417.6%) grew by the fastest percentages from 2020 to 2021.
In addition, Norway experienced reversals from significant deficits of -$547.9 million and -$175.2 million trading with Sweden and India respectively in 2020 to the surpluses listed above.
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.
Norway’s Export Companies
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, Norway’s Top 10 Imports and Norway’s Top 100 Imported Consumer Products
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on March 24, 2022
International Trade Centre, Trade Map. Accessed on March 24, 2022
Investopedia, Net Exports Definition. Accessed on March 24, 2022
Wikipedia, Norway. Accessed on March 24, 2022
