That dollar results from a 119.7% upturn compared to $123.1 billion in 2018.
From 2021 to 2022, the total value of exported goods accelerated by 68.5 from $160.5 billion.
The 6 biggest customers purchasing Norway’s exports are Germany, United Kingdom, France, Belgium, Netherlands and Sweden. Collectively, that cohort of top trading partners bought over three-quarters (78.7%) of Norway’s total products exportd in 2022.
Applying a continental lens, 90.5% of Norway’s exports by value were delivered to fellow European countries while 5.1% were sold to Asian importers. Norway shipped another 2.5% worth of goods to North America.
Smaller percentages went to Africa (1.1%), Latin America (0.6%) excluding Mexico but including the Caribbean, then Oceania (0.1%) led by Australia 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 2022. Also shown is each importing country’s percentage of total Norwegian exports.
- Germany: US$75.4 billion (27.9% of total Norwegian exports)
- United Kingdom: $57.9 billion (21.4%)
- France: $25.5 billion (9.4%)
- Belgium: $20.5 billion (7.6%)
- Netherlands: $17.4 billion (6.4%)
- Sweden: $16.2 billion (6%)
- Denmark: $6.5 billion (2.4%)
- Finland: $6.2 billion (2.3%)
- Poland: $6.1 billion (2.3%)
- China: $5.5 billion (2%)
- United States: $5.2 billion (1.9%)
- Spain: $2.5 billion (0.9%)
- Italy: $2.4 billion (0.9%)
- Lithuania: $2 billion (0.7%)
- Nigeria: $1.8 billion (0.7%)
- South Korea: $1.7 billion (0.6%)
- Türkiye: $1.15 billion (0.4%)
- Canada: $1.13 billion (0.4%)
- Iceland: $1.08 billion (0.4%)
- Japan: $999.8 million (0.4%)
- Brazil: $942.9 million (0.3%)
- Portugal: $784.9 million (0.3%)
- Ireland: $627.3 million (0.2%)
- India: $544.7 million (0.2%)
- Thailand: $518.6 million (0.2%)
Well over nine-tenths (96.3%) of Norwegian exports in 2022 were delivered to the above 25 trade partners.
There were 5 among Norway’s top importers that expanded their purchases from Norway at a triple-digit pace from 2021 to 2022. Those fast-growing customers were importers in Finland (up 276.8%), Lithuania (up 218.9%), Germany (up 144.4%), France (up 118.1%) and Belgium (up 116.8%).
Recording double-digit percentage declines were buyers of Norwegian exports in India (down -58.9% from 2021), mainland China (down -40.7%), South Korea (down -33.5%), Türkiye (down -32.4%) then Ireland (down -26.4%).
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.
- mainland China: -US$7.7 billion (country-specific trade deficit in 2021)
- Canada: -$2.1 billion
- Russia: -$1.6 billion
- United States: -$1.4 billion
- Czech Republic: -$1 billion
- Brazil: -$836.1 million
- Singapore: -$774.8 million
- Vietnam: -$698.2 million
- Japan: -$603.9 million
- Estonia: -$542 million
Among Norway’s trading partners that cause the greatest negative trade balances, Norwegian deficits with mainland China (up 110.5%), Canada (up 27.5%) and Estonia (up 9.8%) grew at the fastest pace from 2021 to 2022.
In addition, Norway went from posting a $58.1 million surplus in 2021 to enduring the deficit listed above.
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 $163.8 billion trade surplus during 2022, up 164.9% from $61.8 billion in black ink one year earlier in 2021.
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.
- Germany: US$63.3 billion (country-specific trade surplus in 2022)
- United Kingdom: $53.3 billion
- France: $22.5 billion
- Belgium: $18.2 billion
- Netherlands: $12.9 billion
- Finland: $3.8 billion
- Sweden: $2.7 billion
- Poland: $2.5 billion
- Nigeria: $1.8 billion
- Denmark: $1.5 billion
Among Norway’s trading partners that generate the greatest positive trade balances, Norwegian surpluses with Poland (up 20,395%), Germany (up 218.9%) and France (up 154.6%) grew at the fastest pace from 2021 to 2022.
In addition, Norway experienced reversals from significant trade deficits with Finland and Denmark respectively in 2021 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 April 17, 2023
International Trade Centre, Trade Map. Accessed on April 17, 2023
Investopedia, Net Exports Definition. Accessed on April 17, 2023
Wikipedia, Norway. Accessed on April 17, 2023
