Analysis and Studies - Country Analysis
Norway: a look at the market
April 15th 2024
Norway is a Nordic country in Northern Europe, situated on the Scandinavian Peninsula. The capital and also the largest city in Norway is Oslo. The country shares a long eastern border with Sweden.
Furthermore, Norway maintains the Nordic welfare model with universal health care and a comprehensive social security system, and its values are rooted in egalitarian ideals. The petroleum industry accounts for around a quarter of the country’s gross domestic product (GDP). It is also the world’s largest producer of oil and natural gas outside of the Middle East. It has the 4th highest per-capita income in the world on the World Bank and International Monetary Found lists. Finally, it has the world’s largest sovereign wealth fund, with a value of US$1.3 trillion.
About economy
In 2022, Norway was the number 24 economy in the world in terms of GDP (current US$), the number 28 in total exports, the number 41 in total imports, the number 3 economy in terms of GDP per capita (current US$) and the number 41 most complex economy according to the Economic Complexity Index (ECI) .
EXPORTS
The top exports of Norway are Petroleum Gas ($154B), Crude Petroleum ($58.9B), Non-fillet Fresh Fish ($9.07B), Refined Petroleum ($7.62B), and Electricity ($4.74B), exporting mostly to Germany ($78.1B), United Kingdom ($59.1B), France ($25.9B), Belgium ($20.3B), and Sweden ($17.7B).
In 2022, Norway was the world's biggest exporter of Petroleum Gas ($154B), Non-fillet Fresh Fish ($9.07B), Fish: dried, salted, smoked or in brine ($1.15B), Gravel and Crushed Stone ($371M), and Wood Pulp Lyes ($154M)
IMPORTS
The top imports of Norway are Cars ($7.43B), Refined Petroleum ($6.54B), Nickel Mattes ($2.48B), Broadcasting Equipment ($2.12B), and Electricity ($1.8B), importing mostly from Sweden ($18.7B), Germany ($12B), China ($10.1B), Denmark ($6.53B), and Netherlands ($5.88B).
Moreover, in 2022 Norway was the world's biggest importer of Fish oil ($563M) and Fishing Ships ($161M).
LATEST TRENDS – 2024
In January 2024 Norway exported NOK154B and imported NOK80.8B, resulting in a positive trade balance of NOK72.9B. Between January 2023 and January 2024 the exports of Norway have decreased by NOK-22.2B (-12.6%) from NOK176B to NOK154B, while imports increased by NOK7.66B (10.5%) from NOK73.1B to NOK80.8B.
In the same period, Norway exported mostly to United Kingdom (NOK30.9B), Germany (NOK23.7B), Netherlands (NOK19.1B), Sweden (NOK12B), and Poland (NOK8.97B), and imported mostly from Sweden (NOK9.03B), China (NOK8.4B), Germany (NOK7.94B), United States (NOK7.86B), and Singapore (NOK4.02B).
Fonti:
https://oec.world/en
https://data.worldbank.org/