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Norway trade surplus soars to record high, driven by gas exports
Published by maria gbaf
Posted on October 15, 2021
2 min readLast updated: January 29, 2026
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Published by maria gbaf
Posted on October 15, 2021
2 min readLast updated: January 29, 2026
Norway's trade surplus soared to a record high in September, driven by increased gas exports amid rising global energy prices.
OSLO (Reuters) – Norway’s trade surplus rose last month to a record level thanks to soaring revenues from selling gas from its offshore fields, national statistics agency (SSB) data showed on Friday.
With a daily output of around four million barrels of oil equivalent, almost equally divided between oil and natural gas, Norway has been among the winners https://www.reuters.com/business/energy/norway-russia-reap-rewards-europes-flexible-gas-market-2021-09-24 from an ongoing spike https://www.reuters.com/business/energy/energy-crunch-stokes-inflation-economic-recovery-fears-2021-10-12 in global energy prices.
The trade surplus for September rose 28% from August to 53.7 billion Norwegian crowns ($6.37 billion), the highest on record, SSB said.
In total, 61% of Norway’s overall exports came from petroleum last month, the data showed.
Norway supplied 22% of the natural gas consumed in the European Union last year, second only in size to Russia’s 34% market share, according to Norwegian government data.
The overall value of Norway’s gas exports stood at 48.7 billion crowns for September, a rise of 27% from August and a sevenfold increase from a year ago, it said.
Oil exports stood at 30.4 billion crowns, up 116% from September 2020, when energy prices were depressed due to the pandemic.
($1 = 8.4344 Norwegian crowns)
(Reporting by Terje Solsvik, editing by Gwladys Fouche and John Stonestreet)
The article discusses Norway's record-high trade surplus driven by gas exports and rising global energy prices.
The trade surplus increased by 28% from August, reaching 53.7 billion Norwegian crowns.
Norway supplied 22% of the natural gas consumed in the European Union last year.
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