FX.co ★ Norway Trade Surplus Expands in May

Norway’s trade surplus widened to NOK 62.6 billion in May 2026, up from NOK 44.1 billion in the same month a year earlier, as export growth significantly outpaced that of imports. Exports increased by 15.2% year-on-year to NOK 158.1 billion, driven primarily by a strong rise in shipments of mineral fuels, lubricants and related materials (up 25.7%), as well as manufactured goods classified chiefly by material (up 11.2%). These advances more than offset declines in exports of food and live animals (down 3.3%) and machinery and transport equipment (down 10.6%).

Imports rose by 2.6% to NOK 462.3 billion, largely reflecting higher purchases of machinery and transport equipment (up 9.6%), chemicals and related products n.e.s. (up 6.4%), and mineral fuels, lubricants and related materials (up 12.8%). Over the January–May period, Norway posted a trade surplus of NOK 357.5 billion, an 8.5% increase from the same period a year earlier, as exports grew by 4.5%, outpacing a 1.6% rise in imports.