FX.co ★ Norway Trade Surplus Largest in 4 Months

Norway posted a trade surplus of NOK 89.3 billion in July 2026, slightly up from NOK 89.2 billion in the same month a year earlier. This was the highest surplus since March, supported by a strong rise in exports. Total exports increased by 21.5% year-on-year to NOK 173.6 billion, driven mainly by higher shipments of fuels, lubricating oils and electric power (+29.8%), animal and vegetable oils, fats and waxes (+29.8%), chemical products (+17.9%), and processed goods, grouped mainly by material (+18.2%).

Imports edged up just 0.1% to NOK 89.3 billion. Higher purchases of raw materials (+30.5%) and animal and vegetable oils, fats and waxes (+48.5%) were largely offset by lower imports of food and live animals (-10.1%), processed goods (-6.3%), and other goods and transactions (-37%).

Over the January–July period, Norway recorded a cumulative trade surplus of NOK 502.1 billion, up from NOK 430.3 billion a year earlier, an increase of 16.7%. The improvement reflected exports rising by 8.1%, outpacing a 2.3% increase in imports.