FX.co ★ Amended: Norway Trade Surplus Shrinks As Exports Plunge

Corrects story

Norway's trade surplus decreased sharply in June compared to the previous year as exports plunged amid an increase in imports, data from Statistics Norway showed on Friday.

The trade surplus shrank to NOK 44.2 billion in June from NOK 110.8 billion in the same month last year. In May, the surplus was NOK 40.9 billion.

Exports fell 31.3 percent annually in June, while imports showed an increase of 4.7 percent.

A 100.0 percent slump in overseas demand for ships and oil platforms was the key factor behind the sharp drop in exports. Shipments of natural gas also logged a marked fall of 67.3 percent.

Data showed that mainland exports climbed 10.5 percent annually in June.

On a monthly basis, exports rose 1.8 percent, while imports dropped by 0.8 percent.

The mainland trade logged a deficit of NOK 29.5 billion in June, down from NOK 34.5 billion in May.