Norway’s external trade in services continues to exhibit resilience and growth, as indicated by the latest data on the trade balance. The figures, updated on 1 June 2023, reveal a trade balance of 12.9 billion NOK in the first quarter of 2023, reflecting a notable increase compared to the same period last year.
According to the report published by the Norwegian Statistical Office, the trade balance demonstrates a positive growth of 111.6 percent, indicating a strong performance in the external trade of services for non-financial enterprises. In the first quarter of 2022-2023, exports reached 98.1 billion NOK, reflecting a 23.1 percent increase compared to the previous year. Similarly, imports rose to 85.2 billion NOK, showing a 15.7 percent growth during the same period.
The positive trade balance of 12.9 billion NOK signifies the country’s ability to export more services than it imports, contributing to the overall economic strength of Norway. It highlights the competitive advantage and high demand for Norwegian services in international markets. The trade balance growth further demonstrates the resilience of the services sector in Norway, despite global economic challenges.
It is important to note that the last five quarters’ figures are preliminary and subject to revision. The Norwegian Statistical Office will continue to monitor and analyze the external trade in services to provide accurate and updated information on Norway’s trade performance.
The positive growth in Norway’s trade balance is a promising sign for the country’s economy, showcasing the strength of its services sector. It is a testament to the quality and competitiveness of Norwegian services on the global stage. The next update on external trade in services is scheduled for 1 September 2023, providing further insights into Norway’s trade performance and its impact on the national economy.
For a more comprehensive analysis and detailed information on external trade in services, please refer to the official report provided by the Norwegian Statistical Office.