Norway Trade Surplus Rises In August

(RTTNews) - Norway's foreign trade surplus increased somewhat in August from a year ago as imports fell faster than exports, data from Statistics Norway showed on Monday.

The trade surplus rose to NOK 60.1 billion in August from NOK 59.2 billion in the same month last year. The surplus also grew from NOK 54.6 billion in July.

Exports declined 5.2 percent annually in August, and imports plunged by 5.7 percent. The downturn in exports was mainly driven by lower foreign demand for ships and oil platforms. Natural gas exports declined 16.3 percent.

On a monthly basis, exports rose 0.3 percent, while imports decreased by 5.7 percent.

Mainland exports were 10.7 percent higher compared to last year, and they increased 5.7 percent from July. The mainland trade logged a deficit of NOK 20.2 billion in August, down from NOK 28.6 billion in the prior month.