Norway Trade Surplus Shrinks In July

(RTTNews) - Norway's foreign trade surplus declined notably in July from a year ago as exports fell amid an increase in imports, data from Statistics Norway showed on Friday.

The trade surplus dropped to NOK 54.0 billion in July from NOK 59.2 billion in the same month last year. In June, the surplus was 46.2 billion.

Exports fell 3.1 percent annually in July, while imports were 0.8 percent higher. The decrease in exports was driven by a 100.0 percent slump in outflows of ships and oil platforms.

On a monthly basis, exports rose 2.0 percent, while imports decreased by 5.4 percent.

Mainland exports were 8.7 percent higher compared to last year, while they declined 9.5 percent from June. The mainland trade logged a deficit of NOK 29.3 billion in July, up from NOK 28.1 billion a month ago.