Norway Trade Surplus Shrinks In March

(RTTNews) - Norway's foreign trade surplus declined in March from a year ago as imports grew faster than exports, data from Statistics Norway showed on Tuesday.

The trade surplus dropped to NOK 60.2 billion in March from NOK 65.3 billion in the same month last year. The surplus also decreased sharply from NOK 84.6 billion in February.

Exports climbed 7.6 percent annually in March, while imports surged by 20.3 percent. The overall increase in exports was mainly driven by a 44.2 percent growth in natural gas.

Meanwhile, exports of ships and oil platforms showed a sharp decline of 69.5 percent.

On a monthly basis, exports declined 8.7 percent, while imports grew by 11.3 percent.

Mainland exports were 11.3 percent higher compared to last year, while they decreased 3.0 percent from February. The mainland trade logged a deficit of NOK 31.1 billion in March, up from NOK 20.4 billion a month ago.