Monday, March 20, 2023

Gas prices make Norway’s coffers gush

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Record trade surplus

High gas prices give Norway record trade surplus

High gas prices brought Norway a record trade surplus last year. In 2022, the Scandinavian country had total exports worth around 2.6 trillion Norwegian kroner (around 240 billion francs).

Thanks to high gas prices, Norway was able to almost triple its trade surplus. (icon picture)

This corresponded to an increase of a whopping 87.2 percent over the previous year, said the Norwegian statistical authority SSB on Monday. Goods worth a good 1.0 trillion crowns were imported. This gives Norway a trade surplus of almost 1.6 trillion crowns (around 150 billion francs) – almost three times the surplus in 2021.

The statisticians identified the export of natural gas as the main reason for the enormous plus. This has almost tripled year-on-year to a value of 1.36 billion crowns, making up more than half of the total export value in 2022.

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