The Norwegian external trade in 2011 grew compared to 2010. Both imports and exports rose, and imports reached a record high. Exports were approaching the record year of 2008 as was the trade balance.
The total export value of 2011 reached NOK 892.7 billion, while the import of commodities amounted to NOK 509.0 billion. Consequently, the trade surplus came to NOK 383.7 billion. This was 20 per cent higher than in 2010 and 28 per cent higher than in 2009, but still 15 per cent lower than in 2008.
In 2011, exports accounted for 33 per cent of the gross national product. The share was 31 per cent in 2009 and 37 per cent the previous year. The corresponding figures for the imports were 19 per cent in 2011 and 20 per cent in 2008.
Exports to European countries accounted for 70 per cent of the total mainland exports in 2011, with a value of NOK 254.4 billion, compared with NOK 223.3 billion in 2010. Like the previous year, the main recipient countries were Sweden and Germany in 2011.