Exports of goods reached NOK 76.9 billion in October, while imports came to NOK 44.7 billion. Export value has increased while imports have decreased slightly compared to the same month last year. The trade surplus in goods was therefore NOK 32.2 billion.
In October, imports of goods excluding ships and oil platforms came to NOK 44.7 billion, compared with NOK 48.1 billion in October 2007. This corresponds to a drop of NOK 3.4 billion, or 7.1 per cent. The figures are affected by the frigate imported by the Norwegian Defence Forces last year and do not reflect a general fall in imports. Other than this there were no major changes in imports among the different commodity groups. Manufactured goods decreased by NOK 792 million and manufactured articles increased by NOK 524 billion.
In October, the total export value of crude oil, natural gas and condensates ended at NOK 44.1 billion. Exported value of crude oil and natural gas came to NOK 26.0 and 17.8 billion respectively. The average crude oil price went up by 4.7 per cent from October last year to October this year and ended at NOK 483 per barrel, which is the lowest price so far this year. Compared with September figures, the average crude oil price fell NOK 87 per barrel. This is due to a weakened dollar and reduced demand for oil.
The export value of goods excluding ships, oil platforms, crude oil, condensates and natural gas reached NOK 32.8 billion in October, compared with NOK 30.3 billion in October last year. This is an advance of NOK 2.5 billion or 8.2 per cent. The export value of fish was NOK 4.8 billion, a rise of almost NOK 1 billion from October last year. Within the commodity group, manufactured articles iron and steel increased by NOK 432 million while non-ferrous metals decreased by more than NOK 1.1 billion. Nickel dropped by NOK 558 million, mainly due to a lower price. Furthermore, aluminium dropped due to a lower quantity, by NOK 190 million. With regard to machinery and transport equipment, industrial machinery dropped by NOK 685 million and electrical machinery by NOK 551 million.