Exporting to Norway

Norway Export Guide | Trade Finance Global

Exporting to Norway

Norway has a population of over 5 million people; it is a high-income economy and is a member of the OECD. In terms of rankings, it has the second GDP per capita in the world and the best index of quality of life in the world.

The main trade with Norway has been mainly with the EU. The total GDP of Noway is around $511 billion and Norway’s GDP per capita is around $101,000, which makes it the second highest in the European Economic Area (EEA) following Luxembourg. Norway emerged as the EU’s most valuable import partner for trade in goods totalling around €91 billion. There is a surplus of around €48 billion in relation to Norway’s trade with the EU. The European Economic Area (EEA) Agreement will protect Norwegian market interests in the main European market.

Norway Country Profile

Official Name (Local Language) Kongeriket Norge
Capital Oslo
Population 5,265,158
Currency Norwegian Kroner
GDP $376.3 billion
Languages Norwegian
Telephone Dial In 47

Norway Imports Profile

Imports ($m USD)

85,526

Number of Import Products

4,367

Number of Import Partners

200

Top 5 import partners

Country

Trade

% Partner Share

Sweden

9,819

11.48

Germany

9,487

11.09

China

8,410

9.83

United States

5,816

6.80

Korea, Rep.

5,787

6.77

Top 5 Import Products at HS 6 digit level

Export product

Number

Structures and parts of structures,i or s

7.4%

Automobiles nes including gas turbine powered

5.2%

Petroleum oils, etc, (excl. crude); preparation

2.8%

Automobiles with diesel engine displacing more

2.1%

Transmission apparatus, for radioteleph incorpo

2.0%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Norway

Agriculture

%

Product list

1.8%

Barley, wheat, potatoes; pork, beef, veal, milk; fish

Industry

%

Industry list

34.7%

Petroleum and gas, shipping, fishing, aquaculture, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles

Services

%

Services list

63.5%

Exporting to Norway: What is trade finance?

Norway has a population of over 5 million people; it is a high-income economy and is a member of the OECD. In terms of rankings, it has the second GDP per capita in the world and the best index of quality of life in the world.

The main trade with Norway has been mainly with the EU. The total GDP of Noway is around $511 billion and Norway’s GDP per capita is around $101,000, which makes it the second highest in the European Economic Area (EEA) following Luxembourg. Norway emerged as the EU’s most valuable import partner for trade in goods totalling around €91 billion. There is a surplus of around €48 billion in relation to Norway’s trade with the EU. The European Economic Area (EEA) Agreement will protect Norwegian market interests in the main European market.

Information

Norway_Map

Exporting to Norway? Contact our local experts

Norway_Flag

Norway Economic Statistics

Government Website

https://www.regjeringen.no/

Sovereign Ratings

https://countryeconomy.com/ratings/norway

Central Bank

Norges Bank

Currency USD Exchange Rate

8.615

Unemployment Rate

4.4%

Population below poverty line

NA

Inflation Rate

3.5%

Prime Lending Rate

6.25%

GDP

$376.3 billion

GDP Pro Capita (PPP)

$69,300

Currency Name

Norwegian Kroner

Currency Code

NOK

World Bank Classification

High Income

Competitive Industrial Performance

11/138

Corruption Perceptions Index

3/180

Corruption Perceptions Index

3/180

Ease of Doing Business

7/190

Enabling Trade Index

17/136

Currency in Norway

About the Author

Brian Canup is the Editorial & Research Assistant at Trade Finance Global (TFG).

Brian holds a BA in Political Science from the University of Wisconsin-Madison and an MA in International Political Economy from King’s College London.

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