A Nordic nation in northwestern Europe that shares its long eastern border with Sweden, the Kingdom of Norway’s imports cost a total US$96.8 billion in 2023.

That dollar amount results from a 12.6% increase compared to $85.9 billion five years earlier during 2019.

Year over year, the total cost of Norway’s spending on imported products shrank by -9.8% from $107.3 billion in 2022.

Based on the average exchange rate for 2023, the Norwegian krone weakened by -20% against the US dollar since 2019 and depreciated -9.9% from 2022 to 2023. Norway’s weaker local currency made Norwegian imports paid for in stronger US dollars relatively more expensive when converted starting from the Norwegian krone.

Domestically, Norway’s inflation rate for average consumer prices was 5.826% in 2023 according to the International Monetary Fund, up from an average 5.764% for the prior year.

Norway’s Best Suppliers for its Imports

The latest available country-specific data shows that 69.2% of products imported into Norway was furnished by exporters in: Germany (11.4% of the Norwegian total), mainland China (11.2%), Sweden (10.8%), United States of America (7.6%), Netherlands (4.8%), Denmark (4.7%), United Kingdom (4.5%), Poland (3.6%), Italy (3.1%), France (2.8%), Finland (2.5%) and Canada (2.3%).

From a continental perspective, approaching two-thirds (62.4%) of Norway’s total imports by value in 2023 was purchased from fellow European countries. Trade partners in Asia supplied over a fifth (21.5%) of import purchases by Norway while another 10.6% worth of goods originated from North America.

Smaller percentages came from exporters in Latin America (3.5%) excluding Mexico but including the Caribbean, Africa (1.6%), then Oceania (0.4%) led by Australia.

Norway is not a member of the European Union. Nevertheless, 55.7% of Norwegian spending on imports was attributed to suppliers that are EU members.

Given Norway’s population of 5.51 million people, its total $96.8 billion in 2023 imports translates to roughly $17,600 in yearly product demand from every person in the northernmost Scandinavian Peninsula country. That per-capita amount lags the average $19,600 for 2022.

Norway’s Top 10 Imports

The following product groups represent the highest dollar value in Norway’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Norway.

1. Machinery including computers: US$13 billion (13.4% of total imports)
2. Vehicles: $10.9 billion (11.3%)
3. Electrical machinery, equipment: $9.3 billion (9.7%)
4. Mineral fuels including oil: $8.2 billion (8.5%)
5. Articles of iron or steel: $4.2 billion (4.4%)
6. Optical, technical, medical apparatus: $3 billion (3.1%)
7. Plastics, plastic articles: $2.8 billion (2.9%)
8. Furniture, bedding, lighting, signs, prefabricated buildings: $2.8 billion (2.8%)
9. Nickel: $2.7 billion (2.8%)
10. Pharmaceuticals: $2.6 billion (2.7%)

Norway’s top 10 imports generated over three-fifths (61.6%) of the overall value of its product purchases from other countries.

Machinery including computers posted an 8.1% increase in Norway’s spending on products classified under that top import category from 2022 to 2023.

The remaining import purchases that benefited from increased spending was the optical, technical and medical apparatus category via a 0.6% upturn.

The severest decliners were for Norway’s imports of mineral fuels including oil (down -25.9%), furniture, bedding lights, signs and prefabricated buildings (down -17.6% from 2022), vehicles (down -16.3%), nickel (down -15.6%), then plastics both as materials and items made from plastic (down -11.7%).

Drilling down to the more granular 4-digit level, Norwegian importers spent the most on the following commodities: imported cars (6.4% of total spending), processed petroleum oils (5.4%), nickel (2.8%), phone devices including smartphones (2.2%), computers (2%), trucks (1.9%), medication mixes in dosage (1.7%), miscellaneous iron or steel structures (1.3%), crude oil (also 1.3%), and miscellaneous furniture (1.2%).

More details about major import product categories are presented in the sections below.

Norway’s Most Valuable Imported Machinery Including Computers

In 2023, Norwegian importers spent the most on the following 10 subcategories of machinery including computers.

1. Computers, optical readers: US$1.9 billion (down -6.3% from 2022)
2. Taps, valves, similar appliances: $1 billion (up 13.5%)
3. Machinery parts: $912.9 million (up 14.5%)
4. Miscellaneous machinery: $858.2 million (up 20.5%)
5. Turbo-jets: $676.8 million (up 29.2%)
6. Heavy machinery (bulldozers, excavators, road rollers): $668.9 million (up 9.3%)
7. Centrifuges, filters and purifiers: $475.1 million (up 14.1%)
8. Liquid pumps and elevators: $393.9 million (up 9.7%)
9. Refrigerators, freezers: $382.2 million (down -4.9%)
10. Air or vacuum pumps: $378.6 million (up 23.8%)

Among these import subcategories, Norwegian purchases of turbo-jets (up 29.2%), air or vacuum pumps (up 23.8%) then miscellaneous machinery (up 20.5%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery including computers among Norwegian businesses and consumers.

Norway’s Most Valuable Imported Vehicles Products

In 2023, Norwegian importers spent the most on the following 10 subcategories of road vehicles.

1. Cars: US$6.2 billion (down -29.9% from 2022)
2. Trucks: $1.8 billion (up 21%)
3. Automobile parts/accessories: $987.3 million (up 3.9%)
4. Tractors: $524.8 million (up 30.1%)
5. Trailers: $426.2 million (down -8.9%)
6. Public-transport vehicles: $322.5 million (up 60.7%)
7. Motorcycles: $205.5 million (down -21.4%)
8. Special purpose vehicles: $131 million (up 14.4%)
9. Motorcycle parts/accessories: $81 million (down -22.2%)
10. Bicycles, other non-motorized cycles: $69.2 million (down -22.3%)

Among these import subcategories, Norwegian purchases of public-transport vehicles (up 60.7%), tractors (up 30.1%) then trucks (up 21%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Norwegian businesses and consumers.

Norway’s Most Valuable Imported Electronics Products

In 2023, Norwegian importers spent the most on the following 10 subcategories of electronics-related goods.

1. Phone devices including smartphones: US$2.1 billion (down -3.7% from 2022)
2. Electrical converters/power units: $765.3 million (up 18%)
3. Insulated wire/cable: $735.2 million (down -7.8%)
4. TV receivers/monitors/projectors: $495.1 million (down -16.4%)
5. Lower-voltage switches, fuses: $481 million (down -0.1%)
6. Carbon electrodes, brushes, lamp carbons: $460.1 million (down -9.3%)
7. Electrical/optical circuit boards, panels: $401.8 million (up 30.6%)
8. Electric water heaters, hair dryers: $355.8 million (down -12.8%)
9. Electric storage batteries: $318.8 million (down -7.7%)
10. Microphones/headphones/amps: $312.9 million (down -11.6%)

Among these import subcategories, Norwegian purchases of electrical or optical circuit boards and panels (up 30.6%), and electrical converters or power units (up 18%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics-related goods among Norwegian businesses and consumers.

Norway’s Most Valuable Imported Mineral Fuels Products

In 2023, Norwegian importers spent the most on the following 10 subcategories of mineral fuels including oil and related products.

1. Processed petroleum oils: US$5.2 billion (down -26.8% from 2022)
2. Crude oil: $1.2 billion (up 166.5%)
3. Electrical energy: $789.2 million (down -65.9%)
4. Petroleum oil residues: $412.4 million (down -14.4%)
5. Coal, solid fuels made from coal: $236 million (down -18.4%)
6. Coke, semi-coke: $168.5 million (down -27.7%)
7. Tar pitch, coke: $135.2 million (down -8.9%)
8. Petroleum gases: $46.2 million (down -12.4%)
9. Petroleum jelly, mineral waxes: $9.4 million (down -9.7%)
10. Coal tar oils (high temperature distillation): $7.4 million (down -17%)

Among these import subcategories, Norwegian purchases of crude oil grew via a 166.5% advance from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported mineral fuels including oil plus related products among Norwegian businesses and consumers.
 

See also Norway’s Top Trading Partners, Norway’s Top 10 Exports and Top EU Import Countries

Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on April 1, 2024

Imported Consumer Products, Norway’s Top 100 Imported Consumer Products. Accessed on April 1, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 1, 2024

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on April 1, 2024

International Trade Centre, Trade Map. Accessed on April 1, 2024

Wikipedia, Norway. Accessed on April 1, 2024