That dollar results from a 72.7% advance compared to $102.8 billion five years earlier during 2019.
From 2022 to 2023, the total value of exported goods shriveled by -34.6% starting from $271.7 billion.
The 6 biggest customers purchasing Norway’s exports are Germany, United Kingdom, France, Belgium, Netherlands and Sweden. Collectively, that cohort of top trading partners bought over three-quarters (xxx%) of Norway’s total products exported in 2023.
Applying a continental lens, 88% of Norway’s exports by value was delivered to fellow European countries while 6.1% was sold to importers in Asia. Norway shipped another 3.7% worth of goods to buyers in North America.
Smaller percentages went to Africa (1.2%), Latin America (0.8%) excluding Mexico but including the Caribbean, then Oceania (0.2%) led by Australia and New Zealand.
Norway’s Top Trading Partners
Below is a list showcasing 25 of Norway’s top trading partners in terms of export sales. That is, countries that imported the most Norwegian shipments by dollar value during 2023. Also shown is each importing country’s percentage of total Norwegian exports.
- United Kingdom: US$33.9 billion (19.1% of total Norwegian exports)
- Germany: $33.8 billion (19%)
- Netherlands: $14.8 billion (8.3%)
- Sweden: $13.7 billion (7.7%)
- Poland: $10.7 billion (6%)
- France: $10.6 billion (5.9%)
- Belgium: $9.8 billion (5.5%)
- Denmark: $8.9 billion (5%)
- Finland: $5.9 billion (3.3%)
- United States: $5.7 billion (3.2%)
- mainland China: $3.6 billion (2%)
- Italy: $3 billion (1.7%)
- Spain: $2.4 billion (1.3%)
- Lithuania: $1.6 billion (0.9%)
- South Korea: $1.3 billion (0.7%)
- Nigeria: $1.2 billion (0.7%)
- Türkiye: $1.13 billion (0.6%)
- Iceland: $1.05 billion (0.6%)
- Japan: $919.2 million (0.5%)
- Portugal: $847.6 million (0.5%)
- Brazil: $807 million (0.5%)
- Greece: $644.4 million (0.4%)
- Ireland: $637 million (0.4%)
- Romania: $595 million (0.3%)
- Canada: $584.4 million (0.3%)
Well over nine-tenths (94.6%) of Norwegian exports in 2023 was delivered to the above 25 trade partners.
Expanded their purchases from Norway at the strongest pace from 2022 to 2023. Those fast-growing customers were importers in Romania (up 173.6%), Poland (up 70.9%), Greece (up 39.6%), Denmark (up 34.6%) and Italy (up 24.1%).
Recording double-digit percentage declines were buyers of Norwegian exports in France (down -58.7% from 2022), Germany (down -55.4%), Belgium (down -52.1%), Canada (down -47.7%) then the United Kingdom (down -41.6%).
Countries Causing Norway’s Highest Trade Deficits
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Norway incurred the highest trade deficits with the following countries.
- mainland China: -US$7.2 billion (country-specific trade deficit in 2023)
- United States of America: -$1.7 billion
- Canada: -$1.6 billion
- Brazil: -$1.2 billion
- Czech Republic: -$935.1 million
- Japan: -$780.3 million
- Vietnam: -$617.6 million
- Switzerland: -$524.1 million
- Singapore: -$462.6 million
- Estonia: -$435.2 million
Among Norway’s trading partners that cause the greatest negative trade balances, Norwegian deficits with Brazil (up 38%), United States of America (up 26.7%) and Japan (up 26.3%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Norway’s competitive disadvantages with the above countries, but also represent key opportunities for Norway to develop country-specific strategies to strengthen its overall position in international trade.
Countries Behind Norway’s Greatest Trade Surpluses
Norway produced an US$80.8 billion trade surplus during 2023, reducing by -50.9% from $164.4 billion in black ink one year earlier in 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Norway garnered the highest trade surpluses with the following countries.
- United Kingdom: US$29.6 billion (country-specific trade surplus in 2023)
- Germany: $22.8 billion
- Netherlands: $10.1 billion
- France: $7.8 billion
- Belgium: $7.8 billion
- Poland: $7.2 billion
- Denmark: $4.3 billion
- Finland: $3.5 billion
- Sweden: $3.2 billion
- Nigeria: $916.8 million
Among Norway’s trading partners that generate the greatest positive trade balances, Norwegian surpluses with Poland (up 177%), Denmark (up 174.7%) and Sweden (up 19.8%) grew from 2022 to 2023.
These positive cashflow streams clearly indicate Norway’s competitive advantages with the above countries, but also represent key opportunities for Norway to develop country-specific strategies to optimize its overall position in international trade.
Norway’s Export Companies
Nine Norwegian corporations rank among Forbes Global 2000. Below is a sample of the major Norwegian companies that Forbes included.
- Norsk Hydro (aluminum)
- Orkla (industrial conglomerates)
- Statoil (oil, gas)
- Telenor (telecommunications)
- Yara International (specialized chemicals)
Wikipedia also lists exporters from Norway. Selected examples are shown below.
- Cermaq (fish)
- Norske Skogindustrier, (pulp, paper)
- The Jotun Group (paints, related chemicals)
- Thin Film Electronics ASA (printed electronics)
- Tine (dairy products)
- Yara International (chemicals)
See also Norway’s Top 10 Exports, Norway’s Top 10 Imports and Norway’s Top 100 Imported Consumer Products
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on May 15, 2024
International Trade Centre, Trade Map. Accessed on May 15, 2024
Investopedia, Net Exports Definition. Accessed on May 15, 2024
Wikipedia, Norway. Accessed on May 15, 2024