According to official statistics released on Monday, Norway’s trade increase hit a record high in July, largely thanks to the surge in natural gas prices triggered by Russia’s invasion of Ukraine. Gas exports more than quadrupled over one year, to 128.4 billion crowns.
Norway’s trade surplus hit a record high in July, largely on the back of soaring natural gas prices sparked by Russia’s invasion of Ukraine, official statistics showed Monday. Norway’s trade balance surplus stood at 153.2 billion crowns (15.6 billion euros) last month, shattering the previous record set in March (138.1 billion crowns), figures show. published by the national statistical institute SSB.
The closure of the Nord Stream 1 gas pipeline in question
Gas exports – Norway is the largest exporter of hydrocarbons in Western Europe – more than quadrupled over one year, to 128.4 billion crowns, again a record linked to soaring prices . “The closure and slowdown of the Nord Stream 1 gas pipeline, which carries gas from Russia to Europe, rejected pushing the price of gas to a record high in July,” commented Jan Olav Rørhus, statistician at SSB, in a statement.
Exports, in general, reached an all-time high of 229 billion crowns, 0.4% more than in March, according to SSB. It is also the result of an increase in sales of oil, but also of electricity, metals and fish. While European countries sought to break their energy dependence on Russia in the wake of the war in Ukraine, Norway is producing at full capacity to cover part of the needs. Before the conflict, Norway covered between 20 and 25% of the gas needs of the European Union and the United Kingdom against 45 and 50% for Russia.