Norway’s Export Market of 2024: The Latest Trade Updates

Norway, in northern Europe, bordered by Sweden and Finland in the northeast and east direction, has been dependent on its export market revenue for economic significance. The export market of the country is shaped by a mix of factors like energy, industrial, and maritime products trade. Oil and gas essentials, seafood, chemicals, and metals, have been shaping the overall trade landscape.

Norway, with its abundant natural resources and advanced maritime and offshore industry sector, has emerged as a top competitor of the global export traders worldwide. Due to the diversified export base and the well-developed industrial capacity, the country has recorded a total export valuation of 170 billion US dollars in 2024. The skilled workforce and the strong integration of the global energy supply chains have maintained the continuity in the hike of export revenue. Subscribe to Import Globals for the leading Norway Import Data provider for staying updated with the latest information regarding the export market of the nation via the Norway trade data. 

GOVERNMENT INITIATIVES SUPPORTING THE EXPORT MARKET OF NORWAY IN 2024

The Export Credit Guarantees via GIEK have lowered the financial and political risks that are linked to the export transaction. It has increased the volume and scope of global trade outputs. The expanded financing and support for small and medium enterprises have promoted the orientation of small and medium enterprises' growth. It has improved access to capital markets while broadening the diversified market reach. 

The National Export Diversification Strategy has reduced the dependency on fossil fuel exports while diversifying export growth. The large-scale funding for the green maritime and shipping industry has positioned the country as a top trading hub with sustainable shipping rates worldwide.

THE LEADING VARIANT OF GOODS EXPORTED FROM NORWAY IN 2024

Norway, with its high standard of living and favourable fulfilment of the global demand for energy and maritime products, has recorded diversity in its overall trade output. According to the Norway Export Data, the top 10 leading variants of goods exported from the nation in 2024 are,

  • Oil & Gas – The total valuation of Oil & Gas exported from Norway in 2024 – 32 billion US dollars
  • Fish & Seafood – The total valuation of Fish & Seafood exported from Norway in 2024 – 21 billion US dollars
  • Machinery– The total valuation of Machinery exported from Norway in 2024 – 18 billion US dollars
  • Aluminum – The total valuation of Aluminum exported from Norway in 2024 – 16 billion US dollars
  • Electrical & Electronic Equipment – The total valuation of Electrical & Electronic Equipment exported from Norway in 2024 – 15 billion US dollars
  • Optical / Technical / Medical Apparatus– The total valuation of Optical / Technical / Medical Apparatus exported from Norway in 2024 – 12 billion US dollars
  • Nickel – The total valuation of Nickel exported from Norway in 2024 – 10 billion US dollars
  • Iron & Steel – The total valuation of Iron & Steel exported from Norway in 2024 – 8 billion US dollars
  • Vehicles – The total valuation of Vehicles exported from Norway in 2024 – 7 billion US dollars
  • Pharmaceuticals – The total valuation of Pharmaceuticals exported from Norway in 2024 – 6 billion US dollars

TOP 10 EXPORT TRADE PARTNERS OF NORWAY IN 2024

The technological innovation in the maritime and processing industries, along with the international trade networks, has benefited the bilateral relationship. According to the Norway Customs Data, the top 10 export trade partners of the nation for goods exports in 2024 are,

  • United Kingdom – The total valuation of goods exported from Norway to United Kingdom in 2024 – 41 billion US dollars

Top 5 variants of goods exported

  • Aircraft
  • Auto Parts
  • Cars
  • Vehicle Components
  • Copper Products
  • Germany – The total valuation of goods exported from Norway to Germany in 2024 – 29 billion US dollars

Top 5 variants of goods exported

  • Valves & Fittings
  • Pumps & Compressors
  • Conveyor Machinery
  • Scientific Instruments
  • Electricity
  • Netherlands – The total valuation of goods exported from Norway to the Netherlands in 2024 – 22 billion US dollars

Top 5 variants of goods exported

  • Timber
  • Processed Wood
  • Metal Sheets
  • Metal Scrap
  • Industrial Boilers
  • Sweden – The total valuation of goods exported from Norway to Sweden in 2024 – 16 billion US dollars

Top 5 variants of goods exported

  • Precious Metals & Stones
  • Food Residues
  • Meat
  • Dairy & Eggs
  • Fertilizers
  • France – The total valuation of goods exported from Norway to France in 2024 – 14 billion US dollars

Top 5 variants of goods exported

  • Zinc
  • Wood
  • Chemical Products
  • Arms & Ammunition
  • Plastics
  • Poland – The total valuation of goods exported from Norway to Poland in 2024 – 12 billion US dollars

Top 5 variants of goods exported

  • Medical Devices
  • Pharmaceuticals
  • Chemical Compounds
  • Organic Chemicals
  • Inorganic Chemicals
  • Belgium – The total valuation of goods exported from Norway to Belgium in 2024 – 10 billion US dollars

Top 5 variants of goods exported

  • Turbines
  • Pumps
  • Electrical Equipment
  • Circuit Boards
  • Optical / Medical Instruments
  • Denmark – The total valuation of goods exported from Norway to Denmark in 2024 – 9 billion US dollars

Top 5 variants of goods exported

  • Ferroalloys
  • Iron & Steel
  • Ships & Boats
  • Industrial Machinery
  • Machine Parts
  • United States – The total valuation of goods exported from Norway to the United States in 2024 – 7.65 billion US dollars

Top 5 variants of goods exported

  • Frozen Fish
  • Smoked Fish
  • Aluminum
  • Aluminum Sheets
  • Nickel
  • Finland – The total valuation of goods exported from Norway to Finland in 2024 – 6.98 billion US dollars

Top 5 variants of goods exported

  • Oil & Gas
  • Crude Oil
  • Refined Oil
  • Fresh Fish
  • Fish Fillets

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