The export growth was mainly due to higher prices of both crude oil and natural gas. Several commodity groups accounted for the increase in imports.
Exports of goods, excluding ships and oil platforms, came to NOK 70.7 billion in October, while imports reached NOK 44.0 billion. Compared to October 2010, the import and export rose by 7.7 and 5.5 per cent respectively.
The total export volume of crude oil in October; 37.2 million barrels, was the lowest recorded this year. The export value amounted to NOK 23.5 billion, up 6 per cent from October last year, due to higher prices. At the same time, the export value fell 12 per cent from September to October this year.
The export value of natural gas in October came to NOK 17.8 billion; 9 per cent higher than last year, due to rising prices. The exported volume, on the other hand, fell slightly.
The commodity group including machinery and transport equipment, which are our main import articles, showed an increase of 16 per cent in total, amounting to NOK 16.0 billion. While all types of machinery rose, the imports of telecommunications apparatus and equipment fell by 6 per cent, to NOK 1.6 billion. Passenger cars also showed an upturn of 18 per cent, reaching NOK 2.9 billion.
The import value of manufactured goods and miscellaneous manufactured articles accounted for NOK 6.9 billion and NOK 7.2 billion respectively – up 12 and 7 per cent. Amongst manufactured goods, metals and manufactures of metals showed the sharpest growth, while clothing and professional, scientific controlling instruments took the lead among the manufactured articles.
While food and beverages rose, the imports of inedible crude materials and mineral fuels dropped.