The export report for 2023 shows that revenues from oil and gas exports fell by NOK 800 billion. The main reason for the fall is that the gas price has stabilized at a more “normal” level. Historically speaking, however, oil and gas exports are at a sky-high level. In addition, the report shows that the seafood industry exported NOK 165 billion, which is the highest level ever. This more than made up for the fact that the power-intensive industry “only” exported NOK 190 billion as a result of lower raw material prices. – The export report clearly shows that the oil and gas industry still dominates, but that we have more legs to stand on, and must further develop these in the years ahead, says NHO director Ole Erik Almlid to news. This is the Export report The Menon report has been prepared on behalf of NHO, LO, Innovation Norway, Export Financing Norway and the National Export Council. The report is considered a good indicator of how competitive the Norwegian business community is. In 2023, Norwegian companies exported NOK 2,400 billion, a decrease of around 24 percent from the record year 2022. Almost half of the income (NOK 1,175 billion) comes from oil and gas exports. In recent years, Norwegian companies have received more for goods they export to customers who trade in euros. The explanation is the weak krone, which means that companies receive more kroner for every euro they exchange. And it can be more lucrative. In Dagens Næringsliv, there is speculation that the euro exchange rate may rise to NOK 14 and 15. Photo: Steffen Kalås Uneasy time with strong geopolitical tensions The report shows that Sweden, the Netherlands, Germany and the Netherlands are our most important markets. EU/EEA countries accounted for 70 per cent of oil and gas exports. Although the war in Ukraine no longer has the same shock effect, the report paints a picture of a troubled time with strong geopolitical tensions. Examples are higher defense expenditure and shipping companies having to change the sailing route around Africa after several attacks on ships in the Suez Canal. – Now that the EEA agreement turns 30 years old, it is more important than anything. We must not forget this. Our closest relationship is and continues to be in Europe, says Almlid. Photo: William Jobling / news Going forward, the authors of the report expect that gas exports will fall below NOK 1,000 billion for the first time since 2020. They specify: – The forecasts are nevertheless characterized by great uncertainty as a result of the war in Ukraine and potential escalation of conflicts in the Middle East . Western Norway accounts for 40 per cent of mainland exports. In total, Norwegian exports provide the basis for 640,000 jobs, which corresponds to around one in five Norwegian jobs. The main focus is on Western Norway, which is “host” to power-intensive industry and a number of players in the seafood industry. In total, the three counties of Vestland, Rogaland and Møre og Romsdal account for 40 per cent of the total mainland exports. – Norwegian exports must become more varied. We need more strong industries and more export legs to stand on, says CEO of Innovation Norway, Håkon Haugli. He makes a point that Norway has a lot to live up to compared to several of our neighbours. – We must rise to the same growth level as Denmark and Sweden, he says, and points to offshore wind as a potential game changer. The report shows that Norwegian renewable exports doubled – from NOK 9 to 18 billion – in the period 2018 to 2022. – Much of the capacity is tied up in the oil and gas sector – Although Norway today lags behind neighboring countries, there are large market opportunities within several central green value chains in Europe, write the authors. In particular, they identify three “central green value chains”: the offshore wind market, production of hydrogen, and the value chain for battery production. – There is a massive investment in renewable energy in all markets, but the companies’ attempts to position themselves are affected by the fact that much of the capacity is tied up in the oil and gas sector, says Haugli. – The fact that Norwegian suppliers do not have the capacity to participate now can have long-term effects on Norway’s ability to develop new industries. Yara Sunniva Ihle, head of authority contact and communication at Yara – Norwegian industry is world-leading, but we depend on an open market to sell our products. At a time when global trade is under increasing pressure, good trade agreements are more important than in a long time. Norwegian exports must be prepared for the future, and arrangements must be made so that the products Norway exports can be restructured to meet increasingly stringent climate requirements. Hilde Nilsson Ridola / news Håkon Haugli, Innovation Norway – We need to rise to a growth level like Denmark and Sweden, if we are to reach the goal of a 50 percent increase in exports excluding oil and gas by 2030. Fortunately, we see great potential in several parts of Norwegian business, and that Norway can contribute to the green shift in Europe within, among other things, energy and green maritime industry. ISMAIL BURAK AKKAN / news Ole Erik Almlid, NHO director – Now we need to bring in more export companies that can in turn create even more jobs. At the same time, we must be honest that we cannot succeed on the export market without the right prerequisites at home. Good framework conditions, a reasonable tax level and enough power here at home are absolutely essential to succeed abroad.
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Lower gas prices resulted in 800 billion in lost income – news Vestland
