Norway exported goods and services worth NOK 3,100 billion in 2022. This is almost a doubling from the year before. This appears from the Export Report, which was published today. The increase is due to the great demand for gas, and growth in global prices for fish, aluminum and fertiliser. Exports of other goods grew little. – We need to produce more profitable export companies within even more sectors. The export report shows that we are behind our neighboring countries, says NHO director Ole Erik Almlid. – Every day, Norwegian export companies participated in a global competition to become better and more efficient. It makes the good ones to think new things, work smarter and turn production to where the possibilities are, says Ole Erik Almlid. Photo: Javad Parsa / NTB – Norway is about to become Europe’s hotbed In a normal year, revenues from oil and gas amount to approximately NOK 500 billion in the Norwegian treasury. In March, the same revenues were calculated at a record high NOK 1,457 billion after Russia cut off gas supplies to Europe. In the article “Norway is about to become Europe’s bastard”, BT commentator Hans K. Mjelva writes that “Norway should give Europe a discount on gas, before people start spitting at Norwegians on the streets of Berlin and Paris”. Others have also made a point that the “war income” embarrasses Norway, and that we should send more of the “super profit” to Ukraine and the European common fund. The new report shows that Norwegian exports make up 56 per cent of gross domestic product, not unlike the European average. If we take away oil and gas, Norway fell towards the bottom of the table in Europe. – We need to rise to a growth level like Denmark and Sweden, if we are to reach the target of a 50 per cent increase in exports excluding oil and gas by 2030, says CEO of Innovation Norway, Håkon Haugli. – Fortunately, we see great potential in several parts of Norwegian business, and that Norway can contribute to the green shift in Europe between other energy and green maritime industry, says Håkon Haugli. Photo: Heidi Widerøe Vestland exported the most Among the counties, it was Vestland and Møre and Romsdal that exported the most. Vestland has 43 municipalities, all with a coastline, and is the largest exporting county in the country with around 20 per cent of total mainland exports. Typical export municipalities are Årdal, Sunndal and Eidfjord, with their aluminum and metal and hydropower plants. The third most export-intensive county was Nordland. Breaking down exports by employment, the 15 most export-intensive municipalities are in the districts. – The report shows that the work to increase Norwegian mainland exports is absolutely central to ensuring value creation and employment in Norway in the future, says Kjetil Staalesen in LO. He calls exports “the yardstick for whether our business life is competitive”. – For LO, it is important that business offers good, safe workplaces throughout the country. That is why we measure productivity and support the government’s aim to increase exports, says Kjetil Staalesen. Photo: Hege Therese Holtung / news Export companies want the krone exchange rate to reverse In the last six months, Norwegian companies have received 12 percent 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. But no tree grows in the sky, and in May several export companies reported that the krone exchange rate has reached a level where they would prefer to see it turn around. There are several explanations for the fact that “it can be too much of a good thing”: If the companies get 12 percent more for the goods they export, they also have to pay 12 percent more for the goods they import from the same currency area. The so-called frontline model means that a low krone exchange rate creates wage growth, which in turn increases inflation. A low krone exchange rate makes it more difficult to recruit foreign labor (who are paid in Norwegian kroner). Large fluctuations in the currency market make it more difficult for companies to plan long-term. In May, the Minister of Fisheries and the Minister of Industry launched the second part of the reform All Norway exports. – We have to position ourselves in the global market. If we succeed in this decade, we will succeed in the next fifty, said Minister of Industry Jan Christian Vestre (Ap). The new initiative consists of ten measures to help increase Norwegian exports by 50 per cent by 2030 (oil and gas excluded).
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Sky-high gas prices gave a record year for Norwegian exports – news Vestland
