Status: 01/16/2023 1:45 p.m
Consumers are struggling with the consequences of high gas prices. Norway, on the other hand, benefits greatly from this. The Scandinavian country posted a record trade surplus in 2022. Recently, however, prices have fallen sharply.
Norway almost tripled its trade surplus last year due to high gas prices. The Scandinavian country had total exports worth around 2.6 trillion Norwegian kroner (243 billion euros) in 2022. This corresponds to an increase of 87.2 percent over the previous year, as reported by the Norwegian statistical authority SSB.
Goods worth a good 1.0 trillion crowns were imported. Norway has a trade surplus of almost 1.6 trillion crowns, which is the equivalent of 147 billion euros – a record.
beneficiary of energy prices
Natural gas exports are the main reason for the enormous plus. Revenue almost tripled year-on-year to 1.36 billion kroner, which is more than half of the total export value in 2022. Last year, 117.7 billion standard cubic meters of gaseous natural gas were exported, 3.3 percent more than in 2021. This corresponded to the second highest export volume after the record year 2017.
At the same time, the non-EU country exported crude oil worth almost 549 billion crowns, 54.8 percent more than in 2021. The oil export volume fell by three percent.
Germany’s most important gas supplier
Because of the Russian war of aggression against Ukraine, energy prices had skyrocketed in 2022. Reduced access to Russian gas is the main reason for the price increase, explained SSB foreign trade statistician Therese Vestre. However, prices are currently falling. Today the price of the reference futures contract TTF fell below the 60 euro mark on the energy exchange in the Netherlands.
Norway also replaced Russia as the most important gas supplier for Germany last year. According to the Federal Network Agency, 33 percent of the gas imported by Germany in 2022 came from Norway, and 22 percent from Russia. In 2021, Russia still supplied 52 percent of the gas.