Norway's trade surplus hit a record high in July, largely on the back of soaring natural gas prices sparked by Russia's invasion of Ukraine, official statistics showed Monday.
Norway's trade balance surplus stood at 153.2 billion crowns (15.6 billion euros) last month, shattering the previous record set in March (138.1 billion crowns), figures show. published by the national statistical institute SSB.
Gas exports - Norway is the largest exporter of hydrocarbons in Western Europe - more than quadrupled over one year, to 128.4 billion crowns, again a record linked to soaring prices .
“
The closure and slowdown of the
Nord Stream 1 gas pipeline
, which carries gas from Russia to Europe, helped push the price of gas to a record high in July
,” commented Jan Olav Rørhus, statistician at SSB, in a statement.
Norway replaces Russia
Exports, in general, reached an all-time high of 229 billion crowns, 0.4% more than in March, according to SSB.
It is also the result of an increase in sales of oil, but also of electricity, metals and fish.
Read alsoIn France, manufacturers are preparing for a cut in Russian gas
While European countries seek to break their energy dependence on Russia in the wake of the war in Ukraine, Norway is producing at full capacity to cover part of the needs.
Before the conflict, Norway covered between 20 and 25% of the gas needs of the European Union and the United Kingdom against between 45 and 50% for Russia.
