[Oslo 15th Reuters]-The Norwegian Statistical Office announced on September 15 that the balance of trade in September was a deficit of 1.2 billion kronor (about $ 132 million). The monthly trade balance is in deficit for the first time in almost two years since November 2017, the third time in 20 years.
This is due to a sharp decline in natural gas exports and a drop in crude oil prices.
Natural gas and crude oil are Norway's two largest export items, usually accounting for about half of export revenue, but their share dropped to about 39% in September.
Gas exports decreased by 68% from the previous year. In addition to the decline in prices, the export volume decreased by more than a third due to the maintenance of offshore facilities.
Crude oil exports fell 19% against the backdrop of price declines.