Norway 2021 exports hit record with 77% jump, led by gas and oil

Norway’s exports surged to a record last year, helped by higher demand for fossil fuels, fish and metals.

Western Europe’s largest oil and gas exporter sold 1.38 trillion kroner ($156 billion) worth of goods abroad in 2021, a 77% increase that led to a full-year trade surplus of 531 billion kroner, also the highest ever, Statistics Norway said in a website statement on Monday. 

Higher fossil fuel prices are cementing the case for the central bank, one of the most hawkish in the developed world, to move ahead with a string of planned interest rate hikes despite the effect of new coronavirus-related restrictions. The krone, the third best performer in G-10 sphere of major currencies this year, strengthened after the news, gaining 0.1% to 9.9881 at 09:42 a.m. in Oslo.

The value of natural gas exports more than quadrupled from 2020 to 475.8 billion kroner amid record-high gas prices. Gas exports hit another monthly record in December, rising 31% from the previous month. Oil revenues from abroad totaled 349.6 billion kroner, the highest level since 2008.

Mainland exports surged 22% last year to another all-time high, led by oil products, electricity and metals. Fish exports, led by salmon, also hit a record in December and the full year.