Norway recorded its biggest ever trade surplus in July due to higher gas prices. The value of Norwegian goods exports surpassed that of imports by 153.2 billion kroner (15.6 billion euros), the National Institute of Statistics announced today. The previous record of 138.1 billion kronor was only set in March.
The temporary closure of the Nord Stream 1 pipeline and the reduction of gas transport through the pipeline “helped push the price of gas to record levels in July,” the institute said. In the annual comparison, Norway quadrupled its revenue from gas exports in July, according to the institute. Exports of other important Norwegian products such as oil, electricity, metal and fishery products also increased.
While European countries want to reduce their dependence on Russian energy imports, Norway is producing at full speed to meet some of the demand.