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Norway trade balance turns to deficit in June

Norway trade balance turns to deficit in June

OSLO: Norway’s foreign trade balance turned to a deficit in June from a surplus in the previous year, as imports grew much faster than exports, preliminary figures from Statistics Norway showed Friday.

The trade balance came in at a deficit of NOK 756 million in June versus a surplus of NOK 6.6 billion in the corresponding month last year. In May, the surplus was NOK 6.9 billion. Exports climbed 9.8 percent year-over-year in June and imports surged by 24.6 percent.

On a monthly basis, exports dropped 0.8 percent in June, while imports rose by 11.9 percent.

At the same time, the mainland trade deficit widened to NOK 28.7 billion in June from NOK 16.2 billion in the same month of 2016.