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Norway trade surplus falls in May

Norway trade surplus falls in May

OSLO: Norway’s foreign trade surplus decreased in May from a year ago, as imports grew faster than exports, preliminary figures from Statistics Norway showed Friday.

The trade surplus shrank to NOK 7.75 billion in May from NOK 8.56 billion in the corresponding month last year. In April, the surplus was NOK 22.2 billion.

Exports climbed 14.9 percent year-over-year in May and imports surged by 19.2 percent.

On a monthly basis, exports rose only 1.2 percent in May, while imports jumped by 34.8 percent.

At the same time, the mainland trade deficit widened to NOK 23.9 billion in May from NOK 18.72 billion in the same month of 2016.