Historically high level of Norway’s goods and services exports. The export’s share of GDP still lower than in the EU.

Export of goods and services excluding oil and gas ended in 2023 at 1,225 billion Norwegian kroner – the highest level ever. Both goods and services exports increased during the year. Although it is a good year in the Norwegian context, export as a share of GDP is still lower than the EU average. Export supports 640,000 jobs – one-fifth of all jobs.

Historically high goods and services exports

The export value of oil and gas decreased in 2023 compared to the record year 2022 but was still the second-highest ever. 2023 otherwise saw a historically high level of goods and services exports excluding oil and gas. Half of the increase is explained by higher prices and a falling exchange rate. The remaining half of the growth is attributed to increased sales volumes abroad.

“The high level of Norway’s goods and services exports shows that the Norwegian economy is on the right track in its transition. At the same time, we see that future growth in export revenues cannot be taken for granted. Norway has a lower export share than the European average. It will require significant effort to strengthen and diversify exports in the future, and both the government and private sector must contribute together,” says CEO of Export Finance Norway (Eksfin), Tone Lunde Bakker.

Maritime industries dominate

Outside of oil and gas, the maritime industry was the largest export sector in 2023, growing by 2 percent from 2022. The growth was mainly driven by high freight rates and increased activity levels among shipping companies. The percentage increase in exports from the seafood industry was around 13 percent from 2022 to 2023, from 146 to 165 billion kroner. This is the highest level ever and is driven by a weaker currency and increased prices for seafood. Measured in volume, there was a slight reduction from 2022.

Lower export share than the EU average

Compared to our neighboring countries, exports are still lower and growing slower. Norwegian exports of goods and services as a share of GDP were 47 percent in 2023. The total export share of GDP was lower than the EU average of 53 percent, lower than Sweden (54 percent), and Denmark (68 percent).

Most exports originate from the West Coast

In 2023, companies on the West Coast exported goods and services worth 232 billion kroner. The three most export-intensive counties in 2023, measured in exports per employed person, were Møre og Romsdal, Vestland, and Nordland. Møre og Romsdal had an export per employed person of almost 750,000 kroner and has been the most export-intensive county since the first release of the Export Report in 2021.

Nationwide, exports support 640,000 jobs – one-fifth of all jobs.

Wind power suppliers contributed two-thirds of exports in the renewable energy sector

From 2018 to 2022, Norwegian renewable exports doubled, from 9.1 to 18.6 billion kroner, excluding hydroelectric power exports. Suppliers to offshore wind exported around 12 billion kroner in 2022, accounting for about two-thirds of exports in the renewable energy sector. Compared to our neighboring countries, Norway still lags behind in the export of renewable technology.

Facts

The Export Report will be published on Monday, March 11, and will be available on the Menon website.

The findings will be presented at the Export Conference on March 12 at the Munch Museum. The event is fully booked but can be followed via stream.

The Export Report is prepared by Menon on behalf of the Confederation of Norwegian Enterprise (NHO), the Norwegian Confederation of Trade Unions (LO), Innovation Norway, Export Finance Norway (Eksfin), and the National Export Council. The purpose of the report is to convey the status of Norwegian exports to decision-makers and organizations.

Press Contacts

• NHO – Erlend Sannes Hadland, 40187981
• LO – Kjetil Staalesen, 90132664
• Innovation Norway – Eva Camerer, 41548386
• Eksfin – Allon Groth, 93251124
• National Export Council – Tore Myhre, 94137102
• Menon – Jonas Erraia, 92020174