Norway Import and Export Data - Tendata

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ten data blog23-11-2023

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Imports

Norway's total imports in 2022 amount to $106.6 billion. The total cost of products imported into Norway is up 8% from $98.6 billion in 2021.



Norway's Best Suppliers of Imports

The latest country-specific data shows that Norwegian imports are mainly supplied by exporters from Sweden (35.6% of Norway's global total), mainland China (7.5%), Germany (5.2%), the US (5.1%), Denmark (4%), the UK (2.8%), the Netherlands (2.7%), Poland (2.2%), Canada (2.2%), France (1.8%), Italy (1.7%) and Finland (1.8%). ), Italy (1.7%) and Finland (1.3%).



Norway's Top 10 Imports

1. Automobiles: $12.9 billion (12.1% of total imports)

2. Machinery including computers: $11.9 billion (11.2%)

3. Mineral fuels including petroleum: $11 billion (10.3%)

4. Electrical machinery and equipment: $9.4 billion (8.8%)

5. Iron and steel products: $4.3 billion (4%)

6. Furniture, bedding, lighting, signs, prefabricated buildings: $3.3 billion (3.1%)

7. Nickel: $3.2 billion (3%)

8. Plastics, plastic products: $3.1 billion (2.9%)

9. Optical, technical, medical equipment: $3.0 billion (2.8%)

10. Pharmaceuticals: $2.8 billion (2.6%)


Norway's top ten imports account for about three-fifths (60.9%) of the total value of products it purchases from other countries.


Fossil fuels, including petroleum, are the fastest growing category of Norway's top 10 imports in terms of expenditure, growing by 102.4% from 2021 to 2022. The category of nickel products ranks second in terms of expanding import purchases, with an increase of 35.3%. Norwegian imports of electrical machinery and equipment ranked third in terms of growth, with an increase of 25.5 percent.


The sharpest declines were in imports of pharmaceuticals and -4.8% in the optical, technical and medical devices product category.


According to the more granular four-digit HS code, Norwegian importers spent the most on the following commodities: imported automobiles, processed petroleum, nickel, electrical energy, telephone equipment (including smartphones), computers, dosage mixes of medicines, trucks, miscellaneous iron and steel constructions, and furniture of all kinds.



Exports

In 2022, the Kingdom of Norway exported USD 270.4 billion worth of products globally. This represents a 68.5% year-on-year increase in the total value of goods exported from Norway, compared to USD 160.5 billion in 2021.


The top five Norwegian exports in terms of international revenue in 2022 are LPG, crude oil, fresh whole fish, refined petroleum and primary aluminum. Norway has benefited from rising energy prices. More than three-quarters (77.1%) of Norway's export sales are in LPG, crude oil and, to a lesser extent, refined petroleum.



Norway's Best International Trade Customers

The latest country-specific data show that Norwegian exports are mainly purchased by importers in Germany (27.9% of the global total), the UK (21.4%), France (9.4%), Belgium (7.6%), the Netherlands (6.4%), Sweden (6%), Denmark (2.4%), Finland (2.3%), Poland (2.3%), mainland China (2%), the USA (1.9%) and the US (1.9%). ), the United States (1.9%) and Spain (0.9%).



Norway's Top 10 Exports

1. Fossil fuels including petroleum: $213.3 billion (78.9% of total exports)

2. Fish: $15 billion (5.6%)

3. Aluminum: $6.5 billion (2.4%)

4. Machinery including computers: $4.2 billion (1.6%)

5. Motors, equipment: $2.9 billion (1.1%)

6. Nickel: $2.1 billion (0.8%)

7. Steel: $2 billion (0.8%)

8. Optical, technical, medical equipment: $1.6 billion (0.6%)

9. Inorganic chemicals: $1.24 billion (0.5%)

10. Vehicles: $1.18 billion (0.4%)


Norway's top 10 exports account for 92% of its total global export earnings.


Fossil fuels, including petroleum, are the fastest growing of the top ten export categories, growing 98.7% from 2021 to 2022. The second highest improvement in export sales was for inorganic chemicals, which grew by 61.2%. Norwegian steel shipments ranked third in terms of increase, up 31.4% year-on-year.


The biggest drop among Norway's top 10 export categories was electrical machinery and equipment, down 5 percent.


According to the more refined 4-digit HS code, Norway's top 10 exports are


1. LPG (55.81%, $143.49 Billion)

2. Crude oil (22.41%, $57.6 Billion)

3. Whole fish (fresh) (3.46%, $8.9 Billion)

4.Processed Oil (2.9%, $7.45 Billion)

5. Aluminum (unwrought) (1.98%, $5.09 Billion)

6. Electricity (1.81%, $4.65 Billion)

7.Fish fillets, pieces (1.19%, $3.07 Billion)

8.Nickel (unwrought) (0.8%, $2.05 Billion)

9.Whole fish (frozen) (0.72%, $1.84 Billion)

10. Ferroalloys (0.48%, $1.22 Billion)




Customs data contains a vast amount of information, and extracting relevant customer contact information can be time-consuming. Is the outcome truly unsatisfactory, or is it due to using customs data in the wrong way, resulting in wasted effort and time?


Utilizing customs data for customer development involves accurately profiling all purchasers and their procurement systems in the target market. This approach swiftly identifies the highest compatibility customers, assesses their credit systems and procurement details, pinpoints premium customers and profit potential, enhances development efficiency, and elevates results. When developing new clients using customs data, consider the following three approaches for reference. (>>>Click to Get Free Access to Customs Data from 80+ Countries<<<)


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1. Establishing a Customer Resource Repository by Country

Creating a customer resource repository is akin to your own work record sheet. Begin by utilizing trade tracking functionality to compile a list of all customers from a particular country. Next, perform specific analyses based on factors such as each purchaser's procurement volume, purchase cycle, product specifications, and supplier systems (with emphasis on examining the diversity or singularity of their supply channels; preferably retaining customers with diversified suppliers, as those relying on a single supply channel may be harder to develop). Lastly, filter out the potential high-quality customers constituting 30% of this country's total, and record them in your customer resource repository, allowing flexible categorization by country, time, customer name, follow-up steps, contact numbers, emails, and contacts. (>>>Click to Start Developing Customers for Free<<<)


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2. Creating a Customer Resource Repository by Peer Companies

Have a solid understanding of peer companies' English names (including full names, abbreviations, etc.). Utilize the global networking capability of suppliers to generate a list of all clients associated with peer companies within the system. Following this, perform essential analyses on these clients based on factors like procurement volume, procurement cycle, product models, and others. Ultimately, identify and record the key customers of your targeted peer companies in your customer resource repository.(>>>Click to Start Developing Customers for Free<<<)


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3. Cataloging New Customers from Each Country

For newly emerging customers from specific countries, use the trade search function to select the country, set the date range and limit product names or customs codes. Check "Newest," and the search results will display high-quality customers that emerged most recently in that country within the designated timeframe. Since these customers are newly established, with recent procurement transactions, their supplier stability might be unsteady. Therefore, prioritize following up with these new potential buyers. Lastly, record all these new prospects in your customer resource repository.、(>>>Click to Start Developing Customers for Free<<<)


All three strategies for utilizing customs data to develop customers can be tailored to your company's actual needs. Depending on market conditions, industry specifics, strategic requirements, etc., find the approach that suits you best, with the sole aim of classifying and organizing your premium customers. Once you've found suitable customers, the next step is to contact them precisely, employing various methods such as phone calls, emails, and online chats.


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