# Norway Trade Surplus Expands to NOK 105 Billion in September

- URL: https://stocks.freetheai.org/news/norway-trade-surplus-expands-to-nok-105-billion-in-september-e39d1b
- Published: 2026-10-15T06:19:49Z
- Category: macro; sentiment: bullish; impact: medium
- Symbols: [ECONOMICS:NOBOT](https://stocks.freetheai.org/symbols/ECONOMICS-NOBOT)
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Norway's trade surplus widened sharply in September 2026 to NOK 105.0 billion, up from NOK 38.8 billion in the same month a year earlier. The surge represents the nation's largest trade surplus since January 2023. Outbound exports rose 53.3% year-over-year to NOK 207.7 billion, while total imports increased by 6.2% to NOK 102.7 billion.

Higher shipments of raw materials excluding fuels, which grew 13.8%, as well as animal and vegetable oils, fats, and waxes, which gained 20.5%, drove export growth higher. These gains outweighed export declines in food and live animals (-0.5%) and beverages and tobacco (-25.6%). On the import side, increased purchases of fuels, lubricating oils, and electric power (+74.2%), along with machinery and transport equipment (+13.6%), offset lower imports of processed materials and chemicals.

For the first nine months of 2026, Norway accumulated a cumulative trade surplus of NOK 713.9 billion, compared to NOK 528.4 billion in the same period of 2025. Market participants will monitor whether export strength in raw materials and strong demand for imported energy goods continue into the final quarter of the year.

## Key points

- Norway's trade surplus expanded to NOK 105.0 billion in September 2026, up from NOK 38.8 billion a year earlier.
- Total exports surged 53.3% year-over-year to NOK 207.7 billion, achieving their largest surplus since January 2023.
- Exports were led by raw materials excluding fuels (+13.8%) and animal and vegetable oils (+20.5%).
- Imports increased 6.2% to NOK 102.7 billion, boosted by a 74.2% jump in fuels, lubricating oils, and electric power.
- Cumulative trade surplus for January through September 2026 reached NOK 713.9 billion.

## Questions and answers

### What was Norway's trade surplus in September 2026?

Norway recorded a trade surplus of NOK 105.0 billion in September 2026, up from NOK 38.8 billion in September 2025.

### What drove Norway's export growth in September 2026?

Exports jumped 53.3% year-over-year to NOK 207.7 billion, boosted by raw materials excluding fuels, animal and vegetable oils, and other goods.

### What is Norway's year-to-date trade surplus for 2026?

For the January through September 2026 period, Norway's trade surplus reached NOK 713.9 billion, up from NOK 528.4 billion in the previous year.