August 18, 2022
Norway’s exports set a record in July, largely due to the rising cost of natural gas since Russia’s invasion of Ukraine.
Norwegian exports last month totaled 229 billion kroner ($24 billion), which was 0.4% more than the previous record set in March of this year, according to the statistics office of the Scandinavian nation on Monday.
The largest trade surplus ever recorded for Norway was 153.2 billion kroner ($15.8 billion).
Energy exports from Norway, a major offshore oil and gas producer, have increased as European nations search for alternatives to Russian energy in response to Moscow’s invasion of Ukraine.
Since the invasion, the EU has approved restrictions on Russian coal and the majority of its oil, which are set to go into force later this year. However, Russian natural gas was left out of the bans because the 27-nation bloc needs on gas to run its factories, produce electricity, and heat its homes.
Before winter, when demand increases and utility firms use their reserves to keep homes warm and power plants operating, the EU has been left rushing to fill gas storage.
Natural gas exports, according to Statistics Norway, increased by more than four times in July to 128 billion kroner ($13.2 billion).
Higher fish and metals exports also contributed to Norway’s surge in exports
Source: ABC News
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