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Norway

Norway

Norway's economic and trade relations with the EU are mainly governed by the agreement on the European Economic Area (EEA).

 

Trade picture

  • Norway belongs to the leading group of the richest countries in the world measured by GDP per capita. Norwegian public finances are boosted by significant revenues from the petroleum sector. Traditional economic activities are shipping (fourth largest fleet in the world), fisheries and fish farming.
  • Norway is also a very important exporter of metals. Norwegian companies are major producers of ferro-alloys and, in particular, of aluminium. The EU's main source of primary aluminium is Norway.
  • Norway is the EU's 5th most important import partner for trade in goods, after China, Russia, USA and Switzerland and the 7th export market for the EU, after the USA, China, Switzerland, Russia, Turkey and Japan.
  • Norway's trade with the EU shows a surplus. Norway's trade flows have traditionally been dominated by trade with the EU, and this trend is being enhanced after the latest EU enlargements.
  • The EU remains the first major import and export partner for Norway, capturing 74.3% of the latter's trade.
    • Exports from the EU to Norway are dominated by manufactured products.
    • Norway's exports to the EU are concentrated on primary products.
    • Services account for a growing share of Norway's world trade.
    • Foreign Direct Investment is an important aspect of the EU-Norway relations.

EU-Norway "trade in goods" statistics

Trade in goods 2011-2013, € billions
Year EU imports EU exports Balance
2011 93.9 46.8 -47.0
2012 101.0 49.9 -51.1
2013 90.0 50.2 -39.8

EU-Norway "trade in services" statistics

Trade in services 2010-2012, € billions
Year EU imports EU exports Balance
2010 10.6 18.2 7.6
2011 11.4 20.6 9.1
2012 12.3 23.2 11.0

Foreign direct investment

Foreign direct investment 2012, € billions
Year Inward stocks Outward stocks Balance
2012 96.7 99.8 3.1

More statistics on Norway

EU and Norway

As member state of the European Economic Area, Norway fully applies the whole acquis communautaire relevant to the four freedoms (free movement of goods, persons, services and capital), along with that pertinent to flanking policies (ie transport, competition, social policy, consumer protection, environment, statistics and company law).

As a result, the EEA agreement provides for a high degree of economic integration, common competition rules, rules for state aid and government procurement.

Agriculture and fisheries are not covered by the EEA Agreement. However, Article 19 thereof highlights the commitment of the parties to progressive liberalisation of agricultural trade, which is achieved through the conclusion of separate agreements on that basis.

As member of the European Free Trade Association (EFTA), Norway seeks to conclude bilateral Free Trade Agreement in the so-called EFTA framework. This means that Switzerland, Norway, Iceland and Liechtenstein can negotiate a Free Trade Agreement with a respective third country via EFTA.

Trading with Norway