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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 is the EU's 8th most important partner for trade in goods.

Norway's trade in goods with the EU shows a deficit of EUR 2.5 billion in 2019. Nearly 60% of Norwegian exports go the EU.

Exports from the EU to Norway are dominated by machinery and appliances as well as transport equipment, while mineral products represent nearly half of EU imports from Norway.

  • Foreign Direct Investment is high and balanced between Norway and the EU.  
  • Norway is the 8th trading partner of the EU for services. The balance for trade in services between Norway and the EU is positive for the EU and rather stable.

EU-Norway: Trade in goods

Trade in goods 2017-2019, € billions
Year EU imports EU exports Balance
2017 52.7 47.3 -5.4
2018 61.0 50.0 -10.9
2019 54.1 51.6 -2.5

EU-Norway: Trade in services

Trade in services 2016-2018, € billions
Year EU imports EU exports Balance
2016 14.1 25.0 10.9
2017 13.6 25.6 12.0
2018 14.3 25.7 11.4

EU-Norway: Foreign direct investment

Foreign direct investment 2018, € billions
Year Inward stocks Outward stocks Balance
2018 95.1 84.4 -10.7

Unless otherwise mentioned “EU” concerns for all indicated years the current European Union of 27 Member States.

Date of retrieval: 22/04/2020

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