Norway Exports Hit Record High Of $24-B In July

Norway’s exports reached a record in July, driven mainly by higher natural gas prices, the Associated Press (AP) reported.

Photo Insert: Of the countries based in the continent, Norway is the EU's biggest oil supplier next to Russia.

The Scandinavian country’s statistics agency on Monday said Norwegian exports reached 229 billion kroner ($24 billion) last month, 0.4% higher than the previous record set in March this year.

Norway’s trade surplus of 153.2 billion kroner ($15.8 billion) also was the highest on record. A major producer of offshore oil and gas, Norway has seen energy exports surge as European countries scramble to find alternatives to Russian energy in response to Moscow’s invasion of Ukraine.

Statistics Norway said natural gas exports reached 128 billion kroner ($13.2 billion) in July, more than four times higher than in the same month last year.

Jon Olav Roerhus, senior adviser for external trade at Statistics Norway, said reductions in Russian gas deliveries to Europe through the Nord Stream 1 pipeline contributed to soaring gas prices last month, which were “the main reason for the exceptionally high export value we are now experiencing.”

Higher fish and metals exports also contributed to the increase.

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