Trade war creates uncertainty for Norwegian exporters
On 2 April, the US announced sweeping tariffs on countries around the world. US stock markets immediately fell by more than 12 per cent, while the Oslo Stock Exchange dropped by over 10 per cent. Although a temporary pause on some of the punitive tariffs has calmed the markets, most countries now face a 10 per cent tariff on goods exported to the US, while China faces a 30 per cent tariff.
Significant impact on Norwegian exports
In 2024, 8 per cent of Norway's goods exports went to the US, amounting to NOK 60 billion. Many Norwegian companies now face higher costs and uncertainty about future trading conditions. Potentially even more concerning is that global trade is showing signs of weakening. Container traffic to the main US ports for imports from Asia has already halved, and global value chains are under pressure.
Our export economist, Paal Wanvik Hole, highlights the risk of long-term consequences.
«We are already seeing Norwegian exporters face challenges from both rising costs and uncertainty about future trading conditions. In this situation, it will be important for businesses to consider alternative markets and strategies.»
Next steps
When the temporary pause expires, it remains unclear what the final tariff rates on Norwegian exports to the US will be. The extent to which the trade war between the US and China escalates, and consequently how much pressure this places on the global trading system, could have major consequences for Norwegian businesses. The EU's response to US trade policy also remains uncertain and could affect Norwegian businesses' ability to compete in international markets.
We are monitoring developments closely and helping Norwegian companies navigate the changing trade landscape. Through our Export Centre and our offices abroad, we offer advisory and support to companies facing new tariffs and trade barriers.
«Our goal is to help Norwegian export companies reduce risk, strengthen their competitiveness and increase profitability»
She heads our Export Centre, which comprises six advisers with specialist expertise in different areas of exporting. Every day, they help Norwegian companies navigate the path to international success as smoothly as possible.
Our export advisers support everyone from long-established companies entering new markets to small start-ups venturing abroad for the first time, as well as businesses looking to improve their export journey. Read more about how our Export Centre can help you here.
'Right now, most of the enquiries we receive are about planning new value chains,' says Skogen. 'Companies need someone to discuss where it makes most sense to manufacture in order to reduce customs costs and become more competitive in key markets such as the EU and the US.'
With 23 offices in 20 countries, we aim to play a key role in helping Norwegian companies establish themselves in global markets. Read more about our international offices here.
By offering industry-specific expertise and cultural insight, we help companies navigate complex markets, avoid common pitfalls and accelerate growth.
For Norwegian companies operating globally, access to local expertise, insights and networks is essential for stability and growth in both new and established markets. Our international offices are dedicated to helping exporters navigate changing trade conditions, identify opportunities and address challenges across different regions.