Norwegian Export Report: Norway's exports of goods and services reach a record high, but their share of GDP remains lower than in the EU

Menon prepared the report on behalf of NHO, LO, Innovation Norway, Export Finance Norway and the National Export Council.

The export value of oil and gas fell in 2023 compared with the record year of 2022, but remained the second highest ever. Exports of goods and services excluding oil and gas reached a record high in 2023. Half of the increase was due to higher prices and a weaker exchange rate, while the other half came from increased sales volumes abroad.

Excluding oil and gas, the maritime industry was Norway's largest export industry in 2023, growing by 2 per cent from 2022. High freight rates and increased activity among shipping companies were the main drivers of growth. Seafood exports rose by around 13 per cent from 2022 to 2023, from NOK 146 billion to NOK 165 billion. This was the highest level on record, driven by a weaker Norwegian krone and higher seafood prices. In volume terms, exports fell slightly from 2022.

Compared with our neighbouring countries, Norway's exports remain lower and are growing more slowly. In 2023, Norwegian exports of goods and services accounted for 47 per cent of GDP. Total exports as a share of GDP were below the EU average of 53 per cent, as well as Sweden's 54 per cent and Denmark's 68 per cent.

'Increasing Norwegian mainland exports requires a stronger international presence from those who help businesses enter global markets. We therefore need more export offices abroad,' says our CEO, Håkon Haugli.

In 2023, companies in Western Norway exported goods and services worth NOK 232 billion. Measured by exports per employee, the three most export-intensive counties in 2023 were Møre og Romsdal, Vestland and Nordland. Exports per employee in Møre og Romsdal amounted to almost NOK 750,000, making it Norway's most export-intensive county since the Export Report was first published in 2021.

Nationwide, exports support 640,000 jobs – one in every five.

Between 2018 and 2022, Norway's renewable energy exports doubled from NOK 9.1 billion to NOK 18.6 billion, excluding electricity exports from hydropower. Offshore wind suppliers exported goods and services worth around NOK 12 billion in 2022, accounting for approximately two-thirds of exports from the renewable energy sector. Norway still lags behind its neighbouring countries in exports of renewable energy technology.

'Although the major Norwegian offshore wind projects will take time, the supplier industry is already delivering to projects abroad, and both we and Eksfin support several of these,' says Haugli.