2026 Strategic Review: The Norway Export Market

Norway's export value experienced a significant surge, peaking at 263.99 billion in 2022. Although values normalized to 163 billion by 2024, the current market remains over double the 2020 baseline of 79 billion, indicating a sustained higher level of trade activity despite recent year-on-year declines.

The export structure is heavily concentrated in energy, with Natural Gas (HS271121) and Crude Oil (HS270900) each contributing approximately 49 billion. Atlantic Salmon (HS030212) serves as the primary non-energy export, highlighting the dual importance of the petroleum and seafood sectors to the national economy.

Trade is highly regionalized, with the United Kingdom serving as the top destination at 26.85% of exports. Together with Sweden (16.44%) and Germany (12.8%), these top three European markets account for over 56% of total export value, emphasizing strong cross-border integration within the European energy and commodity grid.

The Netherlands leads export growth with a remarkable 100% increase, reaching over 17.5 billion. China and Lithuania follow with strong growth rates of 77.13% and 68.35% respectively. Significant expansion is also noted in South Korea (55.5%) and the United States (51.4%), indicating a successful diversification of trade across European, Asian, and North American markets.