U.S.-Norway Trade Facts
In 2019, Norway GDP was an estimated $417.6 billion (current market exchange rates); real GDP was up by an estimated 1.2%; and the population was 5 million. (Source: IMF)
U.S. goods and services trade with Norway totaled an estimated $15.9 billion in 2019. Exports were $6.9 billion; imports were $9.0 billion. The U.S. goods and services trade deficit with Norway was $2.2 billion in 2019.
Norway is currently our 44th largest goods trading partner with $10.4 billion in total (two way) goods trade during 2019. Goods exports totaled $3.9 billion; goods imports totaled $6.5 billion. The U.S. goods trade deficit with Norway was $2.6 billion in 2019.
Trade in services with Norway (exports and imports) totaled an estimated $5.5 billion in 2019. Services exports were $3.0 billion; services imports were $2.5 billion. The U.S. services trade surplus with Norway was $426 million in 2019.
According to the Department of Commerce, U.S. exports of goods and services to Norway supported an estimated 40 thousand jobs in 2015 (latest data available) (17 thousand supported by goods exports and 24 thousand supported by services exports).
Exports
- Norway was the United States' 48th largest goods export market in 2019.
- U.S. goods exports to Norway in 2019 were $3.9 billion, down 28.2% ($1.5 billion) from 2018 but up 39.6% from 2009
- The top export categories (2-digit HS) in 2019 were: vehicles ($796 million), aircraft ($721 million), machinery ($623 million), mineral fuels ($332 million), and electrical machinery ($325 million).
- U.S. total exports of agricultural products to Norway totaled $95 million in 2019. Leading domestic export categories include: tree nuts ($27 million), processed fruit ($13 million), wine & beer ($12 million), prepared food ($9 million), and processed vegetables ($9 million).
- U.S. total exports of agricultural products to Norway totaled $95 million in 2019. Leading domestic export categories include: tree nuts ($27 million), processed fruit ($13 million), wine and beer ($12 million), prepared food ($9 million), and processed vegetables ($9 million).
Imports
- Norway was the United States' 39th largest supplier of goods imports in 2019.
- U.S. goods imports from Norway totaled $6.5 billion in 2019, down 4.0% ($274 million) from 2018, but up 14.5% from 2009.
- The top import categories (2-digit HS) in 2019 were: mineral fuels ($2.6 billion), fish and seafood (salmon) ($847 million), machinery ($398 million), pharmaceuticals ($373 million), and special other (returns) ($263 million).
- U.S. total imports of agricultural products from Norway totaled $96 million in 2018. Leading categories include: cheese ($39 million), feeds & fodders ($22 million), snack foods ($11 million), other dairy products ($6 million), and essential oils ($1 million).
- U.S. total imports of agricultural products from Norway totaled $104 million in 2019. Leading categories include: cheese ($35 million), feeds & fodders ($17 million), snack foods ($12 million), other dairy products ($11 million), and other vegetable oils ($1 million).
Trade Balance
- The U.S. goods trade deficit with Norway was $2.6 billion in 2019, a 92.2% increase ($1.3 billion) over 2018.
- The United States has a services trade surplus of an estimated $426 million with Norway in 2019, up 87.7% from 2018.
- U.S. foreign direct investment (FDI) in Norway (stock) was $25.6 billion in 2019, a 2.3% decrease from 2018. U.S. direct investment in Norway is led by nonbank holding companies, mining, and information services.
- Norway's FDI in the United States (stock) was $24.2 billion in 2019, down 6.9% from 2018. Norway's direct investment in the U.S. is led by wholesale trade, professional, scientific, and technical services, and real estate.
- Sales of services in Norway by majority U.S.-owned affiliates were $5.9 billion in 2017 (latest data available), while sales of services in the United States by majority Norway-owned firms were $2.4 billion.
