Norway Trade Surplus Rises In May

(RTTNews) - Norway's foreign trade surplus increased sharply in May from a year ago as exports grew faster than imports, data from Statistics Norway showed on Monday.

The trade surplus rose to NOK 62.6 billion in May from NOK 44.1 billion in the same month last year. Meanwhile, the surplus decreased from NOK 83.6 billion in April.

Exports surged 15.2 percent annually in May, and imports were 2.6 percent higher. Crude oil exports jumped 31.2 percent from last year, and the outflows of natural gas increased by 19.0 percent.

The mainland trade deficit narrowed to NOK 32.8 billion in May from NOK 33.6 billion in the prior month. Mainland exports logged a monthly increase of 4.9 percent.