– The closure of the Strait of Hormuz has produced a significant supply shock in the oil market, which contributed to the high oil prices in March, and thereby the highest export value ever, says Senior Adviser Jan Olav Rørhus. In plain figures: a trade surplus of NOK 97.5 billion in March, reports Statistics Norway (SSB). That is an obscene amount of money.

It strikes a somewhat jarring note that Norway is earning astronomical sums from a war it condemns, while at the same time the government is pouring money into a war it itself prioritises, which carries clear security-policy risk factors.

The economists are ecstatic: We exported for close to NOK 200 billion – in one month – but imported for close to NOK 100 billion.

Norway’s total export revenues amounted to NOK 199.9 billion in March 2026, an increase of 28.5 per cent compared with the same month in 2025.

– This is exciting on many fronts. The trade surplus is extremely high, close to NOK 100 billion. We are almost back to the levels from 2023 when it comes to the net trade surplus with foreign countries, says Chief Economist Kyrre Knudsen of SpareBank 1 Sør-Norge.

In total, Norway exported 56.6 million barrels of crude oil to a value of NOK 57.4 billion in March. That was 27.3 per cent more barrels and 67.9 per cent greater revenues.

High weapons exports

There were also large gas revenues and high mainland exports in the picture. Gas exports were also positively affected by the unrest in the Middle East, while, inter alia, fish exports and exports of electrical power machinery and parts performed well. Weapons exports in March stood at NOK 2.1 billion.

– Among other things, a great deal of equipment was exported for an offshore wind project abroad, seafood exports performed well, and what is perhaps most interesting: weapons exports were record-high. Norway is now building up greater production and exports within the defence industry, says Knudsen. (NTB)

The large revenues cast the opposition to relief in fuel duties in a dubious light.

Imports in the same month amounted to NOK 102.5 billion, an increase of 5.9 per cent. Electricity imports amounted to 2.4 million megawatt hours – the second-highest SSB has measured. Norway also imported 20,000 electric cars, which constituted around 92.8 per cent of the total number of imported cars.