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Boycott of Norway’s Top 10 Exports

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Boycott of Norway’s Top 10 Exports

eographically its closest trading partners are Finland, Russia and Denmark, the Kingdom of Norway shipped US$123 billion worth of goods around the globe in 2018, down by -15% since 2014 but up by 20.6% from 2017 to 2018.

As of July 24, 2019, Norway exported $55.1 billion worth of goods during the first 6 months of 2019 down -9.5% compared to the same period one year earlier.

From a continental perspective, 83.5% of Norwegian exports by value were delivered to fellow European countries while 7.8% were sold to Asian importers. Norway shipped another 5.6% worth to North America with 1.9% arriving in Africa, and 0.8% going to Latin America excluding Mexico but including the Caribbean.

Given Norway’s population of 5.4 million people, its total $123 billion in 2018 exports translates to roughly $22,900 for every resident in the Nordic country.

In macroeconomic terms, Norway’s total exported goods represent 31.1% of its overall Gross Domestic Product for 2018 ($395.9 billion valued in Purchasing Power Parity US dollars). That 31.1% for exports to overall GDP in PPP for 2018 compares to 35.3% for 2014, seeming to indicate a relatively decreasing reliance on products sold on international markets for Norway’s total economic performance. And while this article focuses on exported goods, it is interesting to note that Norway also provided $42.9 billion worth of exports-related services to global customers for an additional 10.8% of GDP in PPP. These metrics include a significant amount of re-exporting activity.

Another key indicator of a country’s economic performance is its unemployment rate. Norway’s unemployment rate was 3.2% at May 2019 down from 3.8% one year earlier, according to Trading Economics.

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The following export product groups represent the highest dollar value in Norwegian global shipments during 2018. Also shown is the percentage share each export category represents in terms of overall exports from Norway.

  1. Mineral fuels including oil: US$76.5 billion (62.2% of total exports)
  2. Fish: $11.7 billion (9.5%)
  3. Machinery including computers: $4.6 billion (3.7%)
  4. Aluminum: $4.2 billion (3.4%)
  5. Electrical machinery, equipment: $2.7 billion (2.2%)
  6. Optical, technical, medical apparatus: $1.4 billion (1.1%)
  7. Iron, steel: $1.3 billion (1.1%)
  8. Nickel: $1.2 billion (1%)
  9. Organic chemicals: $1.2 billion (1%)
  10. Ships, boats: $1.2 billion (1%)

Norway’s top 10 exports accounted for 86.1% of the overall value of its global shipments.

Nickel was the fastest-growing among the top 10 export categories, up 32.6% from 2017 to 2018.

In second place for improving international sales was mineral fuels including oil which was up 31.2% led by improved international sales of petroleum gases and oils.

Norwegian machinery including computers posted the third-fastest gain in value up 13.9%, trailed by iron and steel exports thanks to that category’s 12.4% advance.

The ships and boats category led the decliners with a -26.4% drop in value year over year.

Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Norway’s Most Valuable Export Products further down below.

All Pakistan DICE 2019 Mega Innovation & Entrepreneurship Event on October 11 & 12, 2019

Abbottabad University of Science & Technology takes pride in its collaboration with DICE Foundation USA to hold All Pakistan DICE 2019 Mega Innovation & Entrepreneurship Event on October 11 & 12, 2019. This two day event has a broad scope which will bring together academic institutions of Pakistan from all over the country, industry, public institutions, financial institutions and technology vendors displaying their research innovations, products and technologies.

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This event will entail exhibition as well as symposium in four different categories (as follows), which will not only showcase the true potential of the academic world of all provinces but also allow prominent industry leaders, leaders from academia and policy makers to sit together and strategize ways to fast-track the growth of innovation driven industry in the country.

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Following are 4 Innovation categories in which student projects can me submitted. Each university is encouraged to participate with their best of the best innovative projects in each of the following categories.

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Group A: Engineering & Technology, Computer Sciences and Information Technology

Group B: Physical Sciences and Agricultural Sciences

Group C: Arts & Humanities, Business and Social Sciences

Group D: Biological Sciences, Medical Sciences and Veterinary Sciences

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Interested students may register themselves at  http://dice.aust.edu.pk in any of the four categories of innovation. The deadline for the submission of initial brief proposal of project is Jun 31, 2019