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Norway

EU trade relations with Norway. Facts, figures and latest developments.

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Norway
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Norway's economic and trade relations with the EU are mainly governed by the agreement on the European Economic Area (EEA).

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  • In 2021, Norway was the EU's 7th most important partner for trade in goods.

Norway's trade in goods with the EU shows a deficit of nearly €18 billion in 2021; a big change from a surplus of €6 billion in 2020. This deficit in trade in goods is mostly due to high oil and gas prices. Nearly 60.5% of Norwegian exports go the EU.

Exports from the EU to Norway are dominated by machinery and appliances as well as transport equipment, while mineral products represent around 40% of EU imports from Norway. With a 26.4% share, Norway is the biggest exporter of fish and aquaculture products to the EU.

  • In 2020, Foreign Direct Investment was high and balanced between Norway and the EU.  
  • Norway is the 9th trading partner of the EU for services. The balance for trade in services between Norway and the EU is positive for the EU and rather stable.

The EU and Norway

As a member state of the European Economic Area, Norway fully applies the whole EU acquis communautaire relevant to the four freedoms (free movement of goods, persons, services and capital), along with that pertinent to flanking policies (i.e. transport, competition, social policy, consumer protection, environment, statistics and company law).

As a result, the EEA agreement provides for a high degree of economic integration, common competition rules, rules for state aid and government procurement.

Agriculture and fisheries are not covered by the EEA agreement. However, Article 19 thereof highlights the commitment of the parties to progressive liberalisation of agricultural trade, which is achieved through the conclusion of separate agreements on that basis.

As member of the European Free Trade Association (EFTA), Norway seeks to conclude bilateral Free Trade Agreements in the so-called EFTA framework. This means that Switzerland, Norway, Iceland and Liechtenstein can negotiate a Free Trade Agreement with a respective third country via EFTA.

Trading with Norway