The Treasurer’s Guide to Trade Finance

Norway

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 491 bn Goods Exports 159

GDP per capita (USD) 99,519 Imports 89

GDP volume growth (year-on-year) + 1.2% Net + 70

Population 4.93m Services Exports 44

3 month interbank rate 2.87% Imports 47

Exchange rate NOK / USD (year average) 5.605 Net – 3

BoP (goods, services & income) as % of GDP + 15.4% Source: IFS, IMF, January 2013

International/Regional memberships

European Free Trade Association (EFTA):

since 3 May 1960. Norway is also a member

of the European Economic Area (EEA).

International Monetary Fund (IMF):

since 27 December 1945.

World Trade Organization (WTO):

since 1 January 1995.

Government trade policy

ƒ As Norway is a member of EFTA, and

consequently the EEA, its trade finance

regulations are broadly aligned with the EU’s

trade regulations, commercial policies and

customs code (ec.europa.eu/trade), except

for agriculture and fisheries.

ƒ Norway trades freely with its fellow EFTA

member states as well as with the EU.

ƒ EFTA has in place bilateral and regional

trade agreements with 24 countries and

trading blocs. It is also negotiating free

trade agreements with 14 countries. It has

negotiated co-operation agreements with

four countries and the Mercosur trading bloc.

ƒ Norway has a bilateral free trade agreement

with the EU.

ƒ National export credit insurance provider:

The Guarantee Institute for Export Credits

(GIEK — http://www.giek.no).

ƒ The Norwegian Export Credit Agency

(Eksportfinans — http://www.eksportfinans.no)

operates Norway’s state-supported export

credit programme.

ƒ Norway has two free ports (Mo i Rana and

Fredrikstad) but no free trade zones.

Currency and exchange controls

Official currency: Norwegian krone (NOK).

Exchange rate arrangement: free floating.

Norges Bank (www.norges-bank.no), the

Norwegian central bank, and the Ministry of

Finance (www.regjeringen.no) exercise control

over the forward exchange market.

ƒ Individuals importing or exporting over

the equivalent of NOK 25,000 in domestic

or foreign currency are required to notify

customs.

Bank accounts

Permission to hold currency accounts

Within

Norway

Outside

Norway

NOKForeign currency NOKForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A