Trade surplus in western Europe’s biggest crude producer plunged in January to nearly one third the level it was at just two years ago. That comes as a surprise since decline in Norway’s currency should, in theory, have helped the trade balance, according to Svenska Handelsbanken. Latest figures indicate that volumes have “clearly dropped,” says Marius Gonsholt Hov, a senior economist at the bank. “It’s hard to look past the fact that exports fell off a cliff in January.” The decline indicates that the full economic impact of crashing oil prices hasn’t been fully felt in Norway yet, he says.
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