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.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE