Trading Partner Portal: Norway
Overview
Trade Overview
Norway is located in Northern Europe and is a part of the Scandinavian Peninsula. The majority of the country shares a border with Sweden in the east and its northernmost region is bordered by Finland. With a population of over 5.52 million, covering 323,802 square kilometers, Norway is one of the most sparsely populated countries in Europe.
Norway has one of the most financially healthy economies in the world, in part due to its status as one of the world’s largest exporters of crude oil and natural gas. It has a GDP of $485.51 billion in 2023, which has been decreasing the past several years. Other major industries, such as shipping, shipbuilding, fishing and fish farming, information technology, pulp and paper products, and light metals processing have prospered as well. Incomes are also more evenly distributed, making every person a consumer, unemployment rates and interest rates are low.
U.S. – Norway Trade
Norway has close ties to the United States, the overall economic and trade relationship is strong, and Norway’s import climate is generally open and receptive to U.S. products and investments.
In 2023 the United States exported $5.03 billion, making it the United States’ 46th largest export destination. Top exports included: transportation equipment ($932 million), oil and gas ($848 million), computer and electrical products ($615 million), petroleum and coal products ($585 million), and chemicals ($510 million).
Also, in the same year, the United States imported $6.12 billion, and top imports included: petroleum and coal products ($1.32 billion), livestock &livestock products ($724 million), chemicals ($706 million), primary metals ($700 million), and fish and other marine products ($686 million).
California – Norway Trade
In 2023, California exported $53 million to Norway. Top exports included: computer and electrical products ($53 million), chemicals ($19 million), transportation equipment ($19 million), fabricated metal products ($18 million), non-electrical machinery ($16 million).
That same year, California imported nearly $534 million from Norway. Top imports from Norway to California included livestock and livestock products ($216 million), fish and other marine products ($91 million) chemicals ($80 million), processed foods ($43 million), and computer & electronic products ($35 million).
FDI – Norway
In 2023 Norway’s FDI position in the U.S. was $42.4 billion, while U.S. direct investment in Norway totaled $15.4 billion the same year. Norwegian FDI supported 7,200 jobs in the U.S. and contributed $24 million to research and development, along with $462 billion in expanded U.S. exports. Top industry sectors of Norwegian FDI were software and IT services, industrial equipment, business services, transportation, electronic components and metals. Select USA
Norway and California are both west coast economies with a beautiful coastline. There are over 342,000 individuals of Norwegian descent living in California. UC Berkley has strong ties with Norway via the Peder Sather Center for Advanced Study. Peder Sather (1810 – 1886) was a prominent Norwegian-born American banker who is best known for his legacy to UCB. His widow donated funding in his memory for two of the school’s most famous landmarks, Sather Gate and Staher Tower, which is more commonly known as The Campanile. There is also a Norwegian Consulate in San Francisco, which opened in 1906. Earl Warren, former California Governor and Chief Justice of the United States was of also Norwegian descent.
Virtual Visit by HRH Crown Prince Haakon of Norway to the State of California
Programming and videos: Day 1. / Day 2.
April 27-28, 2021
Useful Links
Useful links
2019 Nordic-U.S. M&A Study
Alston & Bird, April 8, 2020
Minifacts about Norway 2015 (from Statistics Norway)
VisitNorway (the official travel guide to Norway)
News and information from The Royal Norwegian Consulate General in San Francisco
Nordic Innovation House (Nordic start-ups in the Bay Area)
NorTrade (gateway for trade- and sector information, investment- and career opportunities)
WTO Trade Policy Review 2004 -Norway
U.S. Census Bureau Trade in Goods – Norway
Enhanced Partnership in Northern Europe (e-PINE)
14/15 Global Work Plan – Visit California
Events
Events
Norway & California Sign Agreements to Further Climate Collaboration
His Royal Highness Crown Prince Haakon of Norway visited California and on April 16 oversaw the signing of two climate change agreements with Governor Gavin Newson.
A new Memorandum of Understanding (MOU) advances climate collaboration. The MOU outlines four years of cooperation between California and Norway on clean energy, zero-emission transportation and ports, carbon removal and climate-smart agriculture.
CalChamber Hosts Norwegian Parliament – September 15, 2016
The numerous areas that affect trade and investment between Norway and California were the subject of a lively exchange on September 15, 2016 at a luncheon meeting between the California Chamber of Commerce, Parliament of Norway, Consulate General of Norway, and the Northern California World Trade Center. The lunch was part of a weeklong tour of Northern California by the Norwegian Parliamentary Standing Committee on Commerce and Industry.
CalChamber International Forum on the Transatlantic Trade and Investment Partnership
On May 27, 2015, the California Chamber of Commerce held an International Forum on the Transatlantic Trade and Investment Partnership and the Transpacific Partnership with speakers including members of the United States Chamber of Commerce, representatives from five American Chambers of Commerce from abroad, and two ambassadors. Also in attendance was a delegation totaling 25 members of the AmCham community representing Bulgaria, Croatia, Denmark, Estonia, France, Greece, Ireland, Israel, Kosovo, Latvia, Lithuania, Macedonia, Norway, Poland, Romania, Serbia, Slovak Republic, Slovenia, and Turkey.