10.08.2022

Norway and the export of goods to the Polish market

Norway's economic system is an example of a mixed economy. It consists of features of both a free market economy and a command economy. Both the state and the private sector play a significant role in the operation of the Kingdom of Norway's economic system. This makes it possible to combine economic efficiency with meeting the needs of society, which removes misunderstandings and ultimately contributes to an improved standard of living.

Foreign trade

Foreign trade has an impact on the country's economic growth and, consequently, on improving the quality of life of the population. Thanks to the deposits of oil and natural gas discovered in 1967 in the shelf of the North Sea and , the country has become a leading European producer of this resource. Moreover, access to the two aforementioned seas and the Barents Sea has enabled Norway to take a leading position in the world in fishing. Statistics from the Observatory of Economic Complexity (OEC) show that in 2018 the value of exported fish amounted to Their main customers were European Union countries, among which Poland was at the top.

Norway-Poland political situation

Over the past 15 years, trade relations between Norway and Poland have strengthened and positively influenced export volumes. The year of Poland's entry into the European Union is considered a turning point for the countries. The two economies began cooperation on the basis of the Agreement on the European Economic Area (EEA) and the agreement between the European Economic Community (EEC) and the Kingdom of Norway on free trade. In addition, bilateral agreements on avoiding These signed agreements have a positive impact on both economies, as Polish-Norwegian trade turnover is steadily increasing. According to the Central Statistical Office, their balance increased from $2.47 billion in 2004 to just over $7.05 billion in 2013. And in 2018 it amounted to $9.52 billion.

Norway's exports and Poland's imports

In 2018, Norway exported a total of $127 billion worth of goods from its country, ranking it 33rd in the world. Natural gas, oil, metals and fish became the most exported goods, with Germany, the United Kingdom and the Netherlands as its largest customers. In contrast, exports to Poland accounted for 2.38% of Norway's foreign trade, or $3.03 billion. The main exported products were fish (both fresh and frozen), crude oil, passenger and cargo ships, and aluminum. By comparison, according to 2018 data, Poland ranked 18th in imports in the world, bringing in products worth a total of $278 billion. Its dynamic growth in foreign trade was evidenced by a $70.5 billion increase in imports between 2013 and 2018, from $207 billion in 2013 to $278 billion in 2018. And invariably over the years, Norway's main imports have been oil, cars and parts. In summary, OEC data shows that the Kingdom of Norway accounts for 1.09% of Poland's imports.

Steadily growing industries

For many years, foreign trade conducted between Norway and Poland has remained stable, fluctuating slightly. Among Polish trade partners, Norway ranks 20th in imports. The two economies have formed a strong trade bond, and export industries that are steadily strengthening are:

  1. Fish - Poland is the main contractor for the fish industry in Norway. It accounts for 15% of all fish imports. Despite the epidemiological situation and the general hesitation of the world economy, so far fish exports (cod and salmon) to Poland are steadily increasing. The country has become a major supplier to Poland, as quality, which the Norwegians insist on, is an important aspect.
  2. Minerals - Poland accounts for about 2% of Norway's exports in this sector. What can be understood by the minerals industry? It consists of the following products: slag, cement, salt, as well as oil and natural gas.
  3. Metals - A significant role in the exchange between Norway and Poland is played by the metals sector. Norway prides itself on having huge deposits of precious metals, as in addition to oil, natural gas and fish, it has precisely the reserves of ferrous and non-ferrous metal ores that it exports to Poland.

 

Trade relations between Poland and Norway play an important role in the functioning of both economies. Poland is one of 143 countries that receive fish from Norway, but it is the country that, of all countries, leads their imports. Norway, on the other hand, is a major customer of Poland's shipbuilding and machinery industries. All in all, cooperation between the two countries is growing in importance every year.

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