During the last years, Ukrainian-Norwegian trade and investment cooperation has shown a relatively positive dynamic.

According to the Central Norwegian office for official government statistics, the total trade turnover between Ukraine and Norway in the first half of 2023 amounted to 185.3 million USD.

In the first half of 2023, exports of goods from Ukraine to Norway amounted to USD 38.8 million USD. The main items of exports of goods from Ukraine to Norway were products of wood and charcoal – 8.6%; machines, nuclear reactors, boilers - 8.4%; electrotechnical, electronic equipment - 7.9%; furniture - 7.3%, shipbuilding - 7.2%.

During the same period, imports of goods to Ukraine from Norway amounted to 146.5 million USD. The main items of Norwegian exports of goods to Ukraine were traditionally fish and seafood – 47%; weapons, ammunition and spare parts – 29%, vehicles – 4.8%.

In the first half of 2023, the negative trade balance for Ukraine (goods) with Norway amounted to 107.7 million USD.

In 2023, statistical information on trade in services and direct investment from Norway in the economy of Ukraine is not available, given that during the martial law, the State Statistics Service of Ukraine suspended the publication of statistical information.

Exports of services from Ukraine to Norway in 2020 amounted to about USD 38 mln. Its main items were telecommunications services, computer, and information services (63%), transport services (20%), and business services (14%). Imports of services from Norway to Ukraine amounted to USD 16 mln. Its main items were business services (81%) and telecommunications services (10%).

The real volumes of exports of goods and services from Ukraine to Norway are much higher than the data of the State Statistics Service of Ukraine. The situation is similar with the volume of exports of services from Ukraine to Norway. The existing differences in the statistics of Ukraine and Norway are due to the non-designation of Norway as the destination country for many Ukrainian exports and services and, instead, their inclusion as exports to EU countries, primarily Denmark, the Netherlands, Germany, Poland, and the Baltic States.

Trade and economic cooperation between Ukraine and Norway is regulated by the following documents: the Free Trade Agreement between Ukraine and the EFTA States and the Agreement on Agriculture between Ukraine and Norway (both agreements were signed on 24 June 2010 and entered into force on 1 June 2012).

The most far-reaching shifts in Ukrainian-Norwegian relations in recent years have taken place in investment cooperation – the first major investment projects of Norwegian companies NBT and Scatec in Ukraine in the field of renewable energy, launched in 2018, are expected to attract USD 2 bln into the Ukrainian economy. 

No investments from Ukraine in the Norwegian economy have been registered.