XI 190 1954 - Statistisk sentralbyrå

Summary. 139
in the ]:1 st weeks of December was great, and
rates •sN ent up to Scale plus 40. At the end of
the yew. nearly all idle ships were again in
operati. )n.
By fir the largest part of the Norwegian
tanker Fleet is sailing on a time charter basis,
and the fall in freight rates affected less than
one fil th of the fleet. This was, however,
sufficiE nt to prevent the earnings of Norwegian
ships in foreign trade from increasing
despite the increase in the fleet.
Earn ngs from commodity exports have
gone u by nearly 13 per cent from 1953 to
1954. 1' Ile rise can be attributed wholly to a
rise in volume, since export prices remained
at approximately the same level as in 1953.
Close to 60 per cent of the increment in export
value derives directly or indirectly from the
record output of the herring fisheries. A large
share jH also contributed by the rise in exports
of pul) and paper. Exports have increased
to new ly all countries of any importance as
market:: for Norwegian goods, exept the United
St: tes. Exports to the United States in
1954 w r. :re 20 per cent lower than the year
before. The sharpest rate of increase has been
in exports to the Soviet Union and some other
countries in Eastern Europe. For total export
earnings this rise is of lesser importance than
the comparatively slower increase in sales to
Western Europa. The Eastern European countries
hive, however, been of great importance
in 195z. as outlets for the large production of
herring and derived products.
The olume of commodity imports, exclusive
of ships, increased by 12 per cent from 1953
to 1954. Prices have on the average been
considerably lower, and the value of imports
has risen by only 5 per cent. Imports have increased
from nearly all European countries
except t he United Kingdom, but the increase
has be( n particularly great for imports from
the FE leral Republic of Germany. Also, imports
'rom the United States have been
somew 1 tat higher than in 1953. The value of
import-, of some important consumer goods,
like gr tin and sugar, has decreased owing to
lower prices. However, there has been a continued
strong growth in the import value of
most ',tiler consumer goods as well as of
capita] goods. Imports of both machinery and
transp, irtation equipment have increased consideraHy.
The increment in the import value
of ships of more than 40 per cent had important
consequences for the Norwegian balance
of international payments in 1954.
The total volume of exported goods and
services has, in 1954, been over 8 per cent
higher than in 1953, while export prices on
the average were only insignificantly higher.
The volume of imports, inclusive of ships, has
gone up approximately 11 per cent, and import
prices have declined by 1.5 per cent. The Norwegian
terms of trade have improved by about
2 per cent. In the external trade of goods only
(exclusive of ships) the improvement in terms
of trade has been considerably greater, viz.
about 6 per cent.
The deficit on the international balance of
goods and services in 1954 is likely to be
somewhat higher than in 1953. It is according
to preliminary estimates, 1 100 million kroner,
as against a little under 1 000 millions in 1953.
To strengthen the reserve of foreign exchange
the Government has borrowed 247 million
kroner abroad in 1954. Loans on ships have
increased by about 450 million kroner. These
capital imports have, however, been less than
what is needed to cover the excess of imports
over exports of goods and services, and short
term credits abroad have gone up. The Norwegian
debt to the European Payments Union
increased by 170 million kroner in 1954. This
is the net result of current drawings of 280
million kroner, and repayment on consolidated
debt of 110 million kroner.
The decline in prices of imported goods has
not resulted in a corresponding fall of the
internal price level. The price decline in imported
goods was offset by various factors,
among which the rise in prices of home produced
goods was of prime importance. The
official cost of living index went up by 6
per cent between January and August, mainly
because of price increases in agricultural products
and coffee. It later declined somewhat,
owing to the fall in coffee prices. The rise in
the yearly average of the cost of living index
from 1953 to 1954 has been about 4 per cent.
This index is computed with quantities consumed
by a sample of working-class households
as weights. An alternative method of
measurement which is more inclusive in
coverage showed a smaller rise, namely 2,5
per cent. This alternative is based on the ratio
of current and constant price estimates of
total consumption as estimated in the national
accounts.
During 1954 the scope of price control activities
was greatly reduced. Price regulations
are now maintained only for special commodities
where the prices are still subsidized, or
where special shortages or monopolistic conditions
prevail.
Higher production and prices have led to an
increase in privately earned income of a little
more than 1 200 million kroner, or 7 per cent,
from 1953 to 1954. Of this increase in income
about 55 per cent have gone to salary and wage
earners, while 45 per cent represent increased