Norway's Readymade Garment Import Details #norway #apparel #garment #import
Norway's RMG Import & India's Position
·
Economic
Overview:
High-income
non-EU European economy; large state-owned energy company constrains budget and
spending; largest oil sovereign wealth fund; major fishing, forestry, and
extraction industries; large welfare system.
·
Economic
Indicators:
|
Indicators |
Value
(in USD) |
|
Real GDP (Purchasing Power Parity),
2022 est. |
368.151 Billion |
|
GDP (Official Exchange Rate), 2019
est. |
405.695 Billion |
|
Real GDP (Per Capita), 2022 est. |
67,500 |
|
Real GDP (Growth Rate), 2022 est. |
3.3 % |
|
Inflation Rate, 2021 est. |
3.48 % |
|
Source: The World Factbook – CIA 2024 |
|
·
Exchange
Rate
|
Indian Rupees (INR) per Norwegian
Krone (NOK) |
7.85 |
|
Source: X-Rates 2024 (March 2024 average) |
|
· Climate:
Temperate along coast, modified by North Atlantic Current; colder interior with increased precipitation and colder summers; rainy year-round on west coast
· Average
Tariff for India:
0% (India-EFTA
TEPA 2024)
Norway's RMG Import from World and India
|
Norway's RMG Import from World and India |
||||
|
|
2021 |
2022 |
2023 |
% Change 2023 over 2022 |
|
Norway's RMG
imports from World, (In USD Mn.) |
2607.9 |
2758.1 |
2327.2 |
-15.6 |
|
Norway's RMG
imports from India, (In USD Mn.) |
97.7 |
112.4 |
109.2 |
-2.9 |
|
India's % Share
in Norway’s total RMG imports from World |
3.7 |
4.1 |
4.7 |
15.1 |
|
Source: UN
Comtrade 2024 |
||||
The above table shows that Norway’s RMG import from the World were to the tune of USD 2327.2 mn in 2023 showing a decline of 15.6 % as compared to 2022. RMG import from India has also decreased to USD 109.2 mn, registering a decline of 2.9 % as compared to 2022. India’s percentage share in Norway’s RMG import from the World has increased to 4.7 % in 2023.
Top RMG Supplier to Norway and India's Position
|
Top RMG Supplier to
Norway and India's Position |
|||
|
Position |
Countries |
Imported value in 2023 (in USD mn) |
% Share |
|
World |
2327.2 |
100 |
|
|
1 |
China |
869.8 |
37.4 |
|
2 |
Bangladesh |
323.7 |
13.9 |
|
3 |
Turkey |
198.1 |
8.5 |
|
4 |
India |
109.2 |
4.7 |
|
5 |
Viet Nam |
108.6 |
4.7 |
|
Source: UN Comtrade 2024 | |||
The above table shows that China has remained a top supplier of RMG to Norway with 37.4 % share in 2023. India is the 4th largest supplier of RMG to Norway with 4.7 % share. Bangladesh and Turkey has a share of 13.9 % and 8.5 % respectively.
Top 10 RMG products imported by USA from World
|
Top 10 RMG products
imported by Norway from World |
|||
|
S. No. |
HS Code |
Product label |
Imported from World in 2023 (in USD mn) |
|
Total RMG |
2327.2 |
||
|
Sum of Top 10 |
925.7 |
||
|
1 |
620342 |
Men's or boys' trousers, bib and brace overalls, breeches and shorts,
of cotton (excl. knitted ... |
120.4 |
|
2 |
611020 |
Jerseys, pullovers, cardigans, waistcoats and similar articles, of
cotton, knitted or crocheted ... |
120.4 |
|
3 |
610910 |
T-shirts, singlets and other vests of cotton, knitted or crocheted |
110.3 |
|
4 |
611030 |
Jerseys, pullovers, cardigans, waistcoats and similar articles, of
man-made fibres, knitted ... |
107.2 |
|
5 |
610990 |
T-shirts, singlets and other vests of textile materials, knitted or
crocheted (excl. cotton) |
93.1 |
|
6 |
620240 |
Women's or girls' overcoats, car-coats, capes, cloaks, anoraks, incl.
ski jackets, wind-cheaters, ... |
85.0 |
|
7 |
620462 |
Women's or girls' trousers, bib and brace overalls, breeches and
shorts of cotton (excl. knitted ... |
79.2 |
|
8 |
620343 |
Men's or boys' trousers, bib and brace overalls, breeches and shorts
of synthetic fibres (excl. ... |
74.7 |
|
9 |
611011 |
Jerseys, pullovers, cardigans, waistcoats and similar articles, of
wool, knitted or crocheted ... |
73.9 |
|
10 |
620140 |
Men's or boys' overcoats, car-coats, capes, cloaks, anoraks, incl. ski
jackets, wind-cheaters, ... |
61.5 |
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