Norway: The Hidden Gem
When businesses think about countries to initiate their exporting endeavours, Norway does not often come to mind, and yet Norway offers one of the most profitable markets in Europe and the world for basic and high-end products.
Why is this so? As per the WorldBank 2017 reports, Norway is one of the few smaller countries that have one of the world’s highest GDP per capital 75,504 US Dollars alongside Luxembourg and Switzerland. While the economy has a significant per capita income, the actual industries and main product manufacturers are few. As a result, Norway imports large dollar volumes of large ticket items such as machinery, equipment, vehicles, ships/boats but also everyday household items, clothing, food, and beverages are imports as well. Let us take a more in-depth look at a few of the product categories that Norwegians buy in relatively large volumes:
Clothing: $568 million US*
Toys and Games: $297.8 million US*
Footwear: $202.2 million US*
Fruits and Nuts: $67.9 million US*
Beverages: $155.2 million US*
Furthermore, because of the high standard of living in Norway, Norwegian buyer personas can be characterized as middle to high-end consumers in the areas noted above and innovative products and technology. So, if you are a company that produces a high-end “basic” household item and are looking for a market to export to, then Norway should definitely be on your list. If you need some specific support with your Norway export endeavours, contact info@exportsinfo.com, and we can open exporting doors in this market that can launch your product sales!
*Source: Trademap www.intracen.org