Norway trade balance posted a significantly higher surplus in August compared to a year earlier, Statistics Norway said Thursday.

The surplus rose 54.3 percent year-on-year to NOK 32 billion from NOK 20.8 billion in August 2010. The increase in overall trade surplus was driven by the increase in exports of crude oil and natural gas, the statistical office said.

Total exports climbed 27.2 percent annually to NOK 72 billion. Meanwhile, the growth in imports was less pronounced, by 11.5 percent to NOK 40 billion.

The trade balance excl. oil, natural gas and condensates, showed a deficit of NOK 11.06 billion compared to a shortfall of NOK 9.4 billion last year.

Exports, excluding ships, oil platforms, crude oil, natural gas and condensates, amounted to NOK 29 billion in August, up 9.5 percent year-on-year.