US-Norway Trade Agreement Boosts Submersible Motor Exports
A recent bilateral trade agreement between the United States and Norway has reduced tariffs on industrial equipment, including submersible multi-phase motors under HS Code 8501.53.60. This has led to an increase in exports of these motors from the US to Norway, particularly for use in offshore oil and gas pump systems.
2023-10-15
Impact: Positive impact on US exporters of submersible motors due to reduced tariffs, potentially increasing market share in Norway’s industrial sector.
Norway Increases Demand for High-Power Submersible Motors
Norway’s expanding offshore energy projects have driven demand for high-power submersible motors (149.2 kW to 150 kW) for pump applications. US manufacturers have reported a 15% rise in inquiries for motors meeting the specified dimensions under HS Code 8501.53.60.
2023-09-22
Impact: Increased demand may lead to higher export volumes from the US to Norway, strengthening trade ties in the energy equipment sector.
Supply Chain Delays Affect US-Norway Motor Trade
Global supply chain disruptions have delayed shipments of submersible multi-phase motors from the US to Norway. Several consignments under HS Code 8501.53.60 have been held up at ports, impacting delivery schedules for Norwegian industrial projects.
2023-08-30
Impact: Negative short-term impact on trade flow, with potential delays in project timelines for Norwegian buyers and revenue setbacks for US suppliers.
