Best first-quarter for Norwegian seafood exports

“The first quarter has been characterised by increased export volumes for salmon, high prices for cod, mackerel and snow crab and strong value growth to the USA and China. In addition, the Norwegian krone was weaker in the first-quarter than in the same period last year, which has also helped to increase the value of exports measured in Norwegian kroner,” Norwegian Seafood Council (NSC) CEO Christian Chramer said.

Commenting on the performance, Norway’s Minister of Fisheries and Ocean Policy Sivertsen Næss said: “The world’s huge appetite for Norwegian seafood is clearly reflected in the export figures for the first three months of the year. The whole of Norway can be proud of the great values created by small and large seafood communities across the country.”

In terms of species, farmed salmon was Norway’s number one export, with a value of NOK 29.5 billion. This was 6% more than in the first-quarter of last year. The total volume of 285,163 tonnes was 16% higher year-on-year.

“The start of 2025 has been very positive for Norwegian salmon. Increased harvest volumes and more available superior fish have boosted exports to some of our largest and most important markets,” Chramer said.

With regards to markets, Norway’s exports to the US totalled NOK 4.9 billion, an increase of NOK 1.8 billion, or 56% compared with last year. The US was also the largest growth market in terms of value and accounted for 11% of total seafood exports in Q1.

The total export volume to the US ended at 35,591 tonnes, which was 34% higher than in the first-quarter of 2024.

“Despite a great deal of uncertainty related to the introduction of tariff barriers, growth in seafood exports to the US has been very strong in the first three months of the year. In addition to salmon, this is driven by snow crab and king crab. For the first time ever, the value of shellfish exports to the US is higher than to the EU market in a first quarter,” Chramer said.

Næss also acknowledged the strong growth of the US market, with its export value pulling ahead of both Poland and Denmark.

“Despite favourable export figures, we are now entering an uncertain time for world trade with increased tariffs. The government is working actively in favour of Norwegian interests and is in close contact with the industry. Although the industry is adaptable, the situation may be challenging for parts of the Norwegian seafood industry and lead to certain changes in the flow of goods for global seafood trade,” she said.

“This is a turbulent period in terms of trade policy, but the industry in Norway and the USA is reporting ‘business as usual’. The seafood industry is global in nature and used to adapting to constantly changing framework conditions,” added Anne-Kristine Øen, NSC’s envoy to the US.

Norway also exported NOK 2.7 billion worth of seafood to China in the first-quarter – a growth of 37% year-on-year.

“The first-quarter saw value growth for salmon, cod, redfish, mackerel and saithe. This is a very positive development in a market that is becoming increasingly important for Norwegian seafood exports,” Chramer said.

NSC also confirmed that the 25% quota reduction for cod affected the entire value chain on the wild-catch side in the first-quarter.

“Less available fish in the market has led to increased competition for raw materials. The fact that there was nevertheless a slight increase in the export value of cod is because the price was at a record high and so compensated for the fall in volume,” Chramer said.

Norway exported 13,993 tonnes of fresh cod worth NOK 1.1 billion in the period, with the volume down 24% and the value falling 3% compared with Q1 2024. Denmark, the Netherlands and Latvia were the largest markets.

The country also recorded the lowest export volume for frozen cod in 16 years, with 11,870 tonnes worth NOK 996 million. The value was unchanged compared to Q1 2024, while the volume was down 35%. The UK, China and Vietnam were the largest markets for the product.

Meanwhile, herring exports in the first-quarter were characterised by low volumes and high prices, with 67,320 tonnes generating a value of NOK 1.3 billion. Poland, Egypt and Germany were the largest markets for herring in Q1 2025.

“We have to go back to 2015 to find a lower export volume, but at the same time the value is the fourth highest ever,” NSC’s Head of Pelagic Species Jan Eirik Johnsen said.

Around 119,000 tonnes of herring were landed in the first-quarter, compared with 108,000 tonnes in the same period last year. At the same time, exports declined during the period.

“This is because frozen herring can be stored before it is shipped out. In recent years, it has become increasingly common for Norwegian exporters to store herring in Norway on behalf of customers and ship it out according to an agreed programme. This means that there is a lower correlation between catch and export than previously,” Johnsen explained.

The fishing season for Norwegian spring-spawning herring (NVG) stretches over the end of the year, creating an artificial divide.

NSC advised that mackerel exports were surprisingly strong in Q1 2025, given that the quota is likely to be reduced by 22% this year. Norway exported 54,934 tonnes of the fish worth NOK 1.7 billion, with the volume and value up 17% and 54%, respectively.

South Korea, Vietnam and China were the largest markets for the product.

“On the market side, it is worth noting that direct exports to our most important market, Japan, were at a historically low level in the first-quarter. Much of the mackerel that ends up in Japan is processed in Vietnam and China, and here we see an increase in the first-quarter compared to last year,” Johnsen said.

The high mackerel prices have led to an increased focus on costs.

“Processing in Japan has been partially reduced, in favour of increased processing in lower-cost countries such as Vietnam and China. In addition, there is increased demand for boneless mackerel fillets, which are currently produced in Japan, but mainly in Vietnam,” said Johan Kvalheim, NSC’s envoy to Japan and South Korea.