Norway has enjoyed its best ever August for seafood exports, with a value of NOK 14.6 billion (€1.23 billion), an increase of 5% over the same month last year.
Half of the total growth in value can be attributed to the continuing weak krone.
“Compared with last year, higher salmon volumes and a weaker Norwegian krone drove up the value of Norwegian seafood in August,” said the Norwegian Seafood Council chief executive, Christian Chramer.
“We also see that higher volumes of trout and mackerel are contributing positively, in addition to an increase in prawn exports. At the same time, the price of salmon measured in foreign currency has fallen, while we had lower volumes of both saithe and cod.”
However, this is not all good news for exporters, warns Chramer, who points out that costs are not necessarily in line with revenues. “”At the same time as the low exchange rate results in good export figures measured in Norwegian kroner, many seafood companies have to deal with the general increase in costs in society,” he said.
Seafood was exported to a total of 109 countries in August, five fewer than in August last year. The largest markets for Norwegian seafood exports in August were Poland, Denmark and the US with the UK showing the highest value growth of 24% compared to August 2023.
Norway’s largest seafood export – salmon – grew in both value (4%) and volume (3%) whilst trout saw a historical level of growth in both value and volume at 36% and 44% respectively.
