After 10 consecutive months of growth, Norway saw a decline in its seafood exports last month, with overseas sales totalling NOK 13.6 billion.This represented a decrease of NOK 267 million or 2% on May 2024.
“Increased salmon production in Norway and globally resulted in lower prices and a slightly lower total value for May. This is the main reason for the decline in the export value of Norwegian seafood in May. Reduced volumes for clipfish, together with a somewhat stronger Norwegian krone against the US dollar, also contributed to the decline,” Norwegian Seafood Council (NSC) CEO Christian Chramer said.
NSC confirmed Norwegian seafood was exported to a total 106 countries in May, the same number as last year, with the United States, Poland and the United Kingdom providing the largest markets.
Chramer added that the “big picture is that Norwegian seafood is still doing well in a troubled world”, and also that “despite Trump’s tariffs of 10% for the whole of May, it was the US that saw the greatest growth in value for the fifth month in a row.”
Norway’s seafood exports to the US last month amounted to NOK 1.4 billion. This was an increase of NOK 386 million or 40% compared with May 2024.
“In addition to salmon, snow crab is doing well in the US. Overall, snow crab exports were at a record high in May, with an export value of NOK 221 million, of which 59% went to the US. This year, new regulations have led to a longer season and high landings in April and May as well,” Chramer said.
In value terms, the main three species exported to the US in May were salmon – NOK 983 million (+32%), snow crab – NOK 129 million (+351%) and trout – NOK 109 million (+19%).
Overall, Norway has exported seafood worth NOK 72 billion so far this year – an increase in value of NOK 3.6 billion or 5% compared with the first five months of 2024.
The largest markets for Norwegian seafood exports have been the US (NOK 7.7 billion), Poland (NOK 6.4 billion) and Denmark (NOK 4.6 billion), while the three top earning species have been salmon (NOK 48.8 billion), cod (NOK 5.8 billion) and trout (NOK 2.9 billion).
In May, Norway exported 112,846 tonnes of salmon worth NOK 9.8 billion, with the volume soaring 38% and the value slipping by 1% or NOK 145 million compared with the same month last year.
The US and China were the largest growth markets for salmon last month, with both generating a value uplift of NOK 241 million.
Exports to the USA totalled 7,019 tonnes, which was 63% higher than the same month last year, while shipments to China reached 8,273 tonnes, an increase of 181%.
NSC reported that last month’s average price for a kilo of fresh whole salmon was NOK 75.78 per kg, a fall of 35% from May 2024 when the average price was NOK 116.68 per kg – the third highest average price recorded for a month.
The price drop of NOK 40.88 per kg compared to the same month last year is the largest drop ever recorded.
“Record-high export volumes for the month of May, as a result of better production conditions, have led to a record-breaking weakening of the salmon price this year compared with last year,” NSC Seafood Analyst Paul Aandahl said. “Most of the volume growth has gone out as fresh whole salmon. In May, exports of fresh whole salmon increased by 53%. Fillet exports grew by 21% to 7,147 tonnes, while fresh fillet exports fell by 2%.”
Good access to large whole salmon, changing competitive conditions and increased demand have led to a shift in the flow of goods from Europe to overseas markets, he added. Measured in value, 67% of salmon went to Europe. Last year, the share was 71%.
Some 21% of Norway’s salmon went to Asia, up from 19%, while 11% went to North America – up from 8%.
In the whitefish category, Norway exported 2,917 tonnes of fresh cod worth NOK 212 million in May, with the volume down 3% and the value rising 14% year-on-year. Denmark, the Netherlands and Latvia were the product’s largest markets.
The country also shipped 3,438 tonnes of frozen cod worth NOK 279 million, down 25% and 5% respectively. UK, Vietnam and China were its main markets.
“So far this year, as much as 39% of Norwegian exports of frozen cod have gone to the UK. This is the highest share since 2000. The relatively strong development of our largest market for frozen cod shows that the British will continue to have their Fish & Chips, even with higher cod prices and lower Norwegian landings,” NSC Seafood Analyst Eivind Hestvik Brækkan said.
