Norway achieved its best ever month for seafood exports in October worth a value of NOK 18.4 billion, largely thanks to salmon.
October exports achieved an increase of NOK 3.3 billion, or 22%, compared to the same month last year.
“The growth in value for salmon continues, contributing greatly to October being the best single month ever for Norwegian seafood exports. The combination of high salmon prices, increased export volume and the weak Norwegian krone, lifted the total value to a historically high level,” said Christian Chramer, CEO, Norwegian Seafood Council.
Growth market
In October, Norway exported salmon worth NOK 12.5 billion. It accounted for 68% of the total value of seafood exports last month, this means that the export value of salmon has already passed NOK 100 billion in 2023.
“So far this year, the export value of salmon has increased by 18%, measured in Norwegian kroner and in October, the value passed NOK 100 billion for the year,” added Mr Chramer.
”However, much of the increase in value can be attributed to a weaker Norwegian krone. Measured in euros, the export value of salmon has only increased by 4% so far this year.”
So far this year, Norway has exported NOK 142.4 billion worth of seafood. In comparison, Norway exported seafood worth NOK 151.4 billion in 2022, which was a new record at the time.
The main factor driving export value up is high food inflation, this has increased costs and had a strong currency effect on the Norwegian kroner.
The largest markets for Norwegian seafood exports in October were Poland, Denmark and the USA.
Poland had the largest increase in value, with an increase in export value of NOK 740 million, or 41%, compared to the same month last year.
Seafood was exported to a total of 116 countries in October. Of the wild-caught species, it was herring and mackerel that had the greatest increase in value in October.
