Norway exported seafood worth NOK41.4 billion (€3.64 billion) in the first quarter of 2023, an increase of 22% compared with the same period last year.
However, high export values are not necessarily indicative of a positive market, with factors such as inflation and a weak krone playing a part.
“Norwegian seafood exports have come through a historically strong quarter in terms of value,” said Christian Chramer, managing director of the Norwegian Seafood Council.
“A significantly weaker Norwegian krone and price growth in the markets for species such as salmon, cod, trout, pollock and herring is the main explanation for the growth. This led, among other things, to the export value in March being the highest ever in a single month,” he continued.
“When we look behind the numbers, the picture is not as so positive,” he cautioned. “Strong food inflation and the weak krone explain a large part of the increase in value, and in addition the export volume of cod and salmon is falling, which helps to raise prices.”
The weak krone was the main reason for lifting the export value by around NOK3 billion (€260 million) in the first quarter, while increased prices in the markets contributed NOK6 billion (€530 million). The fall in volume, reduced the export value by around NOK1.8 billion (€160 million).
Poland, the USA and Denmark were the largest markets for Norwegian seafood exports in the first quarter with export values to the USA growing the most – by 40% over the same period in 2022.
