After three years of increases, the value of Norwegian seafood exports fell in June by nearly a fifth.
The country exported seafood worth NOK 15 billion (€1.31 billion) last month, an unprecedented 18% lower than the same period in 2023. Never has the value of exports fallen by more than NOK 2 billion (€170 million) in a single month.
“A weak Norwegian krone and high prices for cod and salmon boosted value in the first five months of the year,” explained Christian Chramer, chief executive of the Norwegian Seafood Council.
“However, the growth stopped in June, largely driven by falling salmon prices.”
Figures for the first half of the year have also dipped slightly compared to last year, with export value sitting at NOK 80.6 billion (€7.04 billion), 2% lower than the same period in 2023.
“Despite the downturn, the seafood industry is delivering strong figures with the second-best half-year figures ever,” said Marianne Sivertsen Næss (Ap), Minister of Fisheries and Ocean Policy.
“Nevertheless, weakened purchasing power in key markets, lower export volumes and increased competition from other seafood nations is something we must take very seriously, including through our work on market access.”
Salmon remains Norway’s largest export by both volume and value so when the price fell by NOK 31 (€2.71) in June, it had a major impact on the overall figures. Weakened purchasing power is also affecting value.
“Even with lower inflation and the prospect of real wage growth in our key EU market, prices for both food and other goods have risen more than incomes in recent years,” said Chramer.
Quota cuts have also paid their price, affecting the value of cod, king crab, herring and mackerel.
