Norway’s seafood exports fall as strong krone, lower wild-catch bite

The decline comes despite historically high prices for several key species. Lower export volumes – particularly of wild-caught fish – and a strengthening Norwegian krone combined to push overall export value down.

“Even record prices couldn’t offset the fall in volume,” NSC CEO Christian Chramer said. “A stronger krone has also reduced the favourable currency effect we saw last year, making Norwegian seafood more expensive in many of our overseas markets.”

Mackerel exports were among the steepest decliners, with volumes halved to 21,655 tonnes – the lowest November volume since 2010. Quota cuts and early utilisation continue to squeeze supply, pushing mackerel export prices over NOK 50/kg for the first time.

Lower quotas also lifted prices for herring and cod, including frozen whole cod, which topped NOK 100/kg — another record. But Chramer cautioned that the onshore processing sector is under pressure:

“For processors, it is becoming increasingly difficult to secure raw materials and trust that the market will absorb these high prices.”

Asia export share grows as Europe, US lose ground

Poland, Denmark and the US remained Norway’s top seafood markets in November, but Asia was the clear growth engine.

China registered the strongest increase in value (+23%), followed by rising demand from Vietnam, Thailand and South Korea.

“Asia continues to take market share at the expense of Europe and the US,” Chramer said.

A newly launched electronic health-certificate exchange between Norway and China is expected to further ease trade.

Farmed salmon and trout generated NOK 12.1 billion, accounting for nearly three-quarters of last month’s total export value.

NSC’s analysis confirmed that salmon exports fell 4% in value to NOK 11.4 billion, with volumes down 3%, while China saw a 35% jump in salmon value and a 47% rise in volume. Meanwhile, Thailand has now overtaken Japan and South Korea as Norway’s second-largest Asian salmon and trout market

The EU took a smaller share of salmon in November (61%, down from 66%), while Asia’s share rose to 21%.

In other categories, cod bucked the downward trend, with fresh exports up 75% in value to NOK 246 million, and the volume up 54% – the strongest November on record. At the same time, frozen cod exports surged 82% in value to NOK 308 million, despite lower landings, as processors reduced stocks and prices climbed to NOK 103/kg

NSC noted that farmed cod accounted for over half of fresh cod export value. It also affirmed that the UK remained the largest market for frozen cod, with volumes more than doubling.

In the pelagic category, herring exports fell 27% in volume and 25% in value, with landings reduced and storage constraints in Europe delaying shipments. Prices for frozen whole herring were lower than last November due to a softer market and expectations of a higher quota next year.

Mackerel volumes plunged 51%, with prices soaring 81% year-on-year for smaller fish. Exporters face the added impact of a stronger krone against key Asian currencies including the yen and won.

Despite the challenges, Norway has exported NOK 165.4 billion worth of seafood so far this year — up 3% on 2024. NSC advised that if December matches last year’s performance, total seafood exports in 2025 will exceed NOK 180 billion, setting a new record.