Norway exported NOK 13.1 billion worth of seafood in May, an increase of NOK 816 million, or 7% over the same time last year.
But this was largely due to a weak krone and without this, there would have been a decline in export value.
“As in April, we also see a significant currency effect in May,” said Christian Chramer, CEO of the Norwegian Seafood Council.
“The weak Norwegian krone alone contributed to an increase in export value of around NOK 1.5 billion last month. Without this currency development, there would have been a decline in export value. The market situation has now become more demanding.”
Sky high inflation
When measured in euros, export value actually fell by 8% in May, while measured in dollars it fell by 5%, compared to the same month last year.
Chramer said that this is largely due to continued high inflation all over the world which is contributing to raising global food prices.
When it comes to export markets, Europe is still king for Norwegian seafood, but that is slowly changing.
“We are seeing a shift in total Norwegian seafood exports from Europe to overseas markets such as Asia and North America. In May, we have never had a lower European value share than this year, food inflation in Europe is still very high,” said Chramer.
He said that many consumers are adjusting their shopping habits by choosing cheaper products and buying more food on sale. In addition, they are reducing their consumption of both meat and fish.
In recent months, there has been a fall in the total home consumption of salmon, cod and seafood in all major European seafood markets.
