Seafood worth NOK 40.2 billion was exported by Norway in the first-quarter of this year, representing a decrease of NOK 1.2 billion or 3%, compared with the corresponding period of 2023.
Norwegian Seafood Council (NSC) CEO Christian Chramer said that while a weak Norwegian kroner and high prices helped grow the export value in January and February, the currency effect declined in March. At the same time, there was a drop in volume for several species in the first three months of the year, with lower farmed salmon volumes and several quota reductions on the wild catch side.
“The result was an overall decline in the value of seafood exports in the first-quarter,” Chramer said.
“In the first three months of the year, significantly lower volumes of cod, herring, mackerel, and king crab were landed than in the same period last year. Reduced quotas are an important measure to ensure that fisheries resources remain sustainable, but at the same time give Norway less seafood to export.”
NSC highlighted that the weaker Norwegian kroner, combined with high global food inflation, had helped to lift Norwegian seafood exports to new heights in recent years. But added that food inflation has now slowed down.
“According to the Food Price Index of the UN Food and Agriculture Organization (FAO), there has been a fall in global food prices of over 10% in the last 12 months. Lower food prices have probably also contributed to curbing the price development of Norwegian seafood in the first-quarter,” Chramer said.
Europe and the important EU market sourced the most Norwegian seafood in the first three months of the year. A total of NOK 23 billion worth of Norwegian seafood was exported to the EU in Q1 2024 – up 1% compared with the same period last year.
Norway’s Minister of Fisheries and Oceans Policy Cecilie Myrseth remarked: “Three consecutive years of export records clearly show that Norwegian seafood is sought after around the world. Even though we are now seeing a slight decline, there is no doubt that the seafood industry is doing well. It remains one of our largest and most important export industries.”
With regards to species, Norway exported 246,560 tonnes of farmed salmon worth NOK 27.9 billion in Q1 2024, with the volume falling 6% and the value dropping by NOK 709 million or 2% compared to the first-quarter last year.
Poland, France and Denmark were the largest markets for salmon in the three months.
“The fall in value for salmon is primarily due to reduced production and lower harvest volumes. This is partly due to lower sea temperatures compared with the same period last year. Increased exports of fillets at the expense of whole fish also contributed to the fall in volume,” NSC Seafood Analyst Paul Aandahl said.
Also in the salmonid category, Norway exported 13,942 tonnes of trout worth NOK 1.4 billion, with a 39% growth in volume and a 25% value rise. Ukraine, the United States and Thailand were the largest markets for trout in the first-quarter.
With regards to whitefish, Norway exported 18,454 tonnes of fresh cod worth NOK 1.2 billion. This volume was 19% lower than in Q1 2023, while the value was down 13%.
At the same time, it sold 18,583 tonnes of frozen cod worth NOK 1 billion in the first-quarter. While the volume was up 1% year-on-year, the value of these products fell by 3%.
In the pelagic category, some 62,778 tonnes of herring worth NOK 1.1 billion was exported, together with 46,895 tonnes of mackerel, also worth NOK 1.1 billion. These volumes and values were down significantly compared with Q1 2023.
Norway also exported 380 tonnes of king crab worth NOK 216 million, 4,511 tonnes of snow crab worth NOK 495 million, and 4,340 tonnes of prawns worth NOK 286 million.
