Norwegian seafood exports still in sustained growth

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Norway exported seafood worth NOK 13.3 billion in January 2024 – an increase of NOK 640 million, or 5% on January 2023.

Norwegian salmon

Source: Norwegian Seafood Council

Norway exported 86,985 tonnes of salmon to a value of NOK 9.8 billion in January - an increase of NOK 975 million, or 11%

The value of seafood exports has continuously grown for the last 35 months. One of the reasons for this is the weak Norwegian krone.

“2024 seafood exports have got off to a good start. This is primarily due to increased salmon prices. Together with a weakened krone, this has led to the total export value setting a record high for January,” said Christian Chramer, CEO of the Norwegian Seafood Council.

“We also saw a significant currency effect in January. Compared to the same month last year, the Norwegian krone has weakened by 6% against the euro, which raises export prices in the Norwegian kroner.”

Market insight

Norway’s quota reductions on cod, herring and mackerel are now really beginning to be felt in the export volume however.

This year, the largest wild-caught species measured by value, the cod, will receive a quota cut of 20%, as will herring.

Nonetheless, Charmer said, it’s important to take care of Norway’s precious fishing resources.

One of the big performers in January 2024 was skrei which accounted for 25% of the export value of all fresh wild-caught cod. This is a new record for a single month.

In addition, Norway exported 86,985 tonnes of salmon to a value of NOK 9.8 billion in January. The value increased by NOK 975 million, or 11%, over January 2023.

It was also a good month for Trout. Norway exported 4,584 tonnes of trout worth NOK 439 million in January. The value increased by NOK 132 million, or 43%, compared to January last year.

Meanwhile, the EU was the largest recipient of seafood from Norway in January. NOK 7.5 billion worth of seafood was exported to this market. This is an increase in value of 11% compared to the same month last year.

Charmer said that this underpins the fact that although there is still uncertainty about the economic development in the markets, inflation in recent months has fallen faster than expected.

The International Monetary Fund expects an increase in the purchasing power of households in the euro area this year, which will once again be positive news for the demand for Norwegian seafood.