Norway exported record values of seafood in 2023 thanks to high prices and a weak krone.
Seafood worth NOK172 billion (€15.25 billion) was exported last year, an increase of 14% from 2022.
“2023 was the best value year ever for Norwegian seafood exports,” said Christian Chramer, managing director of the Norwegian Seafood Council.
“Seafood is still one of Norway’s most sought-after global trade goods and has firmly established itself as the country’s second-largest export product, behind oil and gas.”
Around three-quarters of the increase can be attributed to the weak krone. “In total, the devaluation of the krone contributed to increasing the export value by almost NOK 15 billion (€1.33 billion) in 2023,” continued Chramer, adding that the industry still had ‘reason to be proud’.
Volumes down
Norway exported 2.8 million tonnes of seafood last year, around 5% less than in 2022. Thanks in part to reduced quotas, volumes of its most significant species – salmon and cod – declined last year. Volumes in the pelagic sector, which includes mackerel and herring, were at their lowest since 2016.
The council highlights challenges that remain, namely increased costs, weakened consumer purchasing power and a change in global competitiveness. Rates of consumption are also falling domestically.
“On a day where we are celebrating a new value record for seafood exports, it is important to remember that this does not equate to solid bottom lines for the seafood companies,” said Chramer.
