Weak currency helping Norwegian seafood exporters to another record

“On 13 November, seafood exports surpassed the 2022 full-year export total of NOK 151.4 billion. This year, we expect the value of Norwegian seafood exports will exceed NOK 170 billion, for which we can largely thank the weak Norwegian krone,” Norwegian Seafood Council (NSC) CEO Christian Chramer said.

“The export value so far this year is approximately NOK 20 billion higher than at the same time last year. Almost two-thirds of this increase in value can be attributed to a weaker Norwegian krone.”

Chramer also noted the euro, which is Norway’s most important trading currency, has strengthened by 14% against the Norwegian krone in the past year.

Measured in value, November was the second-best month for Norwegian seafood exports (behind October 2023), thanks to a particularly good month for salmon, with an increased volume and higher prices compared to the same period of last year.

This, Chramer said, proves there’s an increase in demand in the market.

Norway exported 128,324 tonnes of salmon last month, with the trade valued at NOK 11.7 billion, representing a volume rise of 3% and the value soaring 18% compared with November last year. Poland, France and the Netherlands were the largest recipients of Norwegian salmon.

“Price increases at the same time as volume growth show that there is still growth in demand for salmon, compared to the same period last year,” NSC Seafood Analyst Paul Aandahl said.

At the same time, the country sold 6,397 tonnes of trout valued at NOK 561 million, with the volume increasing 31% and the value rising 25%. Ukraine, the United States and Lithuania provided the main markets.

“It is the first time since the war started that Ukraine is our biggest market for trout,” Aandahl said.

The country was also Norway’s 15th largest salmon fish market in November, with a total export value of NOK 209 million – an increase of 44% compared to November last year.

From its whitefish sector, Norway shipped 2,420 tonnes of fresh cod last month, earning NOK 141 million, with the volume and value falling 18% and 20%, respectively. The large decrease in the export value of fresh cod is partly because only 156 tonnes of fresh fillets were exported in the month, which is a decrease of 188 tonnes, or 55%, compared to November last year.

Denmark, Spain and the Netherlands provided the top three markets.

However, November was a strong month for Norway’s frozen cod sector, with overseas sales totalling 5,150 tonnes, worth NOK 269 million. The trade’s volume and value climbed 28% and 13%, respectively. United Kingdom, China and Vietnam were the product’s top markets.

Meanwhile, pelagic fish exporters shipped 25,950 tonnes of herring, valued at NOK 492 million, with the volume and value falling 42% and 16%, respectively. They also sold 48,448 tonnes of mackerel worth NOK 1.1 billion, representing a 57% increase in volume and a rise in value of 86%.

Poland, Lithuania and Egypt offered the largest markets for Norwegian herring last month, while South Korea, China and Japan were the main markets for the country’s mackerel.

November was a particularly good month for pelagic species, with herring and mackerel making up most of the volume and value.

“Last month, we exported pelagic fish for a total of NOK 1.6 billion, which is a record value for November. This is largely due to high herring prices and strong demand for mackerel in the important Asian markets,” Chramer said.

Norway’s shellfish sector reported king crab sales of 236 tonnes with a value of NOK 102 million. While the trade volume grew 96%, the value climbed 23%. Additionally, the country exported 3 tonnes of snow crab worth NOK 796,000 tonnes in November.

Norway also shipped 1,844 tonnes of coldwater prawns worth NOK 103 million last month.