Norway exported NOK 13 billion worth of fisheries and aquaculture products last month, representing a 6% or NOK 727 million increase on the total reported in July 2023, with Poland, Denmark and the Netherlands representing the country’s largest markets.
“The reason behind the increase in export value for July is a weakened Norwegian krone against both the euro and the dollar. We see that a sharp decline in salmon prices was compensated by volume growth, and in the end, it is the currency effect that adds value,” explained Christian Chramer, CEO of the Norwegian Seafood Council (NSC).
“In a quieter period with relatively low volumes for the remaining major species exported, July broke records for herring and mackerel,” he said.
In terms of markets, the UK saw the greatest growth in value, with an increase in export value of NOK 381 million or 64% compared with the same month last year. The export volume to the UK ended at 19,092 tonnes, which was 117% higher than the same month last year.
“So far this year, total exports to the UK have grown by 8% in value terms in Norwegian kroner and by 12% in volume terms. Apart from a positive trend for salmon and trout, the other growth is mainly due to exports of fishmeal and fish oil. Frozen whole cod has an overall volume growth of 3% and continues to take a larger share of Norwegian exports. The UK is a significant market for Norwegian haddock. It is positive to see a clear increase for both frozen and fresh whole haddock to the market in July,” said Victoria Braathen, NSC’s UK Director.
With regards to key species, Norway exported 107,442 tonnes of farmed salmon worth NOK 9.6 billion in July. Alongside a volume growth of 13%, value was NOK 262 million or 3% higher compared with the same month last year. Poland, the Netherlands and the US were the three largest markets for Norwegian salmon in July.
The NSC highlighted that July saw a further decline in the price of salmon, as well as significant volume growth. However, the increase in export value was driven by a weaker Norwegian krone. Measured in euros, the export value was unchanged from July last year, while measured in US dollars, the export value fell by 2%.
“Despite the fall in prices, the value of exports to several of the major markets is increasing,” NSC Analyst Paul Aandahl said.
“Germany saw the greatest growth in value in July, with an increase in export value of NOK 142 million, or 46%, compared with the same month last year. The export volume to Germany ended at 4,800 tonnes, which is 53% higher than the same month last year. This development must be seen in the context of low supplies at the beginning of the year, as well as the currency situation, which is favourable from an export perspective,” Aandahl said.
Norway exported 2,384 tonnes of fresh cod worth NOK 137 million in July, representing a 19% fall in volume and a 6% drop in value versus July 2023. It also sold 2,290 tonnes of frozen cod worth NOK 147 million, with the volume and value down 32% and 30%, respectively.
The declines are attributed to lower quotas, which have resulted in fewer landings and less volume.
Meanwhile, the country also exported 10,734 tonnes of herring worth NOK 211 million, with the volume slipping 2% and the value increasing by 19% compared with July 2023.
The NSC highlighted that July is usually the month of the year when the least amount of herring is exported, but that this year, exports were higher than in April, May and June. This, it said, was due to two things: Low quotas for Norwegian spring-spawning herring (NVG), which is caught in autumn and winter; and an increase in the quota for North Sea herring, which is mainly caught from May through the summer.
This year, the North Sea herring season got off to a late start, which has pushed more of the exports, which are usually in May and June, into July.
Also in the pelagic category, the Scandinavian country sold 9,260 tonnes of mackerel worth a record NOK 220 million to overseas markets last month. This represented a growth in volume of 39%, while the value was up 50% compared with the same month last year.
The NSC noted July and June are the months with the lowest exports of mackerel and are dominated by mackerel fishing in Northern Norway. It said fishing in the north has been demanding, and 7,800 tonnes have been landed so far this year, compared with 8,600 tonnes last year. At the same time, large mackerel have been caught in the north, with an average of well over 550 grams. This is well above the usual average for this area of around 480 grams.
A solid volume combined with a new price record for the month of July of NOK 22.73 per kg, gave the value of NOK 220 million. The previous record was NOK 172 million in 2021.
