Skrei in a fishmonger's shop in Spain. Cod, especially exports of quality-marked skrei, made a difference in Norwegian seafood exports in April.
Photo: Norwegian Seafood Council.
Dragged down by a decline in both the currency effect and the export volume of key species, the value of Norwegian seafood exports fell by 14% in March. This was a reversal of trend after three consecutive years of growth. However, this turnaround has been short-lived, as today the Norwegian Seafood Council (NSC) reports April marked another all-time high.
"The value of exports has never been higher in April than this year," said NSC CEO, Christian Chramer. "The growth is largely due to the Norwegian krone, which has weakened slightly against the euro and the US dollar compared with April last year. In addition, last month saw increased export volumes for several species, such as trout, saithe, haddock, snow crab, and mackerel," he continued.
Nevertheless, other factors such as quota reductions, the drop in salmon volume, or the "Easter effect" have also influenced Norwegian seafood export figures, which in April 2024 reached NOK 13,900 million (EUR 1,191 million / USD 1,283 million).
This is an increase of 7% - NOK 924 million EUR 79.2 million / USD 85.4 million) - compared to the same month 2023, the best year ever for Norwegian seafood export value. A record figure which, due to the above-mentioned factors, NSC’s analysis invites to see in perspective.
As has been the case in recent times before the March lull, in April currency effects boosted the value of Norwegian seafood exports once again. However, the Norwegian Seafood Council pointed out that this was not the only factor, but that in 2024 the "Easter effect" also affected seafood exports.
Although this year it fell in March, last year Easter was in April. As a result, there were four more working days in April this year than in the same month in 2023, a fact that, according to NSC representatives, must be taken into account when analyzing this new record high in April 2024, as it could be partly misleading.
"Since we always compare the development of seafood exports with the same month in the previous year, it can have a major impact when Easter falls in different months, such as this year and last year. In that case, it is more correct to look at seafood exports in March and April together," Chramer explained.
Taken together, in March and April 2024, Norway exported seafood products with a total value of NOK 27,600 million (EUR 2,365 million / USD 2,549 million), which, seen in this light, means a decrease of NOK 1,100 million (EUR 94.2 million / USD 101.6 million) compared to the same period last year. "The quota reduction on a number of wild-caught species and a lower volume of salmon have characterized the start of this export year," NSC CEO argued.
As said, in April 2024, Norway exported seafood products worth NOK 13,900 million (EUR 1,191 million / USD 1,283 million). If we talk about the total for the year, the cumulative now reaches NOK 54,200 million (EUR 4,647 million / USD 5,012 million). This is a decrease in value of NOK 200 million (EUR 17.1 million / USD 18.4 million) compared to the same period last year, which, however, measured in euros, is even higher: 3%.
Last month, Norway exported seafood products to a total of 107 countries, three fewer than in April last year. Among them, Poland, Denmark, and the United States were the largest markets.
Poland, in particular, was the country with the highest growth in export value, with an increase of 19% - NOK 216 million (EUR 18.5 million / USD 19.9 million) - compared to the same month in 2023. However, if we talk about volume, the figure is on the decline. The volume of exports to Poland ended at 14,329 tons, 8% less than in the same month last year.
As Christian Chramer explained, catch quota reductions and falling salmon volumes have affected total Norwegian seafood export volumes in April. However, in the specific case of cod, even with the lowest export volume in more than a decade, the export value has never been so high in April.
How can this happen with Norwegian cod? The Norwegian Seafood Council puts it down to two key factors. On the one hand, they say, the battle for raw materials is intensifying internationally. On the other, there is skrei.
"Increased prices for salted fish, as well as fresh and frozen cod, have contributed to price growth. This is driven by quota reductions and increased demand abroad because of a number of international sanctions against Russian cod. Meaning that the battle for raw materials is continues to intensify for the Norwegian processing industry," said Eivind Hestvik Brækkan, NSC seafood analyst.
If we talk about skrei, when its fishing season officially ended at the end of April, exports of quality-marked skrei reached a record value measured in Norwegian kroner. For Spain alone, the export volume amounted to 1,600 tons, 42% more than last year.
"There has been good demand for skrei this year, especially in the Spanish market. In fact, one in four fresh wild-caught cod is now exported as quality-labeled skrei, which is the highest ever proportion," explained Eivind Hestvik Brækkan.