Icelandic aquaculture started the year "with a bang", as export value surges

Iceland's aquaculture sector has witnessed an unprecedented surge in its export value, comparing figures from January and February 2024 with those of last year.

The achievement was highlighted by CEO of Fisheries Iceland (SFS), Heidrun Marteinsdottir, in a recent LinkedIn post reporting findings of the U.S. credit rating agency Fitch Ratings Inc.

"As a small nation, prosperity in Iceland is built on robust and expanding export industries. While wild-caught fisheries have long been the cornerstone of our exports, the expanding aquaculture sector emerges as a promising addition," Marteinsdottir wrote.

The figures show that in the first two months of 2024, Iceland's aquaculture products achieved an export value of over USD $97 million - "the highest value ever for this period on record," noted Marteinsdottir.

This marks a 39% surge in export value during January-February 2024, when compared with last year's figures, based on a fixed exchange rate, the CEO pointed out in her post.

Marteinsdottir published a graph produced by Fisheries Iceland (pictured), incorporating data from the government agency Statistics Iceland, which compares the export value of aquaculture products during the first two months of each year, from 2015-2024, revealing continued growth.

"This past February was the third-largest export month ever, and January was fourth," noted Marteinsdottir.

"It is thus safe to say that the year in aquaculture has started with a bang!" Marteinsdottir wrote.

"Alongside increased exports, the share of aquaculture products in the total value of exported goods from Iceland has significantly risen. The share of aquaculture products in exported goods was thus 8.4% in January and February. In recent years, their share has been around 6% for the first two months of the year, with a 6.4% share last year," Marteinsdottir stated.