Norway's seafood exports increased by 5% in the third quarter, compared with the same period last year.
Photo: Norwegian Seafood Council.
Norway's seafood industry achieved its best third quarter ever, with seafood exports valued at NOK 44.1 billion (EUR 3.77bn / USD 3.99bn), an increase of NOK 2.2 billion, or 5%, compared to the same period last year, according to figures released this week by the Norwegian Seafood Council.
This strong performance was driven by high volumes of salmon, trout, mackerel, and prawns, with a particularly high export value in September.
September alone saw Norwegian seafood exports valued at NOK 16.7 billion (EUR 1.43bn / USD 1.51bn), the second-highest monthly export value ever. Salmon exports during the month reached 141,600 tonnes, worth NOK 11.6 billion (EUR 991.8m / USD 1.05bn), a 6% increase compared to last year. Trout exports in September totaled 7,600 tonnes, worth NOK 625 million (EUR 53.4m / USD 56.6m), marking a 15% growth in value.
“Thanks to a historically high export value in September, we have put behind us the best third quarter ever. This time there is virtually no currency effect from a weak Norwegian krone, since we are comparing with the same period last year. High volumes of salmon, trout, mackerel and prawns are driving up the export value," said Christian Chramer, CEO of the Norwegian Seafood Council.
Despite quota reductions for key species such as herring, king crab, mackerel, and cod, Norway's total seafood export value for 2024 has reached NOK 124.7 billion (EUR 10.65bn / USD 11.29bn), up by a whopping NOK 626 million (EUR 53.5m / USD 56.7m) from last year.
Aquaculture, especially salmon, has played a crucial role in compensating for the reduced quotas, according to Chramer.
“2024 has been characterised by quota reductions for herring, king crab, mackerel and cod. This is an important and necessary measure to ensure continued sustainable fish stocks, but has naturally resulted in lower export volumes. The fact that the total value of seafood exports nevertheless increased in the third quarter is due to fish from aquaculture compensating for the fall in quotas," Chramer said.
While salmon remains a consumer favorite, 2024 has been challenging for many producers due to rising costs and biological issues, Chramer noted.
“Competition in the market is fierce, while at the same time there has been galloping cost growth. In addition, higher sea temperatures this summer have led to increased biological challenges related to salmon lice," he explained.
Nevertheless, salmon accounted for 70% of total seafood exports in the third quarter, with 372,442 tonnes exported, worth NOK 31.8 billion (EUR 2.72bn / USD 2.88bn). This represents a 3% increase in value and an 8% rise in volume compared to the previous year. Germany, Poland, and the USA were the largest markets for salmon during the quarter.
Another aquaculture sector growing in importance in Norway is that of cod. Norwegian Seafood Council data reveals that farmed cod accounted for 41% of the export value of fresh cod in the third quarter of 2024 - a record high.
“This share has never been so high in a third quarter before. The previous record was in the third quarter of 2010. At that time, farmed cod accounted for 38 per cent of the total value of fresh cod exports," said Seafood Analyst Thomas Jakobsen.
For fresh farmed cod, the export volume increased by 119% to 2,457 tonnes, while the export value increased by 115%, achieving NOK 152 million (EUR 13.0m / USD 13.8m). Meanwhile, exports of fresh wild cod fell by 35% to 3,699 tonnes, and export value fell by 26% to NOK 222m (EUR 19.0m / USD 20.1m).
“In September, farmed cod accounted for 52 per cent of total exports of fresh cod. This is the first time in recent times that farmed cod has accounted for more than half of the export volume for fresh cod," Jakobsen noted.
Poland, Denmark, and the USA were the largest markets for Norwegian seafood in the third quarter. Germany, the UK, and China saw significant growth, with Germany experiencing a 32% rise in export value, driven by increased domestic consumption.
Chramer attributes this uptick to falling food inflation in these important seafood markets after a long period of strong growth.
“This has strengthened the purchasing power of many consumers. For example, Germany, the UK and China have never traded Norwegian seafood for such high values as in the last quarter," he said.
The third quarter also saw the highest-ever export values for Norwegian trout and prawns, with trout exceeding NOK 2 billion (EUR 171.0mn / USD 181.2mn) in a single quarter for the first time. Prawn exports also reached a record high, growing 54% in value compared to last year. Mackerel also performed strongly, with a 68% increase in value, particularly driven by demand in Asian markets.
However, exports of king crab declined significantly due to quota reductions, with a 31% drop in value. Snow crab exports also fell sharply, with a 61% drop in volume compared to last year.