Once again, the Norwegian Seafood Council has shared the results for August. During that month, Norway experienced a notable increase in its seafood exports, reaching a value of NOK 14.2 billion (EUR 1,374 million / USD 1,320 million), a figure that is a 15% increment compared to the same period the previous year.
One of the most significant aspects to consider in the current seafood market in the Nordic country is the devaluation of the Norwegian krone against the euro. In specific numbers, the Norwegian krone depreciated by 16% in August, a reality that fueled this growth in seafood exports. Consequently, this situation translated into greater competitiveness for Norwegian products in international markets.
Overall, Norway exported seafood products to 110 countries in August, with Poland, the United States, and Denmark being the top three primary markets. Additionally, exports of salmon, shrimp, king crab, and other seafood products experienced value growth.
In the first place, the increase in the value of exports to the United States stood out, representing the largest market in North America. The American market experienced a 24% growth in value, specifically NOK 1.5 billion (EUR 129.99 million / USD 139.47 million). Furthermore, the United States has become an increasingly important market for Norway, accounting for more than 10% of the total value of Norwegian seafood exports in August.
Regarding species, it's worth highlighting the performance of Norwegian salmon, which continued its steady growth, surpassing NOK 10 billion (EUR 866.44 million / USD 929.60 million) in export value. This marked the thirtieth consecutive month of growth and underscored the strong position of Norwegian salmon in international markets. Despite slightly lower prices compared to the previous year, the value continued to rise.
Therefore, the export value of Norwegian salmon is the highest ever recorded in August. "Currently, this is the latest in a series of 30 months with continuous growth in value compared to the same period the previous year. We have to go back to May 2011 to find an equally long period of continuous growth," said Paul T. Aandahl, a seafood products analyst at the Norwegian Seafood Council.
In August, Norway experienced strong growth in its king crab exports, with an increase of 73%, reaching NOK 177 million (EUR 15.33 million / USD 16.45 million). This was mainly due to a 101% increase in export volume, totaling 392 tons. The main markets for king crab were Hong Kong SAR, the United States, and South Korea, and this month traditionally represents the peak of king crab exports due to high demand in Asia, coinciding with the period leading up to the start of the Russian red king crab season.
One of the most significant factors in the market has been the return to normalcy in tourism. The Norwegian Seafood Council explained that tourism in Norway has returned to pre-pandemic levels, a development that boosted the consumption of seafood both domestically and in other tourist destinations, such as Portugal. Portugal is the largest market for Norwegian cod, and the increase in outdoor dining during May and June was positive news for Norwegian seafood exports.
"After the lifting of coronavirus restrictions in these markets earlier this year, there has been a growing demand for king crab. This is particularly evident in the hotel, restaurant, and catering segment, which is a significant driver of growth," said Andreas Thorud, the representative of the Norwegian Seafood Council in China.
The Norwegian Seafood Council (NSC) is a public company owned by the Ministry of Trade, Industry and Fisheries from Norway, financed by the Norwegian seafood industry via a tariff on all Norwegian seafood exports. The NSC works with the Norwegian fisheries and aquaculture industries to develop markets for Norwegian seafood through local market intelligence, market development, and reputational risk management. It is headquartered in Tromsø and maintains local representatives in twelve of Norway's most important international markets.