The decline in landings affected the export volume of quality-labeled skrei, which fell by 51% in February.
Photo: Norwegian Seafood Council.
Last month was the best month ever for the value of Norwegian seafood exports to the U.S. In February, 11% of total Norwegian seafood exports went to this market, the highest proportion in a single month since the 1980s. After the record set in January, so far this year, the value of exports to the United States amounted to NOK 985 million.
"We have never before experienced such a high export value in the month of February. This is due to the combination of a weak Norwegian krone measured against the euro and dollar, high salmon volumes and strong value growth to the U.S.," said Christian Chramer, CEO of the Norwegian Seafood Council (NSC).
In comparison, 62% of seafood exports went to the EU, while 21% went to Asia. In February, Norway exported seafood products to a total of 118 countries, one more than the same month in 2024. After the U.S., the largest markets were Poland and Denmark.
In total, Norway exported seafood products worth NOK 14.1 billion in February, an increase of NOK 853 million, or 6%, compared to the same month last year.
While the shadow of U.S. tariffs hangs over the global export market, as far as Norwegian seafood exports are concerned, the U.S. was the fastest-growing market by value in February 2025, with an increase of NOK 548 million. This is 52% more compared to the same month last year and seems to put Norway in a strong position - especially for salmon - compared to other producing countries, such as Canada.
There, salmon farmers on the Atlantic coast are already looking for alternative markets while, just this week, those in British Columbia noted how and how much these tariffs could affect the industry if they are finally put in place - for the moment, the Trump administration has again postponed their implementation.
Meanwhile, Norway is simply keeping a watchful eye. The Norwegian Seafood Council recognized that there is still a lot of uncertainty surrounding the introduction of customs barriers and that, therefore, together with the Norwegian authorities, they are closely following the evolution of the situation.
"February was the best ever month for exports to the U.S.. This was primarily due to increased value for salmon, snow crab, king crab, trout and mackerel. Although the fear of the introduction of tariff barriers is causing some unease in the market, this is not the main reason for the strong growth," the NSC CEO stated.
Beyond tariffs, the Norwegian Seafood Council noted that there are several factors at play that helped boost the value of Norwegian seafood exports to the U.S. in February, starting with salmon, which is the most imported species in this market and which, last month, grew by more than 50% in both volume and value.
According to the NSC February 2025 report, a determining factor for that growth was that increased harvest volumes have resulted in greater availability of large fish, around 5 to 6 kilos, a size in high demand in the U.S. market.
Nevertheless, salmon is not the only species that made a difference in February. As far as Alaska has sold all of its catch and Russia has been sanctioned, Norway is now the only supplier of king crab to the U.S., which has resulted in record export prices for frozen king crab.
On top of all this, there is also the currency effect. The Norwegian krone has weakened against the U.S. dollar compared to February last year, which has boosted Norway's seafood export value measured in Norwegian kroner.
If we talk exclusively about salmon, the U.S. was also the market that recorded the highest growth in value of Norwegian salmon exports in February, with an increase of NOK 340 million. This is a 50% up compared to the same month last year. In volume, exports to the U.S. totaled 6,539 tons, up 57% compared to February 2024.
As was the case in January, in February, Poland, the U.S., and France were also the largest markets for salmon, although this time the U.S. ceded first place. In total, last month, Norway exported 89,177 tons of salmon worth NOK 9.1 billion. This represented a growth in volume of 14%, and an increase in value of NOK 185 million, a 2% year-on-year increase.
"We must see the volume growth in the context of improved production conditions in Norway. Higher sea temperatures and fewer winter ulcers have resulted in increased harvesting volumes and a higher quality of fish compared with February last year. This has had a positive effect on exports to overseas markets such as Asia and the U.S.," said Paul T. Aandahl, Seafood Analyst of the Norwegian Seafood Council.
Behind the United States, China was the second fastest-growing market for Norwegian salmon in February 2025. Compared to the same month last year, the increase was NOK 109 million, up 25%. In total, Norway's salmon exports to China totaled NOK 537 million.
"There is underlying growth in the Chinese market," explained Sigmund Bjørgo, the NSC's envoy to China. "In addition, Norwegian salmon has gained market share, partly because there is more availability of large salmon from Norway. The Chinese salmon market is growing particularly strongly in the grocery trade and in medium-sized cities where salmon is still a relatively new and exotic product."
Regarding cod, the other quintessential Norwegian-origin species, the Norwegian Seafood Council reported that, although landings of fresh cod recovered well during the month, the volume fell by more than 30% compared to February last year.
"Lower landings combined with a Norwegian onshore industry that is fighting an increasingly tough battle for raw materials for the production of fillets, salted fish, clipfish and stockfish contributed to a sharp decline in the export volume of fresh wild cod in February," said Eivind Hestvik Brækkan, Seafood Analyst of the NSC.
Norway exported 4,815 tonnes of fresh cod worth NOK 398 million in February. This meant volume fell by 35% and value fell by NOK 65 million, a 14% compared with the same month last year. Denmark, the Netherlands, and Spain were the largest markets.
In the specific case of fresh wild cod, export volume fell by 48% to 3,301 tons, while export value decreased by 27% to NOK 296 million. "Although there is a drastic decline in volume, it is not surprising in light of the large reduction in cod quotas this year," Brækkan explained.
As already reported by WeAreAquaculture, in 2025, the cod fishing quota in Norway has been reduced by 25% being the lowest since 1991. As was the case in January, this quota reduction affected landings and, with them, the volume of exports.
The decline in landings was also reflected in the export volume of quality-labeled skrei which, in February, recorded a significant drop of 51%. A total of 933 tons of quality-labeled skrei worth NOK 88 million were exported, which was a drop in value of NOK 39 million, 31% less than in February 2024. Denmark, Spain, and Sweden were the main destination markets.
"As usual, the transit market Denmark is the largest destination market. From there, the cod is repackaged and sent on to important markets in countries such as Spain, Germany and France," Seafood Analyst Eivind Hestvik Brækkan said.
For fresh farmed cod, the volume of exports increased by 37% to 1,514 tons, while the value of exports increased by 69% to NOK 102 million. It accounted for 26% of the value of fresh cod exports in February, matching the all-time record share achieved for the first time last month.
Likewise, in February 2025, frozen cod also recorded strong value growth, despite an 8% drop in volume. Norway exported 4,912 tons of frozen cod worth NOK 407 million, which is 30% more - NOK 93 million more - than in the same month last year. The U.K., China, and Vietnam were the largest markets.
Specifically, the United Kingdom recorded a volume growth of 9% and a 46% higher export value. A total of 1,631 tons of frozen cod were exported to the U.K. in February, with an export value of NOK 150 million.
The U.K. is a market where Norwegian whitefish species, cod and haddock, have a strong presence in both the grocery and foodservice trade with fish and chips. According to analyst Eivind Hestvik Brækkan, lower inflation and somewhat improved wage growth may have helped boost demand for frozen cod in this market.
"Despite significantly lower quotas, the February figures show the very important position that this market has for cod, and frozen whole cod in particular," said the Norwegian Seafood Council's envoy to the U.K., Victoria Braathen.
However, although the U.K. was the main export market, in February 2025, the country that recorded the highest growth in value of Norwegian frozen cod exports was China, with an increase of NOK 76 million. Compared to the same month last year, this represented a tenfold increase over the very low volumes recorded in February 2024.
Exports to China totaled 1,072 tons, an increase of 181 tons year-on-year. This may be surprising considering that, as the Norwegian Seafood Council report highlighted, a significant proportion of Norwegian cod exported to China is processed and re-exported to the U.S.
"With the U.S. introducing increased tariffs on imports from China, it may seem surprising to see such strong growth to China in February. However, large fluctuations in export volumes in individual months are common," Seafood Analyst Eivind Hestvik Brækkan explained.
In January, for example, there was a sharp drop in exports to China and, so far this year, the volume of frozen whole cod exports to China has fallen by 4%. "We therefore need to see developments over a longer period of time in order to be able to assess the consequences of the increased tariffs," Brækkan concluded.
