The Norwegian Seafood Council has already presented its results for the third quarter, which show that Norway's seafood exports reached a total value of NOK 42.1 billion (EUR 3.67 billion/USD 3.85 billion), representing a significant increase of 10% compared to the same period last year. Once again, this growth is attributed to the weakness of the Norwegian krone.
This fact means that, despite this impressive growth, in the euro comparison, the value of exports experienced a decrease due to the currency. In this way, only eight out of the top 20 seafood products recorded higher export prices in euros.
However, in the first nine months of this year, 2023 had already seen seafood exports worth NOK 124.1 billion (EUR 10.8 billion/USD 11.3 billion), far surpassing the total seafood exports for the year 2021, which were the highest to date. These figures suggest that 2023 could be a record year for Norwegian seafood exports.
"We can already see that 2023 will be a new record year for Norwegian seafood exports," said Bjørnar Skjæran, Fisheries and Oceans Minister. "Although most of the growth in value in the third quarter can be explained by the weak Norwegian krone, seafood from Norway is still a highly sought-after global commodity with a very strong position in many markets. Every day, a highly skilled seafood industry works to produce and develop quality products that ensure healthy, safe and sustainable food for the world. It makes me both proud and happy."
According to the Norwegian Seafood Council's results, the EU was the largest market for Norwegian seafood in value during the third quarter, with a 15% increase. Conversely, the EU market experienced a decrease in food prices, affecting the overall development of Norwegian seafood prices.
The main export markets in the third quarter included Poland, Denmark, the United States, the Netherlands, and France. Poland, in particular, saw the largest increase in value, with a 23% rise in export value.
Regarding species, salmon played a significant role in driving up the value of Norwegian seafood exports. This species set a record for salmon exports in a single quarter, with Norway exporting 347,700 tonnes of salmon worth NOK 31 billion (EUR 2.7 billion/USD 2.8 billion) in the third quarter, representing a 13% increase compared to the previous year.
However, salmon was not the only star of the September results. Trout also performed well, achieving a record value in exports for a single quarter. Norway exported trout with a 10% increase in export value and a 15% growth in export volume compared to the previous year.
Fresh cod also had a strong quarter, with a 35% increase in export value. When broken down, 19% of the fresh cod exports came from aquaculture, the highest proportion since 2012.
On the other hand, the mackerel market faced challenges due to access restrictions in British waters, which impacted exports. This led to a 34% decrease in mackerel exports in the third quarter.
Exports of king crab saw a record export value in the third quarter. This was due to increased quotas and landings so far this year, coupled with growing demand in Asian markets, especially in Hong Kong and China.
Snow crab, on the other hand, did not fare as well. Export volumes decreased as more quotas were exported earlier in the year.
A similar situation occurred with shrimps. Shrimp exports declined, primarily due to a decrease in the volume of frozen industrial shrimp exported to Iceland.
The Norwegian Seafood Council is a government-owned public company operating under the Ministry of Trade, Industry, and Fisheries of Norway. The Norwegian seafood industry receives support through funding derived from a tariff imposed on all Norwegian seafood exports. NSC collaborates closely with the fisheries and aquaculture sectors, focusing on market research, market expansion, and safeguarding the industry's reputation. With its headquarters in Tromsø, NSC also has representatives stationed in twelve key international markets within Norway.
