Norwegian seafood exports, higher than ever in the first half of 2022

Norwegian seafood exports, higher than ever in the first half of 2022

Norway exported seafood worth NOK 70.1 billion

The export value of Norwegian seafood has never been higher in the first half of the year than in 2022. Norway exported seafood worth NOK 70.1 billion. This is 31% more than the first half of last year.

Likewise, June was the strongest ever, with an export value of NOK 12.3 billion. In other words, an increase of 35% compared with the same month last year.

CEO of the Norwegian Seafood Council, Børge Grønbech, has listed rising global food prices, lower raw material supply, and strong growth in demand as the main reasons for this record. "After just six months, we have exceeded the export value for the whole of 2015," he confirmed.

Besides, Bjørnar Skjæran (Labor), Minister of Fisheries and Marine Affairs added: "I am delighted that the seafood industries are recording another export record. Over NOK 70 billion in just six months is a very impressive result. This underscores how important the sector is for value creation, job security, and coastal economic activity.

Salmon, still the king

The Norwegian Seafood Council indicates salmon as the largest share of export value. But also species such as trout, cod, saithe, and haddock. All, have contributed to a record-breaking six months.

Regarding this, Børge Grønbech, acting CEO of the Norwegian Seafood Council noted: "Measured in export value, 2022 has so far been a fantastic year for Norwegian salmon. Lower production volumes and increasing demand have resulted in record-high prices, which is a significant contribution to the export record in the first half of the year."

In addition, Paul T. Aandahl, Seafood Analyst with the Council said: "Both record price and record value come as a result of a combination of demand growth and reduced production of Atlantic salmon globally. From a historical perspective, we see that years without growth in volume globally give strong price growth. This is the fourth time since 2010 that the price has risen. So, it is a pattern we see from time to time."

Being cautious is worth double

However, Grønbech advised about the challenges that might threaten these impressive data; high food inflation, weakened purchasing power, challenging logistics, increased costs for seafood players, and lower supply of important species such as salmon, cod, mackerel, and herring.

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