2023 was "best value year ever" for Norwegian seafood exports

Seafood is a vital part of Norway's economy, representing the second-largest export product category - and 2023 was a bumper year for the country, as newly-released figures from the Norwegian Seafood Council show.

In 2023, the export value of Norwegian seafood products reached an all-time high total of 172 billion. This marked an increase of NOK 20.7 billion, or 14%, compared with the previous year - despite an overall decrease in export volume by 5% in comparison with 2022.

Best value year ever - but there was a currency effect of NOK 15 billion

“2023 was the best value year ever for Norwegian seafood exports. Seafood is still one of Norway's most sought-after global trade goods and has firmly established itself as the country's second-largest export product, behind oil and gas”, said Christian Chramer, Managing Director of the Norwegian Seafood Council, in a press release.

However, Chramer warned, much of this success was due to the weak Norwegian krone.

In 2022, the Norwegian krone's decline boosted seafood exports when measured in Norwegian currency. However, the growth in euros and dollars, Norway's most important trading currencies, was significantly lower.

“The weak Norwegian krone and the general price increase in the markets lifted the value to a record high level. In total, the devaluation of the krone contributed to increasing the export value by almost NOK 15 billion in 2023”, Chramer said.

Decline in export volumes despite high export value, with lower catches for cod and mackerel

Norway's seafood exports last year amounted to 2.8 million tonnes, standing at 5% less than in 2022, the Seafood Council confirmed.

Last year, Norway witnessed a drop in volume for its two key seafood species, salmon and cod. Additionally, the pelagic sector, comprising mackerel and herring, recorded its lowest volume since 2016.

"Our wild-caught species are subject to quota regulations which can affect their landings," said Chramer.

"In 2023, there was a 20% reduction in the cod quota, resulting in lower catches. Despite this, the export value for most cod categories increased. A similar situation was observed for mackerel, with lower catches but a record-high export value."

"Salmon remains the main contributor to Norwegian seafood exports. In 2023, Norway exported 1.2 million tonnes of salmon, valued at NOK 122.5 billion, which accounted for 71% of the total value of all seafood exports," Chramer added.

Leading markets for Norway's seafood exports in 2023 included Poland, Denmark and the USA

With exports reaching a total of 153 countries, an increase of six compared with 2022, Norway's seafood industry continues to expand its global reach and dominance.

Leading the pack in terms of markets for Norwegian seafood exports in 2023 were Poland, Denmark, and the USA.

Poland witnessed the greatest increase in export value, with a whopping 21% rise of NOK 3.2 billion compared to the previous year. This surge in export value to Poland can be attributed to the 4% increase in export volume, reaching a total of 277,745 tonnes.

Times are still challenging for seafood producers, Chramer warns

“On a day where we are celebrating a new value record for seafood exports, it is important to remember that this does not equate to solid bottom lines for the seafood companies," Chramer said.

"For many of them, these are still challenging times with increased costs, weakened consumer purchasing power and a changing global competitive landscape. Norwegian seafood still does not sell itself."

Norwegians should eat more seafood themselves, says Myrseth

Minister of Fisheries and Ocean Policy, Cecilie Myrseth, highlighted the falling seafood consumption in Norway as an additional challenge for seafood producers.

“We must step up our efforts here at home because we have never eaten less fish than today. Seafood is both sustainable and healthy, so we must reverse the trend and eat more of it”, she said.

However, Myrseth said the record export value was still reason to celebrate.

“Although the weak krone is the main reason for the increase in value, this shows that Norwegian seafood is strong abroad," Myrseth said.

"The seafood industry has every reason to be proud of that - from the smallest shark fisherman to the people at the largest aquaculture facilities."