Norwegian seafood exports reach new heights in November

Weak Norwegian krone sparks 17% growth in the country's November seafood exports, reaching NOK 16.7 billion – a striking increase of NOK 2.4 billion year-on-year, according to the Norwegian Seafood Council.
Norwegian seafood export value in November 2023 jumped 17% compared to last year.
Norwegian seafood export value in November 2023 jumped 17% compared to last year.Photo: Norwegian Seafood Council.

Norway's seafood sector has enjoyed a particularly buoyant November, achieving exports worth NOK 16.7 billion - 17% more compared with the same period last year.

“On 13 November, seafood exports surpassed the 2022 full-year export total of NOK 151.4 billion," said Christian Chramer, CEO of the Norwegian Seafood Council, in a press release.

"This year, we expect the value of Norwegian seafood exports will exceed NOK 170 billion, for which we can largely thank the weak Norwegian krone," he added.

To date, Norway has exported NOK 158.2 billion worth of seafood during 2023 - a value increase of 15% compared to the same period last year.

"Almost two-thirds of this increase in value can be attributed to a weaker Norwegian krone. The euro, which is our most important trading currency, has strengthened by 14% against the Norwegian krone in the past year."
Christian Chramer, CEO of the Norwegian Seafood Council

Surge in seafood demand across the board, with pelagic exports the winner

In terms of value, November marked the second-highest performance for Norwegian seafood exports, surpassed only by the figures from October. Salmon, in particular, thrived during this period, with increased volume and higher prices signaling a rising market demand.

Norway recorded the shipment of 128,324 tonnes of salmon valued at NOK 11.7 billion during the month. This represented an 18% increase in value, amounting to NOK 1.7 billion, compared to the previous November.

The positive trend extended beyond salmon, encompassing mackerel and trout, driven by a notable currency effect. In November, both higher prices and an uptick in export volume, especially for mackerel, contributed significantly to the overall increase in export value.

However, the standout success of November was evident in the pelagic species category, dominated by herring and mackerel in terms of both volume and value.

"Pelagic fish exports reached a record value of NOK 1.6 billion in November, attributed largely to soaring herring prices and robust demand for mackerel in key Asian markets."
Christian Chramer, CEO of the Norwegian Seafood Council

Principal markets for Norway in November: Poland, Denmark and the USA

The principal markets for these exports during the month were identified as Poland, Denmark, and the USA.

Poland, in particular, experienced a significant surge in value, with an increase of NOK 561 million, marking a substantial 36% growth compared to the corresponding month last year.

The export volume to Poland also rose by 3%, totaling 31,629 tonnes. Despite a marginal decrease in the number of recipient countries, Norway managed to export a substantial 274,200 tonnes of seafood in November.

Key markets for salmon included Poland, France, and the Netherlands. Notably, Poland exhibited a remarkable surge in export value, up by NOK 568 million (43%), accompanied by a 20% rise in export volume to 22,887 tonnes.

Three factors behind growth: volume, currency and price

The growth observed in the value of seafood exports, particularly in the salmon category, was attributed to three contributing factors.

Firstly, an increase in export volumes played a significant role in driving up overall value.

Secondly, the dynamics of currency exchange, especially in relation to salmon and other seafood categories, were identified as a crucial factor contributing to the boost in export value.

Finally, higher market prices, notably in the herring and mackerel segments, further fuelled the robust increase in export value witnessed throughout November.

Collectively, these factors underscore the resilience and positive performance of Norway's seafood industry during the specified period, showcasing notable gains in both value and volume across key markets.

About the Norwegian Seafood Council

The Norwegian Seafood Council works with the Norwegian fisheries and aquaculture industries to develop markets for Norwegian seafood through local market intelligence, market development and reputational risk management. The Seafood Council is headquartered in Tromsø and maintains local representatives in twelve of Norway's most important international markets. The Norwegian seafood industry finances the activities of the Norwegian Seafood Council via a tariff on all Norwegian seafood exports.

The Norwegian Seafood Council is a public company owned by the Ministry of Trade, Industry and Fisheries.

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