Salmon remained the top Norwegian seafood export in November 2024, setting a record-high value of NOK 12.1 billion in a single month.
Photo: Norwegian Seafood Council.
Norway’s seafood exports reached an all-time high in November, with a total value of NOK 17.3 billion, an increase of NOK 1 billion (6%) compared to the same period last year.
The growth was driven by higher prices and increased export volumes for key species, including salmon, mackerel, and herring, according to the Norwegian Seafood Council.
“We have put behind us several months in a row of solid growth for seafood exports, and this trend continued in November. Thanks to price growth for salmon, mackerel, cod, haddock and herring, this was the best November ever in terms of value,” said Christian Chramer, CEO of the Norwegian Seafood Council, in a news release.
"Compared to the same month last year, the Norwegian krone is slightly stronger compared to the euro, but weaker compared to the US dollar. In sum, there is no currency effect, so the increase in value is mainly driven by higher prices and increased volumes for some of our most important species," he added.
Salmon remained the top export in November, setting a record-high value of NOK 12.1 billion in a single month. Export volumes rose by 3%, while prices increased by 5%. The largest markets were Poland, France, and the Netherlands, with Germany seeing the greatest growth in value due to increased home consumption.
Herring exports also reached a record NOK 809 million, up 61% from November 2022, driven by strong demand in Egypt, Poland, and Belarus. Meanwhile, exports of mackerel totalled NOK 1.3 billion, a 14% increase in value despite a decline in volume. South Korea, China, and Japan were key markets for this fish species.
European Union countries continued to dominate as Norway's largest seafood market, accounting for NOK 10 billion in seafood imports. Meanwhile, exports to China surged, particularly for shrimp and salmon with a 33% increase in Norwegian salmon imports compared to last year.
Despite the record export values, Chramer highlighted challenges in the Norwegian seafood industry, including increased costs, biological challenges due to rising sea temperatures, quota reductions for wild catch, and intensified global competition.
"On the wild catch side, many are worried about the consequences of new quota cuts, in the land industry the battle for the raw material is intensifying, while many salmon companies notice greater biological challenges when the sea temperature rises," Chramer explained. "When this is combined with increased cost growth and intensified global competition, many people have a more demanding financial life at the same time as seafood exports increase."
Among some notable developments highlighted in this month's results were shrimp exports, which rose to NOK 144 million, up 40% compared with last year, with significant growth in demand from China and the UK.
Exports of dried fish also hit a record high of NOK 163 million, a 50% increase, which the Norwegian Seafood Council says was driven by higher demand in Italy and Croatia.
Meanwhile, exports of king crab declined sharply due to quota cuts, with volumes down 57% and value falling by 51%.
Year-to-date, Norway’s seafood exports have totaled NOK 160.4 billion, a 1.5% increase from the same period last year. With December’s results yet to come, Norway is on track to surpass the NOK 172 billion export record set in 2023.
“2024 has so far been a good year in terms of value for Norwegian seafood exports. Higher prices have largely compensated for the quota cut for cod, herring and mackerel. If the good development continues in December, we will surpass last year's export record of NOK 172 billion by the end of the year," Chramer said.
