Norway exported mackerel worth NOK 2.5 billion in October. This is an increase of NOK 750 million compared with the same month last year, which was also the previous export record for mackerel.
Photo: Norwegian Seafood Council.
Norwegian seafood exports reached an unprecedented value of NOK 18.5 billion (EUR 1.5bn / USD 1.7bn) in October, marking a significant 5% increase compared to the same month last year. This surge, primarily driven by mackerel, set a new record for the highest monthly export value ever, according to the Norwegian Seafood Council.
“Never before has a higher value of seafood been exported in a single month. This is primarily due to exceptionally strong mackerel exports that we have never seen before. This alone accounted for almost all the growth in value in October," said Christian Chramer, CEO of the Norwegian Seafood Council, in a report presenting the results.
Leading export markets for the month were Asia and the USA, with seafood exports to Asia surging by 31%, led by mackerel, and salmon exports growing significantly, with the USA the largest growth market for fresh and frozen fillets. Meanwhile, exports to the European Union fell by 5%, but positive economic indicators in the EU could bolster future seafood demand, the Council said.
Exports of mackerel skyrocketed to NOK 2.5 billion (EUR 207m / USD 224.8m), up NOK 750 million from last October, setting a new record. The growth is attributed to strong demand in Asia, which has driven competition and prices to new heights.
“High demand in Asia has led to increased competition and higher prices, which confirms the strong position of Norwegian mackerel. At the same time, we are aware that such a price increase will put pressure on the value chains in the markets," Chramer said.
Salmon also contributed significantly to the total for October, with the Norwegian Seafood Council calling it the "best export month ever for salmon". Salmon exports reached 144,761 tonnes, worth NOK 12 billion (EUR 995m / USD 1.1bn), marking a 10% increase in volume and a 1% increase in value. The figure also marks the highest-ever export value for salmon in a single month, at NOK 133 million higher than the previous record of October 2023.
"There has been a slight decline in value to the US so far this year, but seafood exports received a boost in October, with growth of more than NOK 100 million compared with the same month last year. This is largely driven by salmon, which had a record month in terms of value to the US market," Chramer noted.
In October, exports of fresh fillets increased by 11% to around 12,000 tonnes product weight, while exports of frozen fillets increased by 39% to around 8,000 tonnes. In comparison, exports of fresh whole salmon increased by 7% to 144,761 tonnes.
“The growth in fillet exports is a trend we have seen throughout the year. It must be seen in the context of increased processing capacity in Norway. In October, the USA was the largest growth market for both fresh and frozen fillets," explained Norwegian Seafood Council analyst Paul T. Aandahl.
Trout exports also saw a notable rise, with a 13% increase in value and an 18% growth in volume, driven largely by demand in Lithuania, the USA, and Thailand, the Council said.
Fresh cod exports grew by 3% in value, while frozen cod exports saw a 5% rise despite a 23% drop in volume. Herring exports rose by 21% in value and 11% in volume, with whole frozen herring gaining popularity. Conversely, exports of clipfish and king crab experienced declines, affected by lower supply and increased competition.
So far this year, Norway has exported seafood worth NOK 143.1 billion (EUR 11.9bn / USD 12.9bn), marking an increase of NOK 1.4 billion, or 1%, compared with the same period last year.
Meanwhile, despite ongoing industry challenges due to reduced wild-catch quotas, the Norwegian Seafood Council appears optimistic on export markets for Norwegian fish and seafood looking ahead.
"Economic developments in the markets seem to be moving in a positive direction, with record-low unemployment, real wage growth and the prospect of increasing household consumption in the EU. These are factors that increase purchasing power and thus the willingness to pay for Norwegian seafood," said Chramer.
