The Norwegian Seafood Council has indicated that falls in consumer demand are “worrying”. The challenging factors are the changes in seafood consumption and tighter private finances in households in the major markets.

“Several countries are reporting a decline in domestic consumption of seafood while the restaurant market is also experiencing challenging times. Expectations of a significantly weaker economic development, therefore, cast a shadow over the outlook going forward”, emphasized Christian Chramer, CEO of the Norwegian Seafood Council.

On the other hand, the Council has reported that Norway exported NOK 15.4 billion worth of seafood in October. The highest value ever in a single month and an increase of NOK 3.3 billion, or 27%, from the same month last year. Besides, the export value in October was NOK 727 million higher than the previous record month, which was September 2022.

“Norwegian seafood exports experienced historical growth in October. The value of NOK 15 billion is more than a solid record. It means that every day this month, we exported seafood worth just under NOK 500 million. These are enormous numbers and show how vital this industry is to Norway”, added Chramer.

So far this year, Norway has exported NOK 123.9 billion worth of seafood. That is NOK 27.1 billion ahead of the same period last year.

USA, the most significant value growth

The USA had the most significant value growth this month. There was an increase in export value of NOK 581 million, or 83%, compared to the same month last year.

In addition, salmon exports broke records for a single month. Exports were NOK 731 million higher than the previous record month, September 2022.

“On 25 October, we passed the export value for the record year 2021. Then the value for the whole year was NOK 120.8 billion. With good development in the last two months of the year, the export value of Norwegian seafood will pass NOK 150 billion in 2022. That is impressive and close to tripling in ten years”, said Chramer.

Finally, Paul T. Aandahl, Seafood Analyst with the Norwegian Seafood Council concluded: “The most significant contribution to the increase in value is the increased price. In addition, the export volume is increasing, the Norwegian krone is weakening, and we have increased further processing of salmon in Norway, which also contributes positively.”