According to the latest report made by the Norwegian Seafood Council, the country experienced a significant increase in seafood export revenues, reaching a value of NOK 82.3 billion (EUR 7.32 billion/ USD 8.18 billion), an increase of 18%, compared to the same period last year. However, the report explains that the increase in export value can be attributed to the combination of a weak Norwegian krone and high global food inflation, which led to higher prices for Norwegian seafood products.
Thus, this is bittersweet news in the Norwegian market, which achieved more positive financial figures, but lower volumes exported. Specifically, seafood exports decreased by 5% or 1.3 million tons. The report states that these figures are mainly associated with difficult fishing conditions, reduced quotas, and lower salmon production volume. In addition to salmon, herring, and cod have also been affected in terms of export volume.
Despite the decline in export volume, Norwegian seafood products continue to be in high demand around the world. For this reason, Norway has taken note of this issue and has as an objective, stimulated the market.
Furthermore, Denmark, Poland, and the U.S. have been the largest customers for Norwegian seafood exports in the first half of 2023. In particular, Denmark experienced the largest increase in value, while the U.S. was Norway's fastest-growing market, with a 34 % increase in export value compared to the previous year.
The report highlights that salmon exports were particularly strong, with an export value of NOK 58.5 billion, an increase of 21 % compared to the first half of last year. The United States, Poland, and France were the most important markets for Norwegian salmon. Norwegian seafood exports to the U.S. have grown significantly over the past decade, with a tenfold increase in value.
Meanwhile, trout exports also performed favorably, reaching a record export value of NOK 2.3 billion in the first half of the year. The U.S., Thailand, and Lithuania were the main markets for Norwegian trout.
Finally, as regards cod exports, it is necessary to distinguish between fresh and frozen cod. On the one hand, fresh cod increased by 6% in value. Denmark, the Netherlands, and Spain were the main markets for fresh cod. Exports of frozen cod, on the other hand, experienced a drop in both value and volume. Exports to China experienced a significant decline, with the volume falling by over 50%. However, the U.K. experienced an increase in export value, partly due to the weakening of the Norwegian krone against the pound sterling.
The Norwegian Seafood Council (NSC) is a government-owned company that promotes Norwegian seafood globally. Supported by the Norwegian seafood industry, the NSC focuses on market development, research, and reputation management. Located in Tromsø and representatives in twelve key international markets, the NSC plays a vital role in expanding Norwegian seafood.
