Image: Stockfile FIS

New peak year for the Norwegian fishing industry

Norwegian fishermen landed fish worth over NOK 30 billion (USD 2.912 B) in 2023. This is despite a decline in the country's quantity in both pelagic fisheries and cod fisheries.

Strong increases in prices, particularly in the pelagic sector, as well as increases in the price of cod contribute to the value figures remaining stably high.

Source: Fiskeribladet

The preliminary figures show a slightly different development in pelagic fisheries and the cod fisheries in 2023. Both sectors have had a marked decrease in the country's quantity, while this has been compensated by large price increases within the pelagic sector, so you do not see the same in the cod fisheries.

The statistics are based on landing and final note data submitted from the fish sales teams to the Directorate of Fisheries. The figures for 2023 are preliminary.

Mackerel prices skyrocket

Source: Stockfile FIS

In the pelagic sector, in 2023 there has been a decrease in the country's quantity for important fish species. The national quota for mackerel and Norwegian spring-spawning herring (NVG herring) is down 28 per cent and 13 per cent respectively. Within the pelagic sector, one still sees a sharp increase in value due to an increase in price for all types of fish. The price increase for mackerel and NVG herring is particularly large, with 39 and 34 per cent respectively. The average price for mackerel ended at just under NOK 18 (USD 1.75) in 2023.

Decrease in value for cod and cod-like fish

Source: Stockfile FIS -->

In 2023, the quota on the stock of north-east Arctic cod was reduced by 20 percent compared to 2022. An increase in the price of cod of 15 percent was unable to compensate for this, and combined with a decrease in the price of haddock of 13 percent, the value in the cod sector reduced in 2023 compared to 2022. The preliminary figures for 2023 ended just over 14 billion (USD 1.359 B) a decrease from just over 15 billion (USD 1.456 B) in 2022. It is expected that the value figures for 2023 will approach the 2022 value when all the catch for 2023 has been sold.

Decrease in price for king crab and snow crab

Source: Stockfile FIS

Within the group "shellfish, molluscs and echinoderms", high prices for king crab and snow crab have driven the value of the catch up sharply in recent years. A difficult market in 2023 has led to a sharp decline in value for these species in 2023. King crab was sold in 2023 at an average price of NOK 306 (USD 29.7). This was a decrease from 2022 of 26 percent. For snow crab, the decrease was 36 per cent from 2022 to 2023.

Source: Fiskeridirektoratet (Translated from the original in Norwegian)

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