Photo: Norwegian Seafood Council/FIS

Three consecutive years of value growth for Norwegian seafood exports | Decline for salmon

Norway exported seafood worth NOK 13.3 billion (U$D 1.25b) in February. This is an increase of NOK 339 million (U$D 32M), or 3 per cent, compared with the same month last year.

“Thanks to strong growth in the value of salmon, trout, cod and snow crab, the export value in February was lifted to a historically high level. The value of Norwegian seafood exports has now increased every month for three years, which has never happened before", says Christian Chramer, CEO of the Norwegian Seafood Council.

Photo: Norwegian Seafood Council

The last time there was a decline in export value was in February 2021. In each of the following 36 months, Norwegian seafood exports have shown growth in value, compared with the same months the previous year.

Global inflation and currency effect

"Despite the coronavirus pandemic, the outbreak of war in Europe and a weakened economy during this period, Norwegian seafood has experienced good demand in the seafood market. In addition, the combination of high global price growth and a weak Norwegian krone has contributed to the three-year value growth," explains Chramer.

Fall in value for three months in a row measured in euros

“The big picture is that we are still exporting lower volumes at higher values measured in Norwegian kroner. At the same time, the export value measured in euros has now fallen for three months in a row, and in eight of the last 12 months. This clearly illustrates how currency-driven exports are," says Christian Chramer.

In February, Europe was once again the most important market for Norwegian seafood. In terms of value, 67 per cent of exports went to Europe. Asia (22 per cent) and the USA (8 per cent) follow in second place.

“When it comes to salmon, February saw a clear shift from whole fish to more processed products. The share of fillet exports has never been higher in a February before," says Chramer.

Photo: Norwegian Seafood Council

Record for cod and quality labelled skrei

For cod, February was a historically good export month in terms of value.

“Despite lower quotas compared with last year, there was a record high export value for both cod and skrei in February. As much as 31 per cent of the export value of fresh wild-caught cod was skrei. "This is a far higher proportion than in previous years and testifies to both the good quality of the catch and high demand in the markets," explains Christian Chramer.

Facts about seafood exports in February

• The largest markets for Norwegian seafood exports in February were Poland, Denmark, and the USA
• Seafood was exported to a total of 114 countries in February. This is three more than the same month last year
• Denmark saw the greatest growth in value this month, with an increase in export value of NOK 179 million, or 18 per cent, compared with the same month last year

Illustration: Photo: Norwegian Seafood Council/Mowi

Value growth and volume decline for salmon

• Norway exported 78,522 tonnes of salmon worth NOK 9.1 billion (U$D 861M) in February
• The value increased by NOK 423 million (U$D 40M), or 5 per cent, compared with February last year
• Volume fell by 3 per cent
• Poland, Denmark, and France were the largest markets for salmon in February

There was great variation in the development of the different product categories for salmon last month.

“The share of fillets has never been higher than in February this year. In terms of value, fillets and other processed salmon accounted for 30 per cent of exports. The previous record was set in January this year, with 27 per cent processed products," says Paul T. Aandahl, Seafood Analyst at the Norwegian Seafood Council.

Denmark increases the most

While exports of fresh whole salmon fell by 9 per cent to 61,765 tonnes, exports of fresh salmon fillets increased by 41 per cent to 12,643 tonnes. Frozen salmon fillets fell by 12 per cent, to 4,819 tonnes.

"Denmark had the largest value growth this month, with an increase in export value of NOK 232 million, or 45 per cent, compared to the same month last year," says Aandahl.

The export volume to Denmark ended at 7,707 tonnes, which is 42 per cent higher than the same month last year.

Huge growth for trout

• Norway exported 4,767 tonnes of trout worth NOK 454 million (U$D 43M) in February
• The value increased by NOK 130 million (U$D 12M), or 40 per cent, compared to February last year.
• This is a growth in volume of 62 per cent.
• Ukraine, USA, and Thailand were the largest markets for trout in February.

Photo: Norwegian Seafood Council

"In contrast to salmon, fresh whole fish increased the most in terms of volume for trout," says Paul T. Aandahl, Seafood Analyst at the Norwegian Seafood Council.

Fresh whole trout increased in volume by 118 per cent to 3,457 tonnes, while fresh fillets decreased by 15 per cent to 368 tonnes. Frozen fillets fell by 58 per cent, to 67 tonnes.

Value growth to Ukraine

Ukraine had the largest value growth this month, with an increase in export value of NOK 85 million, or 650 per cent, compared to the same month last year.

The export volume to Ukraine ended at 1,151 tonnes, which is 641 per cent higher than the same month last year.

Source: Norwegian Seafood Council

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