Photo: Norwegian Seafood Council/FIS

The international market dynamics for Norwegian herring and mackerel

NORWAY
Friday, December 06, 2024, 00:10 (GMT + 9)

Historic month for herring

• Norway exported 40,437 tonnes of herring worth NOK 809 million in November
• The value increased by NOK 308 million, or 61 per cent, compared with the same month last year.
• This is a growth in volume of 51 per cent
• Egypt, Poland and Belarus were the largest markets for herring in November

Never has the export value of herring been higher in a single month than it was in November.

Click on the image to enlarge

The previous record was set in October 2021 and totalled NOK 724 million.

Why export value is increasing

The export value is largely driven by volume growth for whole frozen herring and a continued high price level.

“Over time, favourable prices for the residual raw material used in the production of herring fillets have resulted in low export volumes of whole frozen herring. However, the prices of fishmeal and oil have fallen recently, while Egypt is able to offer competitive prices for whole frozen herring. This has resulted in a shift away from fillets, where demand is described as moderate, to whole frozen herring," says Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council.

Herring is the dominant seafood product in Egypt

Egypt has long been the largest market for frozen whole herring. In November, 30 per cent of the total export volume ended up in this country. In Egypt, herring, especially smoked herring, is the dominant seafood product.

Norwegian herring processed in Egypt. Photo: Smoked Herring fillet - Ringa | La Mer Seafood Egypt

“A low supply of herring due to reduced quotas for Norwegian spring-spawning herring means prices remain high. So far this year, a new export record has been set, with a value of NOK 3.8 billion. The previous record was NOK 9 million lower and dates to 2012. However, the export volume was 77 per cent higher then," explains Johnsen.

Norwegian exports of pelagic fish per month measured in value

Continued value growth for mackerel

• Norway exported 44,061 tonnes of mackerel worth NOK 1.3 billion in November
• The value increased by NOK 155 million, or 14 per cent, compared with the same month last year.
• Volume fell by 9 per cent
• South Korea, China and Japan were the largest markets for mackerel in November

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"The early start to the mackerel fishing season has resulted in high export volumes in August, September and October, so it was expected that the volume for November would be lower than for the same month last year. At the same time, demand in the markets is good, and for the fifth month in a row a price record has been set for frozen mackerel under 600 grams," says Jan Eirik Johnsen, head of pelagic species at the Norwegian Seafood Council.

The record of NOK 27.83 per kg is 90 øre above the record from October, and the price was 24 per cent higher than in November last year.

Prices pushed up by low supply

Mackerel exports continue to soar, and a new export record of NOK 7.7 billion has been set for 11 months. The previous record was set in 2023 at NOK 6.3 billion, an increase of 23 per cent.

“A generally low supply situation for mackerel globally and in markets where mackerel is strong has driven prices to a new level. In the short term, this is good for exports, but in the long term, low supply may mean that fewer people have access to consuming mackerel. This in turn could lead to fewer consumers in the future," says Johnsen.

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