Photo: Norwegian Seafood Council

Seafood Exports Hit Record High in January, Fueled by Salmon and US Market

NORWAY
Thursday, February 06, 2025, 00:10 (GMT + 9)

Norway exported seafood worth NOK 15.3 billion in January. This is an increase of NOK 1.9 billion, or 14 per cent, compared with the same month last year.

“January was characterised by increased export volumes for salmon and solid value growth for several of our wild-caught species. In addition, the Norwegian krone has weakened against both the dollar and the euro compared with January last year. In terms of value, this was the best January ever for Norwegian seafood exports," says Christian Chramer, CEO of the Norwegian Seafood Council.

USA was the largest single market

The US was the largest single market for Norwegian seafood exports in January, measured in value. Norway exported fish and shellfish to the US market worth NOK 1.5 billion, which accounted for 9.7 per cent of total seafood exports last month.

Source: Norwegian Seafood Council

“Even though President Donald Trump has talked a lot about increased tariffs for his trading partners, we note that January was a historic month for Norwegian seafood exports to the US. Never has Norway exported fish and shellfish worth as much to the US market as we did in January. This shows that seafood is also important for Norway in trade with the US," says Chramer.

Sales record

The US also saw the greatest growth in value in January, with an increase of NOK 428 million, or 41 per cent, compared with the same month last year.

Source: Norwegian Seafood Council

“Over time, the USA has developed into one of our most important individual markets. In January alone, we sold more than NOK 1 billion worth of salmon to the USA, which is a new value record. This emphasises the importance of having the best possible trade agreements, including with the USA," explains Christian Chramer.

The largest species to the US

Here is an overview of the largest Norwegian seafood species exported to the United States in January in terms of value (change in brackets):

• Salmon: NOK 1.1 billion (+ 39%)
• Trout: 110.6 million (+ 55%)
• King crab: NOK 105 million (+ 81%)
• Mackerel: NOK 31.7 million (+ 41%)
• Haddock: NOK 23.2 million (+ 7%)

Favourable production conditions for salmon

In January, Norway exported salmon totalling NOK 10.9 billion.

"Salmon and trout have enjoyed good production conditions this autumn and winter with high sea temperatures, which has ensured good growth for the fish. As a result, we exported more salmon in January than in the same month last year," says Chramer.

Quota cuts for cod affect exports

January is an important month for Norwegian cod, and especially cod. In 2025, the cod quota has been reduced by 25 per cent, and Norway now has the lowest cod quota since 1991.

“The quota reduction is necessary to ensure a sustainable cod stock, but of course it also affects exports. Lower available volumes have resulted in strong price growth for skrei and other cod products in January. At the same time, it illustrates the difficult situation for the Norwegian onshore industry, with increasingly tough competition for raw materials for processing into fillets, salted fish, clipfish and stockfish," says Christian Chramer.

Seafood was exported to a total of 112 countries in January. This is 8 fewer than in January last year.

Source: Norwegian Seafood Council

Increased volume resulted in solid salmon exports

• Norway exported 95,100 tonnes of salmon worth NOK 10.9 billion in January
• The value increased by NOK 1.2 billion, or 13 per cent, compared with the same month last year.
• This is a growth in volume of 10 per cent
• The US, Poland and France were the largest markets for salmon in January

The USA saw the greatest growth in value in January, with an increase in export value of NOK 319 million, or 39 per cent, compared with the same month last year.

The export volume to the US ended at 7,313 tonnes, which is 40 per cent higher than in the same month last year. January is generally a strong month for salmon exports to the USA. The US was also the largest market for salmon in January 2023.

Plenty of salmon in the right size contributes to US growth

"The strong growth in exports of salmon and trout to the USA is partly due to the fact that there was a lot of fish of the right size and quality available for the US market in January. The further weakening of the Norwegian krone against the US dollar is also a factor," says Anne-Kristine Øen, the Norwegian Seafood Council's envoy to the USA.

Source: Norwegian Seafood Council

China was the second largest growth market in January, with growth of NOK 284 million, totalling NOK 769 million

“Favourable production conditions have increased the availability of salmon sizes that are in demand in China. In addition, the Chinese New Year came earlier than last year. This has given an extra boost to salmon exports in January," says Seafood Analyst Paul T. Aandahl of the Norwegian Seafood Council.

The price of fresh salmon fillets is at a record high of NOK 160 per kg. This is NOK 1 per kg higher than the previous record month, which was in April 2023.

Strong increase for trout

• Norway exported 7,174 tonnes of trout worth NOK 687 million in January
• The value increased by NOK 253 million, or 58 per cent, compared with the same month last year.
• This is a growth in volume of 58 per cent
• Ukraine, USA and Thailand were the largest markets for trout in January

“As in the case of salmon, recent high sea temperatures have led to growth in production and increased exports of trout. "The growth in volume led to a value record for the month of January, and the value was the second highest ever. It has only been beaten by exports in August 2024," says Seafood Analyst Paul T. Aandahl of the Norwegian Seafood Council.

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