Photo: Norwegian Seafood Council/FIS

Norwegian Seafood Exports Decline for Second Straight Month Amid Currency and Volume Headwinds

Currency Strength and Low Export Volumes Hit $1.5 Billion November Total

OSLO – Norwegian seafood exports experienced a decline for the second consecutive month in November, totaling $1.53 billion (NOK 16.6 billion). This represents a decrease of $56.1 million (NOK 608 million), or 4 per cent, compared to the same month last year, according to the Norwegian Seafood Council.

The dip is attributed to a combination of a strengthened Norwegian krone against key trading currencies, particularly the US dollar, and lower export volumes for several wild-caught species.

“This is the second month in a row that seafood exports have fallen in value compared with the same month last year. In November, even historically high prices were unable to compensate for the decline in volume for a number of wild-caught species," says Christian Chramer, CEO of the Norwegian Seafood Council.

The appreciation of the Norwegian krone means that Norwegian seafood has become more expensive for overseas buyers, reducing the favorable currency effect seen throughout the year.

Mackerel Volumes Hit 15-Year Low

The wild-catch segment saw a particularly sharp decline in mackerel exports. Norway exported only 21,655 tonnes of mackerel in November, a decrease of 51 per cent year-over-year and the lowest volume for the month since 2010.

• Quota cuts, implemented for sustainable stock management, contributed to lower volumes.

• The reduction in supply, however, drove prices to record highs for mackerel, herring, and certain cod products.

This price surge led to two specific all-time highs for export prices:

1. The export price for a kilo of frozen whole cod passed $9.22 (NOK 100).

2. The export price for a kilo of frozen whole mackerel passed $4.61 (NOK 50).

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Christian Chramer noted the challenging nature of these high prices for domestic businesses: “It may seem tempting to celebrate such high prices, but the truth is that they come against a demanding backdrop. For the Norwegian onshore industry, it is challenging to trade raw materials and hope that the market is able to absorb them.”

Asia Gains Market Share from Europe and USA

While the total export value fell, the geographical distribution of sales shifted:

• The largest markets for Norwegian seafood in November were Poland, Denmark, and the USA.

• China registered the greatest growth in value, soaring by $18.1 million (NOK 196 million), a 23 per cent increase.

• Asia, including China, Vietnam, Thailand, and South Korea, is taking a larger share of the total Norwegian export value, at the expense of Europe and the USA.

Photo: Norwegian Seafood Council/FIS

Aquaculture Remains the Engine

Aquaculture, dominated by salmon, continues to be the primary driver of export revenue, accounting for 73 per cent of the total. In November, fish from aquaculture was valued at $1.11 billion (NOK 12.1 billion).

A positive development for the crucial Asian market is a new electronic solution for health certificates: “At a time when trade is shifting towards Asia, it is positive that the Norwegian and Chinese authorities have developed a joint solution for the electronic exchange of health certificates with China," Chramer emphasized. "This will simplify our trade considerably in the future.”

Photo: SINTEF

Year-to-Date Value Still Up

Despite the recent slump, total seafood exports for the year-to-date have reached $15.28 billion (NOK 165.4 billion), an increase of $479 million (NOK 5.2 billion), or 3 per cent, compared to last year. If December exports hold steady, the total value for 2025 is projected to exceed $16.63 billion (NOK 180 billion), surpassing the 2024 total of $16.15 billion (NOK 175.2 billion).

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