Lower export volume was offset by good price of the main species and a weak Norwegian krone.

Seafood exports decline in volume but grow in value in Q1

In the first quarter of 2019 Norwegian seafood exports experienced an 18 per cent decline in volume but a 7 per cent growth in value compared to the same period a year ago, according to statistics from the Norwegian Seafood Council (NSC).

Norway exported 640,000 tonnes of seafood in the first three-month period of this year, generating NOK 25,600 million (USD 2,988 million) in income, a record figure for the first quarter.

“The value of seafood exports in the first quarter have reached a record high. This is mainly driven by increased prices for several of our most important species. There are good, stable market conditions, increased demand in our key markets, and a weak Norwegian kroner against both the US dollar and the euro sets a record price for seafood exports”, said seafood analyst Ingrid K. Pettersen with the NSC.

As Paul T. Aandahl, also an analyst with the NSC, explained: “the volume decline in the pelagic category is due to lack of capelin this year, in addition to delays in the reporting of blue whiting from direct landings abroad”. 

In the case of salmon, during the analysed period, the export volume of the resource increased by 1 per cent and its value grew by 7 per cent compared to the first quarter of 2018. Poland, France and Denmark were the largest export markets for Norwegian salmon.

“We have seen a 5 per cent lift in EU exports and a 20 per cent rise in US exports, compared with the same period last year. The export value of fresh salmon filets to the US increased by 58 per cent. This is driven by a volume growth of 13 per cent and a price increase of 40 per cent. Growth in exports of fillet products, especially to the US market, have led to processed salmon now accounting for 20 per cent of the export value for salmon, compared with 18 per cent in the first quarter of 2018. At the same time, the dollar has risen 10 per cent against the Norwegian kroner compared to its level during the same period in 2018, which favours dollar market exports, compared with exports to euro markets,” explained Aandahl.

In March, 83,000 tonnes of salmon were exported with a value of NOK 6 billion, representing a volume decrease of 4 per cent,while export value remains at the same level as in 2018.

Norway exported 11,100 tonnes of trout worth NOK 775 million during the first quarter, representing a volume increase by 13 per cent and a value growth by 22 per cent compared to the same quarter last year. The United States, Belarus and Thailand were the largest markets.

Norwegian Fjord Trout is farmed in the cold, clear fjords of Norway. It is known for its marbled, deep red flesh and a clean, rich flavor. The product can be served raw or cooked

In the third month of the year, 3,600 tonnes of trout were exported with a value of NOK 270 million, which shows a volume fall by 2 per cent but a value increase by 9 per cent.

Norway also exported fresh cod, including skrei, in the first quarter. The export of this resource decreased in volume by 22 per cent and in value by 9 per cent. Of this, skrei exports represented an increase of 18 per cent in volume and of 38 per cent in value compared with the same period last year. Denmark, Poland and the Netherlands were the main export markets.

One of the most common and economically important marine fishes in Norway, Norwegian Cod is known as Norway’s “white gold”. Available year long, Norway shares the largest cod stock in the world. Norwegian Cod has a delicate white color, flaky structure and superior flavor.

“Reduced quotas and a prolonged period of bad weather mean that less raw material has been brought to market. This is evident in the figures for fresh cod exports. The exception is the export of fresh, whole skrei; With one month left in the season, this year has already seen skrei exports surpass 2018 totals. The market price for skrei is currently NOK 45.30 per kg. This is the same price as fresh whole salmon achieved 4-5 years ago. This shows that once again Norwegian products have managed to differentiate themselves in the market and provides evidence that good quality is valued”, Pettersen pointed out.

In March, 11.800 tonnes of fresh cod were exported with value of NOK 481 million, of which skrei represented an increase in volume of 24 per cent, and in value of 43 per cent.

YouTube video: Cook Norwegian Cod with Simon Hulstone from The Elephant Restaurant, Torquay UK (Seafood from Norway UK)

In the case of frozen cod sales abroad, they grew by 17 per cent in volume, and by 40 per cent in value from the same period last year. China, the UK and Lithuania were the largest importers.

“The increase in exports of frozen whole cod is probably due to changes in inventories. We have seen an increase of 69 per cent in exports to the UK compared with last year. Uncertainty about continuing access to fish in the wake of Brexit may be a part of the explanation”, said Ingrid K. Pettersen.

In March, 8,800 tonnes of frozen cod were exported with a total value of NOK 381 million, representing an increase in volume of 36 per cent, and a lift in value of 66 per cent.

(NOK 1 = USD 0.11672)
 
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