photo: Norwegian Seafood Council

Norwegian seafood exports exceed U$D 6.9 billion in the first half of the year

The export value of Norwegian seafood has never been higher in the first half of the year than in 2022. In the first six months of the year, Norway exported seafood worth NOK 70.1 billion. This is a value growth of 31 per cent, or NOK 16.4 billion, compared with the first half of last year.

At the same time, June was the strongest June ever, with an export value of NOK 12.3 billion. This is an increase of 35 per cent, or NOK 3.2 billion, compared with the same month last year.

Exceeds exports for whole of 2015

“Norwegian seafood exports have left behind a historically good first half year. Rising global food prices, lower raw material supply and strong growth in demand are the main reasons for this record. After just six months, we have exceeded the export value for the whole of 2015”, says Børge Grønbech, acting CEO of the Norwegian Seafood Council.

Impressive statistics

“I am delighted that the seafood industries are recording another export record for the first half of the year. Over NOK 70 billion in just six months is a very impressive result. This underscores how important the sector is for value creation, job security and coastal economic activity”, says Bjørnar Skjæran (Labor), Minister of Fisheries and Marine Affairs.

He points out that growth is particularly driven by high international prices.

The importance of long-term marketing work

“This is due to complex conditions. I am glad that Norwegian seafood has both products and a brand that is in high demand internationally, even in these turbulent times. Nevertheless, we must be prepared for changing prices in the future. Active and long-term marketing work will therefore be important in the time ahead. The government has very high ambitions for the seafood industry. Together with the industry, we will continue to work for further growth in exports and set new records”, says Bjørnar Skjæran.

A fantastic year for Norwegian salmon

Salmon still accounts for the largest share of export value, but also species such as trout, cod, saithe and haddock have contributed to a record-breaking six months.

“Measured in export value, 2022 has so far been a fantastic year for Norwegian salmon. Lower production volumes and increasing demand have resulted in record high prices, which is a significant contribution to the export record in the first half of the year”, says Børge Grønbech.

Extra responsibility for Norway as a seafood nation

The first half of the year has seen major and drastic changes in the world community, with both war in Ukraine and reopening after the corona pandemic.

“In addition to the horrific suffering, the war has affected global trade and helped create a food crisis. In such times, Norway as a seafood nation has an extra responsibility to ensure the world a sufficient supply of sustainable and healthy seafood”, says Børge Grønbech

Challenging times despite record exports

Despite the strong value development of seafood exports in the first half of the year, the Norwegian Seafood Council´s CEO points to some challenges that may slow down growth going forward:

•     High food inflation
•     Weakened purchasing power
•     Challenging logistics
•     Increased costs for seafood players
•     Lower supply of important species such as salmon, cod, mackerel and herring
  

“Even though Norwegian seafood has a very strong global position and exports are constantly setting new records, it is easy to forget that the Norwegian seafood industry is also affected by high inflation and increasing production costs. For many players, the first half of the year has therefore been demanding”, Grønbech emphasizes.

Source: Norwegian Seafood Council

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