'The export value so far this year is approximately NOK 20 billion higher than at the same time last year...'

Weak Norwegian krone gave strong value growth for seafood exports in November

NORWAY
Wednesday, December 06, 2023, 01:00 (GMT + 9)

Norway exported NOK 16.7 billion worth of seafood in November. This is an increase of NOK 2.4 billion, or 17 per cent, compared to the same month last year.

"Already on 13 November, seafood exports passed the value for the record year 2022, of NOK 151.4 billion. This year, the value will end at over NOK 170 billion, which we can largely thank the weak Norwegian krone for", says managing director of Norway's Seafood Council, Christian Chramer.

So far this year, Norway has exported NOK 158.2 billion worth of seafood. This is a value increase of 15 per cent compared to the same period last year.

The euro has strengthened by 14 per cent

"The export value so far this year is approximately NOK 20 billion higher than at the same time last year. Almost two-thirds of this increase in value can be attributed to a weaker Norwegian krone. The euro, which is our most important trading currency, has strengthened by 14 per cent against the Norwegian krone in the past year", explains Chramer.

Demand growth for salmon

Measured in terms of value, November was the second best single month for Norwegian seafood exports. Only the value from October has been higher.

"November was a particularly good month for salmon. Increased volume and higher prices compared to the same period last year testify that there is an increase in demand in the market", says Christian Chramer.

Increased volume for mackerel and trout

Also last month, the currency effect was the most important contributor to the increase in value, both for salmon and all other seafood.

"In addition, higher prices and increased export volume for, among other things, mackerel gave exports a boost in terms of value in November", says Christian Chramer.

Value record for pelagic species in November

November was a particularly good month for the pelagic species, where herring and mackerel make up the majority of both volume and value.

"Last month we exported pelagic fish for a total of NOK 1.6 billion, which is a value record for the month of November. This is largely due to high herring prices and a strong demand for mackerel in the important Asian markets", says Christian Chramer.

Facts about seafood exports in November

• The largest markets for Norwegian seafood exports in November were Poland, Denmark and the USA
• Poland had the largest increase in value this month with an increase in export value of NOK 561 million, or 36 per cent, compared to the same month last year. The export volume to Poland ended at 31,629 tonnes, which is 3 percent higher than the same month last year
• Seafood was exported to a total of 118 countries in November. This is three fewer than the same month last year
• In November, Norway exported a total of 274,200 tonnes of seafood

Source: Norwegian Seafood Council (translated from orginal in norwegian)

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