Stagnant September Norwegian Seafood Exports Despite Record-High Salmon Volumes

Norway exported seafood worth NOK 17.8 billion in September. This represents a decline of NOK 27 million compared with the same month last year.

“Norway has never exported a higher volume of salmon in a single month than it did in September. At the same time, prices have risen in both euros and US dollars. The fact that the value of the Norwegian seafood exports nevertheless remained unchanged is due to a combination of a stronger Norwegian krone and lower export volumes of trout and several wild-caught species,” says Christian Chramer, CEO of the Norwegian Seafood Council.

A stronger Norwegian krone affected export value

As in recent months, the stronger Norwegian krone weighed on the value of Norway’s seafood exports in September.

“Measured against the US dollar and the euro, the Norwegian krone was stronger in September than in the same month last year. This reduced the export value measured in Norwegian kroner, leaving it at the same level as a year earlier,” says Chramer.

So far this year, Norway has exported seafood worth NOK 133.2 billion. This is an increase of NOK 2.3 billion, or 2 per cent, compared with the same period last year.

Strong salmon supply in Norway

In September, Norway’s exports of farmed fish totalled NOK 13.7 billion. This accounted for 77 per cent of the total value of Norwegian seafood exports that month.

“Global demand for Norwegian salmon is growing. This is partly due to the competitive landscape. While salmon production has declined in other major producing countries, Norway has maintained a strong supply,” explains Chramer.

For wild-caught species, export prices for cod, mackerel, saithe, prawns, and herring increased in September, while export volumes were lower for mackerel, prawns, saithe and herring.

Challenging times for the Norwegian seafood industry

Export value to the US, which was Norway’s third-largest market in September, fell by 4 per cent to a total of NOK 1.2 billion compared with the same month last year.

“The US is our largest market for salmon fillets, but September marked the eleventh consecutive month of declining export volumes of fresh salmon fillets to the US. The Norwegian seafood industry competes with countries that are subject to lower US tariff rates than Norway is. As a result, many Norwegian seafood companies are facing challenging times,” says Christian Chramer.

September exports of trout, mackerel and king crab to the US also declined, with both volume and value down from the same month last year.

Norway’s 10 largest markets

Here are the 10 largest export markets in September (change from September last year in brackets):

1. Poland: NOK 2.4 billion (+21%)
2. China: NOK 1.4 billion (+4%)
3. USA: NOK 1.2 billion (-4%)
4. The Netherlands: NOK 1.2 billion (+14%)
5. Denmark: NOK 938 million (-3%)
6. France: NOK 936 million (+1%)
7. Spain: NOK 864 million (+19%)
8. United Kingdom: NOK 749 million (+9%)
9. Portugal: NOK 700 million (+8%)
10. Japan: NOK 661 million (-19%)

Read more about Norway’s seafood situation.