Mackerel promotion in Japan.Photo: Norwegian Seafood Council

Market situation for Norwegian herring and mackerel

NORWAY
Monday, April 08, 2024, 06:50 (GMT + 9)

Decline for herring

• Norway exported 62,778 tonnes of herring worth NOK 1.1 billion in the first quarter.
• The value fell by NOK 139 million, or 11 per cent, compared to the first quarter last year.
• Volume fell by 23 per cent.
• Poland, Denmark and Lithuania were the largest markets for herring in the first quarter.

Norwegian herring produced in Poland for Aldi Group (supermarket chain) -->

Total landings of herring fell from 170,000 tonnes in the first quarter of last year to 96,000 tonnes in the same period this year.

Expected development

“This is a decline of 44 per cent, which also explains the decline in exports. "This development is expected given that the quota for NVG herring, which is mainly fished during this period, decreased by 130,000 tonnes or 35 per cent from last year to this year," says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Prices have stagnated

Reduced supply, good demand and a weak krone have driven up the prices of herring products for some time.

“However, it now appears that the prices of several key products have stagnated, and some products have even fallen slightly," Johnsen explains.

Herring exports in March

• Norway exported 25,400 tonnes of herring worth NOK 370 million in March
• The value fell by NOK 30 million, or 8 per cent, compared to March last year.
• Volume fell by 3 per cent.

Mackerel exports in the first quarter

• Norway exported 46,895 tonnes of mackerel worth NOK 1.1 billion in the first quarter.
• The value fell by NOK 320 million, or 23 per cent, compared to the first quarter last year.
• Volume fell by 35 per cent.
• South Korea, Vietnam and Japan were the largest markets for mackerel in the first quarter.

As with herring, there are also reduced catches of mackerel because of reduced quotas.

The UK has introduced restrictions

“It is mainly foreign boats that land mackerel in Norway in the first quarter, and the UK has introduced a restriction on the proportion of the quota a boat can land abroad. This, together with a reduced quota, meant that landings in Norway fell from 48,000 tonnes in the first quarter of last year to 35,000 tonnes in the same period this year, a decrease of 27 per cent," says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Prices are stagnating

In the same way that reduced supply and good demand have increased the prices of herring, the same factors have applied to mackerel, resulting in record-high prices, both in Norwegian kroner and in the currencies of the main buying countries (Japan and South Korea).

“As with herring, we are now seeing prices stagnate and fall slightly from February to March," says Jan Eirik Johnsen.

Mackerel exports in March

• Norway exported 9,900 tonnes of mackerel worth NOK 238 million in March
• The value fell by NOK 79 million, or 25 per cent, compared to March last year.
• Volume fell by 36 per cent compared to March last year.

Source: Norwegian Seafood Council

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