Photo: Norwegian Seafood Council

Strong September secures solid quarter for Norwegian seafood exports

NORWAY
Friday, October 04, 2024, 07:00 (GMT + 9)

Norway exported seafood worth NOK 44.1 billion in the third quarter. This is an increase of NOK 2.2 billion, or 5 per cent, compared with the same period last year.

“Thanks to a historically high export value in September, we have put behind us the best third quarter ever. This time there is virtually no currency effect from a weak Norwegian krone, since we are comparing with the same period last year. High volumes of salmon, trout, mackerel and prawns are driving up the export value," says Christian Chramer, CEO of the Norwegian Seafood Council.

Aquaculture compensates for quota reductions

So far this year, Norway has exported seafood worth NOK 124.7 billion. This is an increase of NOK 626 million, or 1 per cent, compared with the same period last year.

“2024 has been characterised by quota reductions for herring, king crab, mackerel and cod. This is an important and necessary measure to ensure continued sustainable fish stocks, but has naturally resulted in lower export volumes. The fact that the total value of seafood exports nevertheless increased in the third quarter is due to fish from aquaculture compensating for the fall in quotas," explains Chramer.

A challenging year so far

“Salmon is a product that is still very popular with consumers, but there is no doubt that 2024 has so far been a demanding year for many salmon producers. Competition in the market is fierce, while at the same time there has been galloping cost growth. In addition, higher sea temperatures this summer have led to increased biological challenges related to salmon lice," says Christian Chramer.

Fall in food inflation and increased purchasing power

According to the UN, food inflation continues to fall in Norway's most important seafood markets after a long period of strong growth.

“This has strengthened the purchasing power of many consumers. For example, Germany, the UK and China have never traded Norwegian seafood for such high values as in the last quarter," explains Chramer.

Good quarter for trout, mackerel and prawns

The third quarter was the best for trout and prawns. For the first time ever, the export value of trout exceeded NOK 2 billion in a single quarter, while the export value of prawns reached a record high in a single quarter.

“In addition, it has been a particularly good quarter for mackerel, with high prices, strong value growth and good demand in the important Asian markets," says Christian Chramer.

These are the 10 largest destination countries in the third quarter in terms of value:

• Poland: NOK 5.3 billion (-1 per cent)
• Denmark: NOK 3.5bn (-1%)
• USA: NOK 3.2 billion (-2 per cent)
• The Netherlands: NOK 3.0bn (+9%)
• United Kingdom: NOK 2.5bn (+24%)
• China: NOK 2.5 billion (+16 per cent)
• France: NOK 2.4bn (-10%)
• Spain: NOK 2.0bn (-7%)
• Germany: NOK 1.6 billion (+17 per cent)
• Italy: NOK 1.6bn (-5%)

These are the 10 largest species in the third quarter in terms of value:

• Salmon: NOK 31.7bn (+3%)
• Mackerel: NOK 2.3bn (+68%)
• Cod: NOK 2.0 billion (-3%)
• Trout: NOK 2.0bn (+24%)
• Saithe: NOK 791 million (-11%)
• Herring: NOK 740 million (-9%)
• Prawn: NOK 474 million (+54%)
• Greenland halibut: NOK 379 million (-8%)
• Haddock: NOK 363 million (+15 per cent)
• King crab: NOK 288 million (-31%)

Seafood exports in the third quarter

• The largest markets for Norwegian seafood exports in the third quarter were Poland, Denmark and the USA.
• In total, farmed fish worth NOK 33.9 billion was exported in the third quarter. This accounts for 86 per cent of total seafood exports in this period.
• Seafood was exported to a total of 135 countries in the third quarter. This is the same number as in the same period last year.

Seafood exports in September

• Export value in September totalled NOK 16.7 billion
• This is the second highest export value in a single month, only beaten by October last year
• This is an increase of NOK 894 million, or 6 per cent, from the same month last year.

Source: Norwegian Seafood Council

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