Compared to the same month last year, the Norwegian krone is slightly stronger compared to the euro, but weaker compared to the US dollar

Norwegian seafood exports reached a record high in value in November, driven by price growth and increased export volumes

NORWAY
Thursday, December 05, 2024, 00:10 (GMT + 9)

Norway exported seafood worth NOK 17.3 billion in November. This is an increase of NOK 1 billion, or 6 per cent, compared with the same month last year.

"We've seen several months in a row of solid growth in seafood exports, and this trend continued in November. Thanks to price growth for salmon, mackerel, cod, haddock and herring, this was the best November ever in terms of value," says Christian Chramer, CEO of the Norwegian Seafood Council.

No currency effect in total

In contrast to previous years, seafood exports have not been helped by a weak Norwegian krone.

“Compared to the same month last year, the Norwegian krone is slightly stronger against the euro, but weaker against the US dollar. In total, there is no currency effect, so the value growth is mainly driven by higher prices and increased volumes for some of our most important species," explains Chramer.

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Increased costs and tougher global competition

He emphasizes that although Norwegian seafood exports are increasing in value, this does not mean gold and green forests for industry players.

“On the wild-catch side, many are worried about the consequences of new quota cuts, in the land-based industry the battle for raw materials is intensifying, while many salmon companies are experiencing greater biological challenges as sea temperatures rise. When this is combined with increased cost growth and tougher global competition, many people are facing a more demanding financial situation at the same time as seafood exports are increasing," says Christian Chramer.

Strong growth for shrimp (cold-water prawn) and salmon to China

As usual, the countries in the EU zone bought the most Norwegian seafood. In total, Norway exported seafood worth NOK 10 billion to this market in November.

“Europe is strong and had value growth in November. The USA declined slightly, while Asia is becoming increasingly important. Last month there was strong growth for both shrimp and salmon to China," explains Christian Chramer.

Heading for a new export record

So far this year, Norway has exported seafood worth NOK 160.4 billion. This is NOK 2.3 billion, or 1.5 per cent, higher than at the same time last year.

“So far, 2024 has been a good year for Norwegian seafood exports in terms of value. Higher prices have largely compensated for the quota cuts for cod, herring and mackerel. If the favourable trend continues in December, we will pass last year's export record of NOK 172 billion by the end of the year," says Christian Chramer.

Historically good autumn for herring and mackerel

Salmon, herring and mackerel are three of the species that have contributed to value growth so far this year.

“This autumn has been historically good for mackerel and herring. In the last three months, prices for these species have reached historically high levels, and demand is strong in the most important markets. At the same time, the export value of salmon exceeded NOK 12 billion for the very first time in November, consolidating its position as Norwegian seafood's most important export product," explains Christian Chramer.

Photo: Norges Sildesalgslag

Seafood exports in November

• The largest markets for Norwegian seafood exports in November were Poland, USA and the Netherlands
• The Netherlands saw the greatest growth in value, with an increase in export value of NOK 174 million, or 17 per cent, compared with the same month last year. The export volume to the Netherlands ended at 15,908 tonnes, which is 10 per cent higher than the same month last year.
• Seafood was exported to a total of 113 countries in November. This is five fewer than in November last year.

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