Image: MSC / FIS

Price growth led to a record start for Norwegian seafood exports in 2023

NORWAY
Tuesday, February 07, 2023, 07:00 (GMT + 9)

Norway exported NOK 12.7 billion worth of seafood in January. An all time record for the month. This is an increase of NOK 2.4 billion, or 23 per cent, compared to January last year.

January was the 17th month in a row with seafood exports exceeding NOK 10 billion (U$D 967M). In August 2021, seafood exports were NOK 9.6 billion (U$D 928M).Source: Norwegian SEafood Council

“Price growth is the most important reason why January was another record month for seafood exports. The export prices for salmon, cod, trout, pollock and herring were significantly higher than in January 2022”, says Christian Chramer, CEO of Norwegian Seafood Council.

“Despite troubled times and changing product flows, seafood exports have reached new heights. Inflation is still high in large parts of the world, and consumers in Europe have significant challenges with lower purchasing power and negative expectations for their economy going forward”, says Chramer.

In January, there was a decrease in the export volume of fresh whole salmon to Europe, while China and the USA stand out with significant growth.

“Only 66 per cent of Norway's total exports of salmon measured in value went to Europe in January. This is the lowest proportion of salmon that has gone to Europe in a single month since April 1989”, says Chramer.

Image: Norwegian Seafood Council

“Seafood exports for January follow the strong trend we have seen over the past 17 months, with monthly seafood exports of over NOK 10 billion. Despite lower export volumes of salmon, cod, trout and haddock, increased export volumes of pollock and herring contributed to the increase in export value. A weaker Norwegian krone has also contributed to the record", says Chramer.

January was the 17th month in a row with seafood exports exceeding NOK 10 billion. In August 2021, seafood exports were NOK 9.6 billion

• The largest markets for Norwegian seafood exports in January were the USA, Denmark and Poland
• In January, seafood was exported to a total of 116 countries
• Increased export volume of pollock, which has larger quotas this year, also contributed to the growth in export value in January
• January was the 6th month in a row with exports of over NOK 12 billion
• Among individual species, we had an export record for both pollock and tusk in January, of NOK 466 and NOK 65 million respectively
• The USA was the largest export market

For the first time since April 1989, the USA is the largest market for Norwegian seafood exports. Norway exported NOK 1.15 billion worth of seafood to the USA in January, an increase of 41 per cent since January last year.

Photo: Seafood From Norway

The USA was also the country with the largest growth in seafood exports measured in value in January, with a lift of NOK 338 million compared to January last year. The export volume to the USA ended at 9,655 tonnes, which is 4 per cent lower than the same month last year.

Salmon exports to the USA have increased by 59 per cent.

While the value of other seafood species to the US, such as cod and haddock, has decreased, salmon exports have increased sharply. In January, the value of salmon exports increased by 59 per cent, or NOK 344 million, compared to the same month last year. The USA thus became Norway's most significant salmon market and the market where the value of salmon exports increased the most in the first month of the year.

Seafood envoy in the USA Anne-Kristine Øen. Photo: Norwegian Seafood Council

“We see a strong increase in demand for Norwegian salmon in the American market”, says Anne-Kristine Øen, Norway´s seafood envoy to the USA.

“There could be several reasons for this. A strong dollar and reduced competition from salmon from other nations contribute positively. The demand for salmon, in general, has increased sharply after the pandemic. We had increased food prices through 2022, and the salmon is still competitive compared to other proteins”, says Øen.

Source: Norwegian Seafood Council

editorial@seafood.media
www.seafood.media

Print