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Photo: Johan Kvalheim, Norwegian Seafood Council
Photo: Johan Kvalheim, Norwegian Seafood Council

Press release -

Currency effects resulted in value growth for seafood exports in April

Norway exported NOK 12.9 billion worth of seafood in April. This is an increase of NOK 1.6 billion, or 14 per cent, compared to the same month last year.

“For Norway as a seafood nation, it is positive that the value of export products continues to increase, but the growth in April is solely due to a currency effect. Measured in euros, the export value fell by more than 5 per cent and in dollars by 3.7 per cent. The weak Norwegian krone that is driving the value up”, says Christian Chramer, CEO of the Norwegian Seafood Council.

Lowest export volume since 2007

In April, 160,000 tones of seafood were exported from Norway. This is the lowest April export volume since 2007, when exports totalled 125,000 tonnes.

“The downward trend with falling volumes also continued in April. Among other things, this applied to trout, grayling, and several whitefish species, while the volume for salmon is at a standstill compared to the same month last year”, explains Christian Chramer.

Value growth to the US and China

Denmark, the USA, and China were the three markets with the greatest growth in value in April.

“What they have in common is that salmon is driving up the value. While Denmark is a large processing and transit market, it is consumption that drives growth in the USA and China. For the USA, we see that Norwegian salmon gets good traction from reduced supplies from other producer countries. In China, consumption is increasing strongly after the reopening of society, which Norwegian salmon is benefiting from”, says Chramer.

Good season for skrei in Spain

In April, the ice-skating season formally ended. This resulted in volume growth for the quality brand Skrei.

“Despite the fact that both the landings and the exports of fresh whole wild-caught cod are falling, both the share and prices are increasing. This shows that Norwegian skrei has consolidated its position as a premium product. This year we have seen this especially in Spain. Only twice before has the direct export of skrei to Spain been higher than this year”, says Chramer.

Aquaculture accounts for 78 per cent of the export value

In April, exports from the aquaculture sector, such as salmon and trout, accounted for 78 per cent of the total value. Only once before has this proportion been higher. That was in August 2016.

Norwegian seafood exports to 110 countries

  • The largest markets for Norwegian seafood exports in April were Denmark, Poland, and the USA
  • Denmark had the largest increase in value in April, with an increase in export value of NOK 414 million, or 41 per cent, compared to the same month last year
  • The export volume to Denmark ended at 18,383 tonnes, which is 49 per cent lower than the same month last year
  • Seafood was exported to a total of 110 countries in April. This is the same number as in the same month last year

Strong value growth for salmon

  • Norway exported 81,498 tonnes of salmon to a value of NOK 9.7 billion in April
  • The value increased by NOK 1.7 billion, or 21 per cent, compared to April last year
  • The volume was unchanged from last year
  • Denmark, Poland, and France were the biggest markets for salmon in April

Denmark had the largest increase in value this month, with an increase in export value of NOK 440 million, or 71 per cent, compared to the same month last year.

The export volume to Denmark ended at 10,086 tonnes, which is 49 per cent higher than the same month last year.

The Danish transit market sees the strongest development

“Denmark is the largest transit market for Norwegian salmon. The fish is taken over by the customer in Denmark before it goes on to other markets, mainly in the EU”, says Paul T. Aandahl, Seafood Analyst with the Norwegian Seafood Council.

About a quarter goes to the German market. Other major markets for the Norwegian salmon that go via Denmark are Italy, the Netherlands, France, Spain and Poland.

“The growth to Denmark compensates for the decline in direct exports to these markets”, says Aandahl.

The export price for fresh whole salmon in April was NOK 113.60 per kg, which was NOK 3.98 per kg lower compared to the record set in March this year. Compared to the same month last year, the price was 17 per cent higher. This is currency-driven growth.

Fall in volume for trout

  • Norway exported 2,739 tonnes of trout worth NOK 322 million in April
  • The export value increased by NOK 10 million, or 3 per cent, compared to April last year
  • Export volume fell by 21 per cent
  • The USA, Thailand and Ukraine were the biggest markets for trout in April

Lithuania had the largest increase in value this month, with an increase in export value of NOK 18 million compared to the same month last year.

The export volume to Lithuania ended at 219 tonnes, which is 262 per cent higher than the same month last year.

The price of fresh trout fillets in April was NOK 152 per kg. This is NOK 4 higher than the previous record month, which was in March 2023.

Value growth and volume decline for fresh cod

  • Norway exported 6,993 tonnes of fresh cod worth NOK 385 million in April
  • Export value increased by NOK 30 million, or 8 per cent, compared to April last year
  • Export volume fell by 8 per cent
  • Denmark, the Netherlands, and Spain were the biggest markets for fresh cod in April

Landings of fresh cod were also significantly lower in April than in the same month the previous year, which has resulted in a lower export volume.

Growth to Spain

“There was solid volume growth to Spain in April, and we must go back to 2018 to find a higher export volume of fresh cod to Spain in the month of April. Spain is also the market with the largest increase in value this month, with an increase in export value of NOK 22 million, or 131 per cent, compared to the same month last year”, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

The export volume to Spain ended at 671 tonnes, which is 86 per cent higher than the same month last year.

Good season for the quality brand Skrei

  • Norway exported 682 tonnes of skrei worth NOK 39 million in April
  • The value of exports increased by NOK 6 million, or 17 per cent, compared to April last year.
  • There is a growth in export volume of 4 per cent.
  • Denmark, Spain, and Germany were the biggest markets for skrei in April.

The end of the skrei season resulted in volume growth for the quality brand skrei, even with a decrease in landings.

“The quality-marked skrei is spawn-ready skrei that has been selected, processed, and packed according to specific requirements described in a separate quality standard. Only skrei that meet the requirements of the standard can be sold with the quality mark for skrei, and one of the requirements is that it must have been caught in the period 1 January to 30 April”, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Increased proportion of skrei despite lower landings

In total, this year's fishing season ended with an export volume of 4,212 tonnes, a decrease of 6 per cent from last year. The export value was a total of NOK 282 million, NOK 43 million higher than last year.

“18 per cent of Norway's exports of fresh whole wild-caught cod were quality-marked skrei in this year's season. This is 2 percentage points higher than last year. It is also worth noting that skrei´s share is increasing even though both landings and exports of fresh whole wild-caught cod are falling”, says Brækkan.

Price difference of NOK 14 per kg

The price is also increasing, helped by the weaker Norwegian krone.

“Never before has the export price been over NOK 60 per kg in one season, and this year it ended at NOK 67 per kg, a whole NOK 13 per kg higher than last year. The price difference between the quality brand skrei and other fresh whole wild cod has also hit record highs, with a hefty NOK 14 per kg premium for skrei this year”, explains Eivind Hestvik Brækkan.

Growth in exports to Spain

Most of the quality-marked skrei is exported to Denmark before it goes on to the large skrei markets in Europe. A significant share also goes directly to Spain, which is our largest consumer market.

For the entire ice cream season, the export volume to Spain ended at 1,168 tonnes. This is an increase of 30 per cent, up from 900 tonnes last year. Only in two other years has the direct export of skrei to Spain been higher, and then this year with significantly higher quotas.

Solid demand

“The skrei has really established itself as a very special fish both among consumers and for trade buyers in Spain. Demand has been solid this year, and if it hadn't been for bad weather and low supply at the start of the year, it would have been the best-ever export season to the Spanish market. The strong position is confirmed by the fact that significantly more shops are selling skrei this year”, says Bjørn-Erik Stabell, the Norwegian Seafood Council's envoy to Spain.

Volume drops for frozen cod

  • Norway exported 5,456 tonnes of frozen cod worth NOK 323 million in April
  • The value was unchanged from the same month last year
  • The volume fell by 14 per cent
  • The UK, France and Portugal were the biggest markets for frozen cod in April

Like fresh cod, there was also a decrease in landings of frozen cod in April. This results in a lower export volume.

Good start to the year

“The export volume to Great Britain continues to increase and ended at 1,275 tonnes in April, an increase of 28 per cent from April last year. Frozen whole cod contributed most to the increase, but frozen fillets also increased somewhat in volume. We have to go back to 2019 to find a higher export volume of frozen cod to the UK after the first four months of the year”, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Greatest increase in value to France

France had the greatest increase in value in April, with an increase in export value of NOK 32 million, or 155 per cent, compared to the same month last year.

The export volume to France ended at 380 tonnes, which is 92 per cent higher than the same month last year. Most of the exports to France were frozen fillets.

Challenging month for clip fish

  • Norway exported 4,481 tonnes of clip fish to a value of NOK 316 million in April
  • Export value fell by NOK 7 million, or 2 per cent, compared to April last year
  • Export volume fell by 24 per cent
  • Portugal, the Dominican Republic, and Congo-Brazzaville were the biggest markets for clip fish in April

The export volume of both haddock and cod fell in April, by 32 and 12 per cent respectively, or 1,150 and 200 tonnes.

For clip fish, the Dominican Republic, Congo-Brazzaville, and Brazil were the biggest markets.

Strong growth in the Dominican Republic

“The Dominican Republic excels with growth in export volume in April as well. So far this year, the growth is a whopping 65 per cent compared to last year. Jamaica and Congo-Brazzaville are the countries with the biggest decline in the export volume of clip fish of pollock in April, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Increase of 26 per cent to Portugal

Portugal is, as usual, the largest market for cod clip fish, and around 60 per cent of the cod clip fish went to Portugal in April.

“Portugal is also the country with the largest increase in value for clip fish this month, with an increase in export value of NOK 28 million, or 26 per cent, compared to the same month last year”, says Brækkan.

Decrease in home consumption

The export volume to Portugal ended at 1,227 tonnes, which is 2 per cent higher than the same month last year.

“Increased exports in April means that the export volume so far this year is now 8 per cent lower than at the same time last year. We also see a decline in home consumption of cuttlefish in Portugal in the first quarter. A small bright spot is increased tourism, and in March there were more overnight guests than in the same month in 2022 and in 2019”, says Trond Rismo, the Norwegian Seafood Council's envoy to Portugal.

Sky-high food inflation

In the first quarter, Portugal was also one of the countries with the highest economic growth in Europe.

“However, food inflation is still sky high, and the figures for April show a price increase of almost 20 per cent for food over the past year. The expectations going forward are that economic growth will be relatively weak”, explains Rismo.

Record month for salted fish

  • Norway exported 4,256 tonnes of salted fish to a value of NOK 377 million in April
  • Export value increased by NOK 44 million, or 13 per cent, compared to April last year
  • Export volume fell by 13 per cent
  • Portugal, Spain, and Italy were the biggest markets for salted fish in April

This is a record high export value for salted fish in a single month, NOK 9 million higher than the previous record month, which was in March 2007.

Portugal bought almost all Norwegian salted fish

“Low landings especially in January and February contributed to low export volumes in the first quarter. While the volume also fell in April compared to last year, it is higher than in April two years ago. Measured in terms of value, over 90 per cent of the salted fish in April went to Portugal”, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Portugal was also the country with the largest increase in value this month, with an increase in export value of NOK 42 million, or 14 per cent, compared to the same month last year.

The export volume to Portugal in April ended at 3,807 tonnes, which is 12 per cent lower than the same month last year.

Growth for dried fish

  • Norway exported 238 tonnes of dried fish to a value of NOK 60 million in April
  • Export value increased by NOK 28 million, or 90 per cent, compared to April last year
  • Export volume grew by 43 per cent
  • Italy, the USA, and Nigeria were the biggest markets for dried fish in April

Italy had the greatest increase in value in April, with an increase in export value of NOK 14 million, or 62 per cent, compared to the same month last year.

The export volume to Italy ended at 122 tonnes, which is 13 per cent higher than the same month last year.

Better economy in Italy

“With the increase in April, the export volume for dried fish to Italy so far this year is at the same level as last year. In Italy, households' expectations for their own finances have improved somewhat recently, and economic growth in the first quarter of this year was somewhat higher than the average for the EU. Inflation is somewhat lower than it was at its peak last year, and a further decline is expected over the course of the year”, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Low season for herring

  • Norway exported 11,270 tonnes of herring worth NOK 185 million in April
  • Export value fell by NOK 37 million, or 17 per cent, compared to April last year
  • Export volume fell by 23 per cent
  • Poland, Egypt, and Germany were the biggest markets for herring in April

April is low season for fishing for herring, and only 170 tonnes of North Sea herring were landed last month.

Increased exports to Poland and Germany

Exports are characterized by a lower volume of whole frozen herring and an increase in fillets. Prices are significantly above last year's level (whole frozen is up 18.5 per cent, while the average price of fillets is up 13 per cent) but are stable or falling compared to March this year.

“It is positive that exports are increasing to our important and well-paying fillet markets Poland and Germany. Here, the increase so far this year is 33 per cent in value and 16 per cent in volume”, says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Value growth for mackerel

  • Norway exported 7,594 tonnes of mackerel to a value of NOK 168 million in April
  • Export value increased by NOK 12 million, or 8 per cent, compared to April last year
  • Export volume fell by 6 per cent
  • Vietnam, South Korea, and Thailand were the biggest markets for mackerel in April

Like herring, it is also not fishing season for mackerel in April. Export volumes are therefore on the way down after a long season that started in August and ended in February.

Good demand in Asia

“So far this year, exports are 10,000 tonnes ahead of last year (13.5 per cent), while the value is up from NOK 1.33 to 1.58 billion, an increase of 19 per cent. There is still good demand in the Asian markets, which we also see in record high prices in local currency, for example in our most important mackerel market Japan”, says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Decline to China

There is relatively great stability in mackerel exports, but China stands out with a sharp fall. 4,260 tonnes have been exported so far this year, compared to 13,250 tonnes at the same time last year. This is a decrease of 68 percent.

“This is mainly due to remaining logistical challenges and reduced capacity after the corona pandemic. We also see those exports directly to Japan and to another important processing market, Vietnam, are increasing and taking away the volumes that have usually gone to China”, says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Fall in value for king crab

  • Norway exported 64 tonnes of king crab worth NOK 37 million in April
  • Export value fell by NOK 2 million, or 6 per cent, compared to April last year
  • Export volume grew by 5 per cent
  • The USA, the Netherlands and Germany were the biggest markets for king crab in April

April is usually the weakest export month for king crab due to the conservation period in the quota-regulated area.

Higher volume than last year

“This year is no exception, even if the volume is higher than the same month last year. The drop in value of NOK 2 million is due to a drop in the export price of live king crab”, says Josefine Voraa, Manager for Shellfish with the Norwegian Seafood Council.

In April, the USA was both the largest growth market and recipient of live and frozen king crab, with an increase in export value of NOK 14 million, or 174 per cent, compared to the same month last year.

The export volume to the USA ended at 35 tonnes, which is 167 per cent higher than in the same month last year.

Weak month for snow crab

  • Norway exported 769 tonnes of snow crab worth NOK 77 million in April
  • The value fell by NOK 63 million, or 45 per cent, compared to April last year
  • The volume fell by 3 per cent
  • The Netherlands, the USA and Denmark were the biggest markets for snow crab in April

“In terms of volume, the export of snow crab is at the level of the last two years, but a still uncertain market situation means that the export price continues to fall. In April, it was NOK 78 per kg, or 44 per cent, below the same month last year. A weakened Norwegian krone contributes to the fact that the fall is not greater”, says Josefine Voraa, Manager for Shellfish with the Norwegian Seafood Council.

The transit market Netherlands had the largest volume and value growth in April, closely followed by the further processing market Vietnam.

Strong growth for prawn

  • Norway exported 978 tonnes of prawns worth NOK 80 million in April
  • Export value increased by NOK 19 million, or 32 per cent, compared to April last year
  • Export volume grew by 30 per cent
  • Great Britain, Sweden and Ukraine were the biggest markets for prawns in April

April was another good export month for prawns, both in terms of volume and value. The biggest increase in value was accounted for by the export of frozen shell prawns to Ukraine. Here, exports increased by NOK 9 million compared to nothing last year. The export volume ended at 141 tonnes.

Large consumer market

“Over many years, Ukraine has been a large consumer market for frozen shell prawns, and even though the country is characterized by war and unrest, there is still a need for healthy and easy proteins such as prawns. The decline from Canada also seems to be partially replaced by Norwegian prawn, which has simpler logistics to the market, says Josefine Voraa, Manager for Shellfish with the Norwegian Seafood Council.

A weak krone contributed to growth

Frozen peeled prawns make up 75 per cent of the export value in April, with an export of 618 tonnes at a value of NOK 58 million.

Export volume declined by 4 per cent in April, but export value increased by 14 per cent as a result of a weakened krone against the euro.

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The Norwegian Seafood Council works with the Norwegian fisheries and aquaculture industries to develop markets for Norwegian seafood through local market intelligence, market development and reputational risk management. The Seafood Council is headquartered in Tromsø and maintains local representatives in twelve of Norway's most important international markets. The Norwegian seafood industry finances the activities of the Norwegian Seafood Council via a tariff on all Norwegian seafood exports.

The Norwegian Seafood Council is a public company owned by the Ministry of Trade, Industry and Fisheries.

Contacts

Martin Skaug

Martin Skaug

Press contact Communications director +47 915 59 902

Proudly representing Seafood from Norway

The Norwegian Seafood Council works with the Norwegian fisheries and aquaculture industries to develop markets for Norwegian seafood through local market intelligence, market development and reputational risk management. The Seafood Council is headquartered in Tromsø and maintains local representatives in twelve of Norway's most important international markets. The Norwegian seafood industry finances the activities of the Norwegian Seafood Council via a tariff on all Norwegian seafood exports. The Norwegian Seafood Council is a public company owned by the Ministry of Trade, Industry and Fisheries.