The Icelandic aquaculture sector has seen exports climb past $97 million in value in the early months of this year – the highest recorded for this period.
In just a decade, the export value of Icelandic aquaculture has skyrocketed from approximately $10 million to $100 million, showcasing a remarkable tenfold increase.
Exports for the first two month of this year were worth $97 million in value, representing an increase of more than 39% compared to the same timeframe last year, adjusted for fixed exchange rates, according to a post on LinkedIn from Fisheries Iceland CEO Heidrun Marteinsdottir.
Notably, February marked the third-largest export month ever, with January close behind in fourth place.
With such rapid growth, within the next decade, the aquaculture industry could contribute to more than 20% of total exported goods from the country by 2034, as outlined in a report from the Boston Consulting Group for the Icelandic government.
As a nation heavily reliant on robust export industries for prosperity, this expansion in aquaculture presents a promising addition to Iceland’s economic landscape, according to a recent Fitch Ratings report.
The share of aquaculture products in the total value of exported goods has seen a significant uptick. In January and February, aquaculture products accounted for 8.4% of the total export value, surpassing the average share of around 6% in recent years. Last year, the share stood at 6.4% for the same period, indicating a notable increase in the industry’s contribution to Iceland’s export portfolio.
