This is the highest value ever in a single month.
“Norwegian seafood exports experienced historical growth in October. The value of NOK 15 billion is more than a solid record. It means that every day this month, we exported seafood worth just under NOK 500 million. These are enormous numbers and show how vital this industry is to Norway”, says Christian Chramer, CEO of the Norwegian Seafood Council.
So far this year, Norway has exported NOK 123.9 billion worth of seafood. That is NOK 27.1 billion ahead of the same period last year.
“On 25 October, we passed the export value for the record year 2021. Then the value for the whole year was NOK 120.8 billion. With good development in the last two months of the year, the export value of Norwegian seafood will pass NOK 150 billion in 2022. That is impressive and close to tripling in ten years”, says Chramer.
So far this year, a record-high export value has been achieved for several species, such as salmon, cod, trout, pollock, haddock and prawns. Christian Chramer nevertheless emphasizes that there is are grounds for concern, despite the strong growth.
Hard competition for proteins
“We live in demanding and troubled times, with high food inflation and a fierce battle for proteins worldwide. Hence, the historically high prices for Norwegian seafood. In addition, a weaker Norwegian krone in October helped to lift the export value. The price in Norwegian kroner will be higher with a weaker Norwegian krone”, Chramer explains.
Other challenging factors are the changes in seafood consumption and tighter private finances in households in the major markets.
“Several countries are reporting a decline in domestic consumption of seafood while the restaurant market is also experiencing challenging times. Expectations of a significantly weaker economic development, therefore, cast a shadow over the outlook going forward”, emphasizes the Norwegian Seafood Council’s managing director.
- In October, a total of 116 countries bought Norwegian seafood. The same as in October 2021.
- The largest markets for Norwegian seafood exports in October were Poland, the USA and Denmark.
- The USA had the most significant value growth this month. There was an increase in export value of NOK 581 million, or 83 per cent, compared to the same month last year.
- The export volume to the USA ended at 10,866 tonnes, which is 18 per cent higher than the same month last year.
Historic month for salmon
Norway exported 133,105 tonnes of salmon to a value of NOK 10.6 billion in October. The export value increased by NOK 2.7 billion, or 34 per cent, compared to October last year. There is a growth in the export volume of 5 per cent. Poland, the USA and France were the biggest markets for salmon in October.
Salmon exports broke records for a single month. Exports were NOK 731 million higher than the previous record month, September 2022.
“The most significant contribution to the increase in value is the increased price. In addition, the export volume is increasing, the Norwegian krone is weakening, and we have increased further processing of salmon in Norway, which also contributes positively”, says Paul T. Aandahl, Seafood Analyst with the Norwegian Seafood Council.
The proportion of fillets is still increasing compared to last year.
“If we convert to round weight, fillet products account for around 15 per cent of exports in October. Up one percentage point compared to last year. So far this year, the proportion is 16 per cent. Also up by one percentage point”, says Aandahl.
Poland had the largest increase in value this month, with an export value of NOK 472 million, or 41 per cent, compared to the same month last year. The export volume to Poland ended at 23,460 tonnes, which is 9 per cent higher than the same month the previous year.
“The USA is the second largest growth market for salmon, with a value increase of NOK 458 million, or 86 per cent. A strong dollar exchange rate and demand growth contribute to this”, explains Paul T. Aandahl.
Following the corona pandemic, Americans have increased their focus on health and a healthy lifestyle.
“A full 61 per cent state that they want to live and eat healthier. The connection between food production and sustainability is strengthened in people’s awareness, and 29% say that they want to reduce their consumption of red meat. Meat then needs to be replaced with other tasty and nutritious protein. Norwegian salmon and trout fit well into this trend”, says Anne-Kristine Øen, the Norwegian Seafood Council’s envoy to the USA.
A substantial jump in export value for trout
Norway exported 5,019 tonnes of trout worth NOK 465 million in October. The value increased by NOK 75 million, or 19 per cent, compared to October last year. The volume fell by 18 per cent. The USA, Thailand and Japan were the biggest markets for trout in October.
The USA had the most considerable increase in value this month, with an export value of NOK 42 million, or 90 per cent, compared to the same month last year.
The export volume to the USA ended at 688 tonnes, which is 8 per cent lower than last year’s last month. There is a record-high price for fresh/chilled trout fillets at NOK 142 per kg. NOK 15 higher than the previous record month, which was September 2022.