Stronger krone and lower volumes weigh on Norway’s seafood exports in November.
Norway’s seafood exports fell for the second consecutive month in November, as a stronger Norwegian krone and lower export volumes pulled down the value of shipments despite high prices.
Norway exported seafood worth NOK 16.6 billion ($1.61 billion/€1.41 billion) in November, a decrease of NOK 608 million ($0.06 billion/€0.05 billion), or 4 percent, compared with the same month last year.
“This is the second month in a row that seafood exports have fallen in value compared with the same month last year. In November, even historically high prices were unable to compensate for the decline in volume for a number of wild-caught species,” says Christian Chramer, CEO of the Norwegian Seafood Council.
The Norwegian krone has strengthened against the dollar and several Asian currencies compared with November last year, reducing the currency effect that has supported export values over the past year.
“This means that Norwegian seafood has become more expensive to buy in overseas markets,” explains Chramer.
Asia gaining share at the expense of Europe and the USA
The largest markets for Norwegian seafood exports in November were Poland, Denmark and the USA. China recorded the strongest growth, with export value rising by NOK 196 million ($0.02 billion/€0.02 billion), or 23 percent, compared with the same month last year.
“The positive trend in the Asian market also continued in November. China, Vietnam, Thailand and South Korea are examples of countries that now account for a larger share of total Norwegian export value. This is happening at the expense of Europe and the USA,” says Chramer.
Aquaculture products account for nearly three-quarters of export value
In November, Norway exported fish from aquaculture worth NOK 12.1 billion ($1.17 billion/€1.03 billion), accounting for 73 percent of total Norwegian seafood export value.
“Salmon is still the engine of Norwegian seafood exports. At a time when trade is shifting towards Asia, it is positive that the Norwegian and Chinese authorities have developed a joint solution for the electronic exchange of health certificates with China. This will simplify our trade considerably in the future,” emphasises Chramer.
Year-to-date exports pass NOK 165 billion
So far this year, Norway has exported seafood worth NOK 165.4 billion ($16.04 billion/€14.06 billion), an increase of NOK 5.2 billion ($0.50 billion/€0.44 billion), or 3 percent, compared with the same period last year.
In the record year 2024, Norway exported seafood worth NOK 175.2 billion ($16.99 billion/€14.89 billion). If export values in December remain at the same level as last year, total seafood exports in 2025 are expected to exceed NOK 180 billion ($17.46 billion/€15.30 billion).
Salmon exports decline as volumes and EU share fall
Norway exported 126,191 tonnes of salmon worth NOK 11.4 billion ($1.11 billion/€0.97 billion) in November. The export value fell by NOK 472 million ($0.05 billion/€0.04 billion), or 4 percent, compared with the same month last year, while volume declined by 3 percent. Poland, France and the USA were the largest markets for salmon in November.
China again led value growth in November, with export value increasing by NOK 165 million ($0.05 billion/€0.04 billion), or 35 percent, compared with the same month last year. Export volume to China reached 6,598 tonnes, up 47 percent year-on-year.
“China continues the growth trend that the market has seen throughout the year, but is not the only one that is growing. The UK and Thailand are close behind,” says seafood analyst Paul T. Aandahl of the Norwegian Seafood Council.
EU share of salmon exports falls as Asia grows
The EU’s share of Norwegian salmon exports declined in November. With an export value of NOK 6.9 billion ($0.67 billion/€0.59 billion), the bloc accounted for 61 percent of salmon exports, down from 66 percent in the same month last year.
“This is a trend that we have seen throughout 2025. In November, the share to Asia increased from 18 per cent last year to 21 per cent this year. This is due to increased demand and increased access to fish of sizes favoured in Asia,” says Aandahl.
