Country has exported more than $12.8 billion in seafood so far this year.
Norway’s seafood exports reached an all-time high in October, totalling NOK 18.4 billion ($1.6 billion).
This represents a remarkable increase of NOK 3.3 billion ($300 million), or 22 percent, compared to the same period last year, according to a release from the Norwegian Seafood Council.
Salmon exports, particularly to Poland, France, Denmark, and Italy, played a pivotal role in driving the overall seafood export growth, with the overall surge primarily attributed to the remarkable growth in the value of salmon.
Salmon exports alone accounted for NOK 12.5 billion ($1.1 billion) in October, constituting 68 percent of the total seafood export value for the month. This represents a 22 percent increase from the previous October.
For the year 2023, salmon exports have surpassed NOK 100 billion ($9 billion), marking an 18 percent increase in Norwegian kroner, with the weaker currency contributing significantly to the overall growth.
So far in 2023, Norway has exported seafood valued at NOK 142.4 billion ($12.8 billion), with the total export value in 2022 reaching NOK 151.4 billion ($13.6 billion).
The notable surge in seafood exports this year can be attributed to factors such as high food inflation, rising costs, and currency effects, all of which have increased the value when measured in Norwegian kroner.
Despite challenges, including reduced purchasing power and declining seafood consumption in major European markets, there is hope for improved demand with recent decreases in inflation and signs of economic recovery.
In October, the largest markets for Norwegian seafood exports were Poland, Denmark, and the USA, with Poland experiencing the most significant increase in value at 41 percent.