The first quarter saw a 2% reduction in the value of salmon exports to NOK 27.9 billion ($2.62 billion), and a 6% drop in volume to 246,560 metric tons.
Norwegian salmon exports have seen a decrease in the first quarter of 2024.
The total value of Norwegian seafood exports was NOK 40.2 billion ($3.78 billion), a decline of 3% or NOK 1.2 billion ($113 million) compared with the same period in the previous year, according to new figures from the Norwegian Seafood Council.
“Thanks to a weak Norwegian krone and high prices, export value grew in January and February. However, the currency effect declined in March, while there has been a drop in volume for several species in the first three months of the year. The result was an overall decline in the value of seafood exports in the first quarter”, said Chramer.
Notably, the first quarter saw a 2% reduction in the value of salmon exports to NOK 27.9 billion ($2.62 billion), and a 6% drop in volume to 246,560 metric tons.
In February, Norwegian seafood exports had experienced three years of continuous value growth, compared with the same month the previous year.
In March however, Norway exported salmon worth NOK 9.3 billion ($874.2 million), marking a 16% decrease in value and a 12% drop in volume compared to the same month last year.
Once again, Europe and the important EU market bought the most Norwegian seafood in the first three months of the year. Poland, France, and Denmark were the largest markets for salmon in the first quarter.
A total of NOK 23 billion ($215 million) worth of Norwegian seafood was exported to the EU in the first quarter. This is a growth of 1 per cent compared with the same period last year.
Denmark experienced the most significant value growth in salmon exports, with an increase of NOK 142 million ($13.3 million) or 7%, and an 8% rise in export volume.
“While the price of salmon increased sharply in March last year, we have not seen a similar development in the same month this year. At the same time, Easter was earlier this year, which meant that there were fewer working days in March this year than last year. Both factors affected the export value,” explained Chramer.
Paul T. Aandahl, a Seafood Analyst at the Norwegian Seafood Council, attributes the fall in salmon value primarily to reduced production and lower harvest volumes due to cooler sea temperatures.
