Norway exported seafood worth NOK 15.5 billion (€1.40 billion) in March, an increase of NOK 522 million (€47.0 million), or 3 percent, compared with the same month last year, according to the Norwegian Seafood Council.
So far this year, Norway has exported seafood worth NOK 43.8 billion (€3.94 billion). This represents a decline of NOK 449 million (€40.4 million), or 1 percent, compared with the same period last year.
“Norwegian seafood exports performed well in March, despite the war in the Middle East, a stronger Norwegian krone and a continued decline in exports to the US. This is largely due to increased salmon volumes, higher prices for several species such as salmon, cod, mackerel and saithe, as well as further growth in exports to China,” said Christian Chramer.
The largest markets for Norwegian seafood exports in March were Poland, China and the United States.
China recorded the largest growth in value, with exports increasing by NOK 552 million (€49.7 million), or 68 percent, compared with March last year. Norway exported seafood to China worth NOK 1.4 billion (€126 million) in March.
Regional export distribution in March was Europe 63 percent, Asia 23 percent and the United States 9 percent. Asia’s share increased by five percentage points year on year, while the US share declined by four percentage points.
For the third consecutive month, Norwegian seafood exports to the United States declined by more than NOK 500 million (€45.0 million) compared with the same month last year. The decline particularly affected salmon fillet exports.
“The main reason for the decline to the US is increased tariffs and a weaker dollar against the Norwegian krone. However, strong growth to China has largely offset the decline in value to the US overall,” Chramer said.
The Norwegian krone strengthened by almost 10 percent against the US dollar and 3 percent against the euro compared with March last year.
“The strengthening of the krone is dragging down the value of exports measured in Norwegian kroner. The growth in export value is due to price increases for most species, as well as increased export volumes for species such as salmon, haddock, snow crab and herring,” Chramer said.
Salmon exports increase
Norway exported 106,000 tonnes of salmon worth NOK 10.5 billion (€945 million) in March.
The value increased by NOK 622 million (€56.0 million), or 6 percent, compared with March last year, while export volumes increased 4 percent.
After a month of conflict in the Middle East, salmon exports to the region declined earlier in the period.
“At the start of the war, volumes fell particularly sharply, but in the last week of March exports to countries such as Saudi Arabia and Israel were at a near-normal level,” said Paul T. Aandahl.
Exports of fresh whole salmon to China increased 61 percent in volume compared with March last year. Exports also increased to Thailand (+37 percent), South Korea (+24 percent) and Taiwan (+53 percent).
At the same time, exports of fresh whole salmon to Saudi Arabia fell 13 percent, to the United Arab Emirates 33 percent, and to Qatar 85 percent.
“Exports to Israel, which buys a lot of salmon fillets from Norway, have overall fallen by 13 percent in volume compared with the same month last year,” Aandahl said.
Cod landings in the first quarter have more than halved since 2022 and are now at their lowest level since the turn of the millennium.
“At the same time, high prices are creating uncertainty as to whether the increased raw material costs can be passed on further up the value chain for processed products,” Chramer said.
