Norwegian seafood export value increased by $2 billion for 2023

by
Editorial Staff

Seafood has become Norway’s second-largest export product, following oil and gas.

Norway’s seafood exports reached a new peak in 2023, with a record value of NOK 172 billion.Compared to 2022, this marks a significant increase of NOK 20.7 billion ($2 billion), or 14%, according to the figures from the Norwegian Seafood Council.

Christian Chramer, Managing Director of the Norwegian Seafood Council, highlighted that 2023 was the best year ever in terms of value for Norwegian seafood exports. “Seafood has become Norway’s second-largest export product, following oil and gas,” Chramer said.

A key factor contributing to this growth is the currency effect, with a weakened Norwegian krone inflating export values when measured in NOK. Chramer noted that this devaluation contributed approximately NOK 15 billion ($1.5 billion) to the export value in 2023.

However, the volume of Norway’s seafood exports saw a 5% decline from the previous year, totaling 2.8 million metric tons. Notably, salmon and cod, the most significant species in Norway’s seafood, experienced volume reductions. The pelagic sector, including mackerel and herring, reported the lowest volume since 2016.

Addressing challenges, Chramer emphasized that the record-high export values do not necessarily translate into robust profits for seafood companies, citing increased costs and a competitive global market.

In terms of aquaculture, which constitutes 75% of Norway’s total seafood exports by value and 46% by volume, 2023 saw 1.3 million tonnes of seafood exported from aquaculture, valued at NOK 128.7 billion. Despite a slight decrease in volume, the value of these exports rose by NOK 17.6 billion (16%) compared to 2022.

In 2023, Norway exported seafood to 153 countries, with Poland, Denmark, and the USA being the top markets. Poland saw the most significant increase in value, with a 21% rise from the previous year.

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