Export value measured in euros has declined for three months in a row and in eight of the last 12 months.
Norway’s seafood exports reached a record NOK 13.3 billion in February, marking a 3% increase or NOK 339 million compared to the same month last year.
This growth has been consistent every month for three years, a first in the industry’s history, according to Christian Chramer, CEO of the Norwegian Seafood Council.
February 2021 was the last month to see a decline in export value. Since then, for 36 consecutive months, there has been a year-over-year increase in the value of Norwegian seafood exports.
Despite challenges like the coronavirus pandemic, the outbreak of war in Europe, and economic downturns, Norwegian seafood has seen strong demand. Factors contributing to the value growth over the past three years include global price inflation and a weak Norwegian krone.
However, the export value measured in euros has declined for three months in a row and in eight of the last 12 months, reflecting the impact of currency fluctuations.
In February, 67% of Norway’s seafood exports went to Europe, followed by Asia (22%) and the USA (8%). A notable trend in salmon exports was a shift from whole fish to more processed products, with a record share of fillet exports for February.
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Key points about February’s seafood exports:
- The largest markets were Poland, Denmark, and the USA.
- Exports reached 114 countries, three more than the previous year.
- Denmark experienced the most significant growth, with an 18% increase in export value.
Salmon exports in February included:
- 78,522 tons of salmon worth NOK 9.1 billion.
- A 5% increase in value, but a 3% decrease in volume.
- Poland, Denmark, and France as top markets.
Paul T. Aandahl, Seafood Analyst at the Norwegian Seafood Council, noted a record 30% of salmon exports were processed products, primarily fillets.
Denmark showed the most significant growth in salmon exports, with a 45% increase in value and a 42% increase in volume.
