January jolt exposes new risk for exporters.
Norway exported seafood worth NOK 14.8 billion ($1.44 billion/€1.30 billion) in January, down NOK 416 million ($40.4 million/€36.6 million), or 3 percent, compared with the same month last year.
The decline was driven in part by a sharp fall in export value to the United States, according to the Norwegian Seafood Council.
“Lower salmon prices, a weaker US dollar, reduced quotas for several wild fish species and tougher competition in important markets meant that Norwegian seafood exports fell in January,” said Christian Chramer, chief executive of the council.
The United States was Norway’s largest single seafood market in January last year. One year later, export value to the country has fallen by 37 percent, and the US has been overtaken by Poland, the Netherlands and China in the ranking of Norway’s largest single markets.
Chramer said high and unpredictable tariffs and a weaker dollar have created uncertainty and challenges in the US, which remains Norway’s largest fillet market for both salmon and trout.
“The demanding trade situation is something we are seeing the consequences of now,” he said.
The reduced importance of the US market has already affected the Norwegian fillet industry. After an 8 percent increase in export volumes of salmon and trout fillets last year, exports fell by 9 percent in January compared with the same month in 2025.
“This has consequences for large parts of the seafood industry. Uncertainty is widespread, and the global seafood trade is so closely intertwined that this will have an impact across several species and markets,” Chramer added.