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Norwegian seafood exports reached 2.9 million tonnes of product to a value of NOK 151.4 billion (€14bn/£12.4bn) in 2022

2022 was the best year ever for Norwegian seafood exports with 2.9 million tonnes exported to a value of NOK 151.4 billion (€14bn/£12.4bn) last year. It is a record for export value and corresponds to 40 million meals every day – all year round.

The value of seafood exports has increased by NOK 30.7 billion (€2.9bn/£2.5bn), or 25 percent, compared with the record year 2021.

“Norwegian seafood exports have had a historically strong year behind them. It is happening in a period characterised by war in Europe, galloping energy prices, sky-high inflation, and a weakened global purchasing power. A result of the demanding and troubled times is a sharp rise in prices, which last year resulted in record high prices for important species such as salmon, cod, mackerel, trout, pollock and herring,” Christian Chramer, CEO of the Norwegian Seafood Council.

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A new milestone

“Norwegian seafood has reached another milestone. Behind the export value of NOK 151 billion lies a lot of hard work, and many share the credit. We are in challenging times with high food prices due to the war in Ukraine and the effects of the corona pandemic. Although the value of seafood exports has increased considerably, the volume has remained the same overall. The fact that exports are still doing so well shows that the seafood industry is adaptable with good people throughout the value chain who deliver products in demand. It is good news for the whole country, and I have great faith in the further development of seafood exports,” says Bjørnar Skjæran, Fisheries and Oceans Minister (Ap).

Lower export volume

The export record comes despite lower export volumes for several species, such as salmon, herring, mackerel, cod, king crab, and snow crab.

“For salmon, lower sea temperatures have negatively affected slaughter in 2022. As for our wild-caught species, last year, significant quantities of herring were used for meal and fish oil production in Norway, while we had lower quotas for cod. This is the primary explanation for the decline in volume,” says Chramer.

Currency effects decreased last year

In recent years, the Norwegian krone has also weakened. Since a weak krone results in higher export prices measured in Norwegian kroner, it has provided a favourable currency effect for Norwegian seafood exports and an additional boost in value.

“In 2022, however, the devaluation of the krone decreased. A stronger dollar has contributed to increased exports to the USA, while the euro has weakened somewhat against the Norwegian krone. Collectively for all markets, changes in exchange rates have contributed little to the increased export value from 2021 to 2022”, says Christian Chramer.

Here are the biggest markets by value in 2022*

  • Poland: NOK 15.5 billion (€1.4bn/£1.2bn) (+24%)
  • Denmark: NOK 12.6 billion (€1.1bn/£1bn) (+22%)
  • USA: NOK 11.7 billion (€1bn/£960m) (+46%)
  • France: NOK 10.6 billion (€989m/£870m) (+29%)
  • The Netherlands: NOK 9.4 billion (€839m/£783m) (+34%)
  • United Kingdom: NOK 7.8 billion (€727m/£640m) (+27%)
  • Spain: NOK 7.3 billion (€681.5m/£600m) (+21%)
  • China: NOK 7.3 billion (€681.5m/£600m) (+45%)
  • Italy: NOK 6.6 billion (€616m/£542m) (+30%)
  • Portugal: NOK 4.9 billion (€457m/£402m) (+38%)

* Compared to 2021

 

These were the largest species in 2022*

  • Salmon: NOK 105.8 billion (€9.9bn/£8.7bn) (+30%)
  • Cod: NOK 12.2 billion (€1.14bn/£1bn) (+25%)
  • Mackerel: NOK 6.3 billion (€588m/£517m) (+7%)
  • Trout: NOK 5 billion (€466.5m/£410.5m) (+24%)
  • Herring: NOK 3.9 billion (€363m/£320m) (-9%)
  • Saithe: NOK 3.6 billion (€336m/£295.7m) (+44%)

* Compared to 2021

 

This was the quarterly development in 2022*

  • First quarter: NOK 34 billion (€3.17bn/£2.8bn) (+22%)
  • Second quarter: NOK 36 billion (€3.36bn/£2.95bn) (+39%)
  • Third quarter: NOK 38.5 billion (€3.6bn/£3.16bn) (+24%)
  • Fourth quarter: NOK 43 billion (€4bn/£3.5bn) (+19%)

* Compared to 2021

 

The development of fisheries

Last year, the value from fisheries accounted for 27 percent of the total seafood export measured in value, while in volume, it made up 55 percent.

In 2022, Norway exported 1.6 million tonnes of seafood from fisheries

  • The export value was NOK 40.1 billion (€3.73bn/£3.3bn)
  • The export volume fell by 7.5 percent
  • The value increased by NOK 5 billion (€466.5m/£410m), or 14 percent, compared to 2021
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Value of Norwegian seafood exports worth €14 billion for 2022

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