Norwegian seafood exports reached NOK 17.3 billion in November, an increase of 6 percent compared with the same month last year. Photo: NSC
Norwegian seafood exports have reached NOK 160.4 billion (approximately USD 14.7 billion, EUR 13.4 billion, GBP 11.6 billion) so far in 2024. This marks a 1.5% increase, or NOK 2.3 billion (approximately USD 208 million, EUR 198 million, GBP 164 million), compared to the same period last year.
“So far, 2024 has been a good year for Norwegian seafood exports in terms of value. Higher prices have largely compensated for the quota cuts for cod, herring, and mackerel. If the favourable trend continues in December, we will pass last year’s export record of NOK 172 billion by the end of the year,” said Christian Chramer, Norwegian Seafood Council CEO.
Norway exported seafood worth NOK 17.3 billion (approximately USD 1.59 billion, EUR 1.46 billion, GBP 1.26 billion) in November. This represents an increase of NOK 1 billion (USD 92 million, EUR 84 million, GBP 73 million), or 6 per cent, compared to the same month last year.
“We’ve seen several months in a row of solid growth in seafood exports, and this trend continued in November. Thanks to price growth for salmon, mackerel, cod, haddock, and herring, this was the best November ever in terms of value,” said Christian Chramer, CEO of the Norwegian Seafood Council.
Historically Good Autumn for Herring and Mackerel
Salmon, herring, and mackerel have been major contributors to the value growth in 2024.
“This autumn has been historically good for mackerel and herring. Prices for these species have reached record highs in the last three months, and demand remains robust in key markets. Additionally, salmon exports surpassed NOK 12 billion (approximately USD 1.1 billion, EUR 1 billion, GBP 870 million) for the first time in November,” added Chramer.
Seafood Exports in November
- Top markets: Poland, USA, and the Netherlands.
- The Netherlands saw the highest growth: NOK 174 million (USD 16 million, EUR 14.5 million, GBP 12.6 million), a 17% increase in export value compared to November 2023.
- 113 countries received Norwegian seafood exports, five fewer than in November 2023.
Historic Month for Herring
- Exports in November: 40,437 tonnes of herring worth NOK 809 million (USD 74 million, EUR 67 million, GBP 58 million).
- Year-on-year increase: Value up by 61% and volume by 51%.
- Top markets: Egypt, Poland, and Belarus.
The export value of herring reached an all-time high in November, breaking the previous record of NOK 724 million set in October 2021.
“This growth is largely driven by strong demand for whole frozen herring, particularly in Egypt, where herring is a dominant seafood product,” said Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council.
Continued Value Growth for Mackerel
- Exports in November: 44,061 tonnes of mackerel worth NOK 1.3 billion (USD 119 million, EUR 108 million, GBP 93 million).
- Year-on-year increase: Value up by 14%, though volume fell by 9%.
- Top markets: South Korea, China, and Japan.
“Despite a decline in volume, mackerel exports have set a new price record for the fifth consecutive month. The record price of NOK 27.83 per kg reflects strong demand and a generally low global supply,” explained Johnsen.
New Mackerel Export Record
Mackerel exports have reached NOK 7.7 billion (USD 708 million, EUR 640 million, GBP 550 million) for the first 11 months of 2024, a 23% increase from the previous record of NOK 6.3 billion in 2023.
“The low global supply of mackerel has driven prices to unprecedented levels. While this is good for exports in the short term, it could reduce access to mackerel for consumers in the future, potentially impacting long-term demand,” warned Johnsen.
Outlook for 2025
With strong demand and elevated prices across key species, Norway’s seafood exports are poised to close 2024 on a record-breaking note. Industry stakeholders remain optimistic but caution that maintaining sustainability and addressing supply challenges will be crucial for long-term growth.
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