Norwegian Seafood exports reached a new monthly high in October 2024 according to figures released by the Norwegian Seafood Council. Photo: NSC
In October, Norway achieved a record high for seafood exports, totaling NOK 18.5 billion (€1.54 billion / $1.63 billion / £1.34 billion).
This figure marks a significant increase of NOK 914 million, or 5%, compared to the same month last year. The historic performance is largely credited to unprecedented mackerel exports, which fueled nearly all of October’s growth.
“Never before has a higher value of seafood been exported in a single month,” stated Christian Chramer, CEO of the Norwegian Seafood Council. “This is primarily due to exceptionally strong mackerel exports that we have never seen before.”
Mackerel Exports Hit New High
Mackerel exports alone were valued at NOK 2.5 billion (€208 million / $220 million / £181 million), up by NOK 750 million over October 2023. The high demand for Norwegian mackerel in Asia, particularly in Japan, South Korea, and China, has led to greater competition and record-breaking prices.
“High demand in Asia has driven up prices, underscoring the strong position of Norwegian mackerel,” Chramer explained, while noting the pressure these prices could place on market value chains.
October’s Strong Market Performance
This October saw seafood shipped to 115 countries, with Poland, the USA, and the Netherlands as Norway’s top markets. While exports to the EU market dropped by 5%, exports to Asia surged by 31%.
So far in 2024, Norway has exported seafood worth NOK 143.1 billion (€11.94 billion / $12.6 billion / £10.35 billion), an increase of 1% compared to last year. In dollar terms, the export value is unchanged, while in euros, it fell slightly by 1%.
“Economic trends in the EU, such as low unemployment, real wage growth, and the potential for increased household spending, are strengthening purchasing power and consumer willingness to buy Norwegian seafood,” said Chramer.
Herring Exports Also Thrive
In October, Norway exported 26,987 tonnes of herring worth NOK 534 million (€44.6 million / $47 million / £38.7 million), marking a 21% increase in value and an 11% rise in volume from last October. Poland, Egypt, and Germany were the leading markets for herring, and demand for whole frozen herring has grown significantly due to high demand for larger fish, particularly in Egypt.
Mackerel Exports Continue to Break Records
October set a new record for mackerel export volumes, with 93,569 tonnes valued at NOK 2.5 billion. Compared to last year, this represents a 42% increase in value and a 16% rise in volume. Norway’s mackerel is in strong demand across Asia, where market needs, along with reduced Atlantic mackerel quotas, have driven up prices.
“Lower catches in several countries, along with declining Atlantic mackerel quotas, have helped elevate export prices to record levels,” explained Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council. With the quota advisory for 2025 suggesting a further 22% cut, prices are expected to remain strong.
Price Record for Smaller Mackerel
In October, whole frozen mackerel under 600 grams reached a record export price of NOK 27.01 (€2.26 / $2.38 / £1.96) per kg, surpassing larger mackerel prices for the first time. This shift reflects the capture of larger mackerel sizes and limited demand for the largest varieties.
Norway’s historic export performance in October reinforces the nation’s leadership in the global seafood market while highlighting the growing influence of Asian demand and the shifting dynamics within herring and mackerel markets.