Norwegian Seafood Exports 2023

The value of Norwegian seafood exports soared in 2023, making it a record year for the industry. Photo: Norwegian Seafood Council

In a groundbreaking achievement, the export value of Norwegian seafood soared to an unprecedented NOK 172 billion (€15bn/£13bn) in 2023, equivalent to 39 million meals served daily throughout the year.

This remarkable figure represents a substantial increase of NOK 20.7 billion (€1.8bn/£1.5bn) or 14% compared to the previous year.

Christian Chramer, Managing Director of the Norwegian Seafood Council, expressed his enthusiasm, stating, “2023 was the best value year ever for Norwegian seafood exports. Seafood has firmly established itself as one of Norway’s most sought-after global trade goods, ranking second only to oil and gas.”

The weakened Norwegian krone played a pivotal role in this surge, contributing to a record-high export value. While the growth in euros and dollars was comparatively modest, the devaluation of the krone added almost NOK 15 billion (€1.3bn/£1.15bn) to the export value in 2023.

Minister of Fisheries and Ocean Policy, Cecilie Myrseth, acknowledged the dual factors at play: “The weak krone is the main reason for the increase in value, but this shows that Norwegian seafood is strong abroad. The seafood industry has every reason to be proud.”

Despite a 5% decline in export volume to 2.8 million tonnes in 2023, notable species like salmon and cod experienced a dip in volume. The pelagic sector, including mackerel and herring, witnessed its lowest volume since 2016.

Christian Chramer shed light on the challenges faced by the industry, emphasizing, “For many seafood companies, these are still challenging times with increased costs, weakened consumer purchasing power, and a changing global competitive landscape.”

Minister Myrseth also expressed concern over falling seafood consumption in Norway, urging efforts to reverse the trend. “Seafood is both sustainable and healthy, so we must eat more of it,” she stated.

Key Facts About Seafood Exports in 2023:

 

  1. Top Export Markets:

   – Poland: NOK 18.7 billion (€1.65bn/£1.43bn) (+21%)

   – Denmark: NOK 14.6 billion (€1.3bn/£1.1bn) (+16%)

   – USA: NOK 13.7 billion (€1.2bn/£1.0bn) (+18%)

 

  1. Largest Growth Markets:

   – Poland: NOK 18.7 billion (€1.65bn/£1.43bn) (+NOK 3.2 billion)

   – USA: NOK 13.7 billion (€1.2bn/£1.0bn) (+NOK 2.1 billion)

   – Denmark: NOK 14.6 billion (€1.3bn/£1.1bn) (+NOK 2 billion)

 

  1. Top Species by Value:

   – Salmon: NOK 122.5 billion (€10.8bn/£9.35bn) (+16%)

   – Cod: NOK 12.2 billion (€1.0bn/£0.9bn) (+0%)

   – Mackerel: NOK 6.7 billion (€0.6bn/£0.5bn) (+7%)

 

  1. Quarterly Development in 2023:

   – 1st quarter: NOK 41.4 billion (€3.65bn/31.43bn) (+21.7%)

   – 2nd quarter: NOK 40.8 billion (€3.6bn/£3.2bn) (+13.3%)

   – 3rd quarter: NOK 42.0 billion (€3.7bn/£3.3bn) (+9.3%)

   – 4th quarter: NOK 47.9 billion (€4.2bn/£3.65bn) (+11.7%)

 

  1. Aquaculture vs. Fisheries:

   – Aquaculture contributed 75% of total seafood exports in value.

   – Norway exported 1.3 million tonnes of aquaculture seafood in 2023, valued at NOK 128.7 billion (€11.4bn/£9.8bn).

   – Fisheries made up 25% of total seafood exports in value.

 

In the face of challenges, the Norwegian seafood industry remains resilient, contributing significantly to the country’s economy. The focus now shifts to sustaining this growth while addressing industry challenges in the coming years.

Norwegian Seafood Council Seafood from Norway
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