Export Value Falls Despite Higher Volumes Across Several Species
Norway exported seafood worth NOK 14.8 billion ($1.49bn/€1.27bn/£1.10bn) in January, a decline of NOK 416 million ($41.8m/€35.6m/£30.9m), or 3 per cent, compared with the same month last year.
The fall came despite higher export volumes for several key species, highlighting the extent to which prices, currency movements and market access are now shaping outcomes.
Christian Chramer, CEO of the Norwegian Seafood Council, said lower salmon prices, a weaker US dollar, reduced quotas for several wild-caught species and tougher competition in key markets all contributed to the decline. He said these pressures were already being felt across large parts of the seafood industry.
Currency movements in January underlined the challenge, with the US dollar trading at around 9.96 kroner, the euro at 11.69 kroner and the British pound at 13.46 kroner, making Norwegian exports more expensive in key foreign currencies.
United States Slips Down The Market Rankings
The United States has seen the sharpest fall of any major market. In January last year it was Norway’s largest single export destination. One year on, export value to the US fell by 37 per cent to NOK 937 million ($94.1m/€80.1m/£69.6m), pushing it down to fourth place behind Poland, China and the Netherlands.
Chramer said high and unpredictable tariffs, combined with the weak dollar, had created uncertainty in what remains Norway’s largest fillet market for salmon and trout. He said the demanding trade situation was now clearly visible in the export figures.
The impact is particularly evident in processed products. After an 8 per cent increase in salmon and trout fillet exports last year, January volumes fell by 9 per cent year on year. Paul T. Aandahl, seafood analyst with the Norwegian Seafood Council, said reduced market access was a key reason why the share of salmon exported as processed products fell from 26 per cent last January to 20 per cent this year.
Karine Rød Haraldsson, the council’s envoy to the United States, said the tariff effect had now had a clear impact. She said salmon export volumes to the US dropped by 29 per cent in January, with Norwegian exporters facing stronger competition from countries not subject to a 15 per cent tariff.
Europe Takes A Larger Share
Europe increased its share of Norwegian seafood exports from 62 per cent to 66 per cent compared with January last year. Poland stood out in particular, with export value rising by 55 per cent to NOK 1.9 billion ($191m/€162m/£141m).
Chramer said Poland is no longer just a processing hub but is also consuming more salmon domestically. The Norwegian krone’s strengthening against the US dollar and several Asian currencies also dampened export values measured in kroner, making Norwegian seafood more expensive in markets such as the US and Japan.
Salmon Volumes Rise As Value Slips
Norway exported 112,092 tonnes of salmon worth NOK 10.4 billion ($1.04bn/€889m/£773m) in January. Export value fell by 1 per cent, while volumes increased by 20 per cent. Poland, China and France were the largest markets.
Poland recorded the strongest growth, with export value up NOK 424 million ($42.6m/€36.3m/£31.5m), or 42 per cent. Export volume to Poland rose by 71 per cent to 17,071 tonnes.
China was the second largest growth market after Poland. A total of 10,997 tonnes of salmon products worth NOK 1 billion ($100.4m/€85.5m/£74.3m) were exported to China, with volume up 86 per cent. Sigmund Bjørgo, the Norwegian Seafood Council’s envoy to China, said lower prices compared with last year likely helped Norway gain market share, with Chinese New Year further supporting demand.
Trout Exports Weaken Further
Trout exports fell sharply, with 5,942 tonnes worth NOK 560 million ($56.2m/€47.9m/£41.6m) shipped in January. Value declined by 18 per cent and volume by 16 per cent. Poland, Thailand and the US were the largest markets, with Poland again showing strong growth.
Cod Prices Rise On Tight Quotas
Fresh cod exports totalled 3,380 tonnes worth NOK 316 million ($31.7m/€27.0m/£23.5m), up 20 per cent in value. Farmed cod accounted for 34 per cent of export value. Eivind Hestvik Brækkan, seafood analyst with the Norwegian Seafood Council, said the lowest cod quotas since 1991 have turned fresh wild cod into an increasingly exclusive product, with record-high prices testing the limits of the fresh market.
The price of quality-labelled skrei reached a record NOK 113 per kg ($11.35/€9.67/£8.39), raising questions about how much more consumers are willing to pay. Brækkan said developments over the coming months would hinge on whether buyers accept higher prices on top of already elevated cod values.
Frozen cod exports fell by 30 per cent in volume, although Vietnam emerged as the strongest growth market in value terms, reflecting its role as a processing hub for re-exports.
Mixed Picture For Processed Whitefish
Clipfish exports rose in value by 18 per cent despite a 15 per cent drop in volume. Portugal recorded the strongest growth, while Brazil remained the largest market. Brækkan said higher prices for Norwegian clipfish are making alternative products more attractive, with increased competition from salted and dried products originating from China.
Salted fish exports more than doubled in value, helped by higher production following stronger fresh cod landings late last year. Stockfish exports saw lower volumes but stable value, with Italy remaining the dominant market.
Pelagic Sector Under Pressure Despite Herring Bright Spot
Herring provided rare positive momentum. Exports reached 27,255 tonnes worth NOK 574 million ($57.7m/€49.1m/£42.6m), with strong catches and a 33 per cent higher quota driving results. Jan Eirik Johnsen, head of pelagic species at the Norwegian Seafood Council, said Norwegian spring-spawning herring is a clear bright spot in an otherwise demanding year for the pelagic industry.
Mackerel exports, by contrast, fell to their lowest January level since 1990. Export volume dropped by 63 per cent following a 53 per cent quota cut. Johnsen said global supply is now insufficient to meet demand, pushing prices sharply higher and likely leading to a significant fall in consumption.
Shellfish Exports Reflect Quotas And Tariffs
King crab exports fell sharply, with reduced quotas, increased Alaskan supply and tariff uncertainty all weighing on demand. Snow crab exports rose strongly in volume but saw lower prices, while prawns recorded steep declines due to limited raw material availability and delayed seasonal fishing.
Josefine Voraa, head of shellfish at the Norwegian Seafood Council, said increased uncertainty around customs duties is distorting market flows, particularly for exports to the United States.
