Norway experienced a surge in seafood exports in November pushing 2023 sales past 2022’s record
Norway has experienced a surge in seafood exports, reaching NOK 16.7 billion (€1.4bn/£1.2bn) in November.
This marks a significant increase of NOK 2.4 billion (€204m/£175m), equivalent to a remarkable 17%, in comparison to the same month last year.
The Norwegian Seafood Council’s CEO, Christian Chramer, expressed his satisfaction, stating, “On 13 November, seafood exports surpassed the 2022 full-year export total of NOK 151.4 billion (€12.8bn/£11bn). This year, we expect the value of Norwegian seafood exports will exceed NOK 170 billion, for which we can largely thank the weak Norwegian krone.”
The overall seafood export value for the year has reached NOK 158.2 billion (€13.4bn/£11.5bn), showcasing a robust increase of 15% compared to the same period in the previous year.
Chramer attributed almost two-thirds of this impressive increase to the influence of a weaker Norwegian krone. The Euro, being a crucial trading currency, has strengthened by 14% against the Norwegian krone over the past year.
November proved to be the second-best month for Norwegian seafood exports in terms of value, with only October surpassing it.
Chramer elaborated, “November was a particularly good month for salmon. Increased volume and higher prices compared to the same period last year prove that there is an increase in demand in the market.”
The currency effect played a pivotal role in boosting export values in November, not only for salmon but for all other seafood as well.
“In addition, higher prices and increased export volume for, among other things, mackerel gave exports a boost in terms of value in November,” mentioned Chramer.
Pelagic species, especially herring and mackerel, witnessed record export values in November, totaling NOK 1.6 billion (€136m/£1.16.5m). The surge was attributed to high herring prices and strong demand for mackerel in important Asian markets.
– The largest markets for Norwegian seafood exports in November were Poland, Denmark, and the USA.
– Poland experienced the most substantial increase in value, with a surge of NOK 561 million (€47.6m/£40.8m) or 36% compared to the same month last year.
– Seafood exports reached 118 countries in November, slightly fewer than the same month last year.
– In November, Norway exported a total of 274,200 tonnes of seafood.
Norwegian seafood exports continue to demonstrate resilience and sustained growth, buoyed by favourable currency dynamics and robust demand in key markets.