Export Growth Driven by Volume Rather Than Value Shift
Norway exported seafood worth NOK 15.5 billion (approx. $1.45 billion/€1.33 billion/£1.14 billion) in March 2026, an increase of NOK 522 million, or 3 per cent, compared with the same month last year.
Christian Chramer, CEO of the Norwegian Seafood Council, said “Norwegian seafood exports performed well in March, despite the war in the Middle East, a stronger Norwegian krone and a continued decline in exports to the US”, adding that the result was driven by increased salmon volumes and higher prices across several species.
So far this year, total seafood exports reached NOK 43.8 billion (approx. $4.10 billion/€3.75 billion/£3.20 billion), representing a decline of NOK 449 million, or 1 per cent, compared with the same period last year.
Cod Prices Rise Sharply as Supply Falls
Norway exported 4,000 tonnes of fresh cod worth NOK 404 million (approx. $37.8 million/€34.7 million/£29.7 million) in March, with volume down 31 per cent year-on-year.
Exports of fresh wild cod fell by 27 per cent to 2,896 tonnes, marking the lowest March volume since 2009.
At the same time, the export price for fresh whole wild cod reached NOK 105 per kg (approx. $9.80/€9.00/£7.70), the highest level recorded for a single month.
Eivind Hestvik Brækkan, seafood analyst at the Norwegian Seafood Council, said “the price rise is a result of lower quotas and high demand”, adding that “competition is fiercer than it has been for a very long time”.
Lower landings have been a key factor, with fresh cod landings down 19 per cent in March and first quarter volumes more than halved compared with 2022 levels.
Farmed Cod Volumes Decline Further
Exports of fresh farmed cod totalled 1,127 tonnes in March, a decline of 41 per cent compared with the same month last year.
This reduction comes alongside the broader contraction in cod availability, with lower quotas continuing to impact both wild and farmed supply chains.
Christian Chramer said “high prices are creating uncertainty as to whether the increased raw material costs can be passed on further up the value chain”, adding that the current season could become “a struggle for survival for many in the onshore industry”.
Salmon Continues to Dominate Export Volumes
Norway exported 106,000 tonnes of salmon worth NOK 10.5 billion (approx. $980 million/€900 million/£770 million) in March.
The value increased by NOK 622 million, or 6 per cent, while volumes rose by 4 per cent.
Paul T. Aandahl, seafood analyst at the Norwegian Seafood Council, said “it is the strong growth in demand for fresh Norwegian salmon that is driving the volume growth”, noting that this growth is occurring despite rising prices.
Export volumes to China increased significantly, with fresh whole salmon shipments rising by 61 per cent. Additional growth was recorded in Thailand, South Korea and Taiwan.
However, exports to the Middle East were disrupted during the month. Aandahl said “at the start of the war, volumes fell particularly sharply, but in the last week of March, exports to countries such as Saudi Arabia and Israel were at a near-normal level”.
China Growth Offsets Decline in US Market
China recorded the largest increase in export value in March, rising by NOK 552 million, or 68 per cent, to NOK 1.4 billion (approx. $131 million/€120 million/£103 million).
In contrast, exports to the United States declined for the third consecutive month, falling by more than NOK 500 million compared with the same period last year.
Chramer said “the main reason for the decline to the US is increased tariffs and a weaker dollar against the Norwegian krone”.
Value Growth Evident Across Several Wild Products
Clipfish exports reached NOK 487 million (approx. $45.5 million/€41.8 million/£35.8 million) in March, with value increasing by 16 per cent despite a 12 per cent decline in volume.
For cod clipfish, export value rose by 24 per cent to NOK 255 million (approx. $23.8 million/€21.9 million/£18.8 million), while volume increased by just 1 per cent.
Brækkan said “one of the major points of interest this year is how this will play out in the markets”, referring to rising raw material costs driven by lower catch volumes.
Salted fish exports fell to NOK 179 million (approx. $16.7 million/€15.4 million/£13.2 million), down 50 per cent in value, reflecting reduced cod availability.
Stockfish exports totalled NOK 67 million (approx. $6.3 million/€5.8 million/£4.9 million), with volumes down 21 per cent.
Pelagic and Shellfish Trends Remain Mixed
Herring exports increased to NOK 459 million (approx. $42.9 million/€39.4 million/£33.8 million), driven by a 39 per cent rise in volume.
Mackerel exports fell to NOK 370 million (approx. $34.6 million/€31.8 million/£27.3 million), with volume down 45 per cent due to lower availability.
Snow crab exports reached NOK 403 million (approx. $37.7 million/€34.6 million/£29.6 million), supported by a 35 per cent increase in volume.
Prawn exports rose to NOK 190 million (approx. $17.8 million/€16.3 million/£14.0 million), with value increasing by 45 per cent.
Currency And Logistics Continue to Impact Trade
The Norwegian krone strengthened by nearly 10 per cent against the US dollar and 3 per cent against the euro compared with March last year.
Chramer said “the strengthening of the krone is dragging down the value of exports measured in Norwegian kroner”, adding that price increases and higher volumes for some species have offset part of this effect.
Logistical challenges linked to the war in the Middle East have also affected trade flows, particularly for salmon exports reliant on air freight routes.
