Norway’s seafood exports reached NOK 44.1 billion ($4.15 billion) in the third quarter of 2024.
The figure is up by NOK 2.2 billion ($207 million), or 5%, from the same period last year, driven by strong sales of salmon, trout, mackerel, and prawns, the Norwegian Seafood Council said on Tuesday.
“This is the best third quarter on record for Norwegian seafood exports, supported by a historically high export value in September,” said Christian Chramer, CEO of the Norwegian Seafood Council. “This time, the growth is not due to a weaker krone, as the comparison is with last year when currency effects were similar.”
Aquaculture Offsets Quota Cuts
Norway has exported NOK 124.7 billion ($11.73 billion) worth of seafood so far in 2024, an increase of NOK 626 million ($58.84 million), or 1%, compared with the same period in 2023.
“Quota reductions for herring, king crab, mackerel, and cod have lowered export volumes, but aquaculture, particularly salmon and trout, has helped compensate for the fall in quotas,” Chramer said. He added that the cuts are a necessary step to maintain sustainable fish stocks.
Challenges for Salmon Producers
Despite its popularity, the salmon sector has faced a challenging year. “While demand remains strong, 2024 has been tough for salmon producers due to rising costs and fierce market competition. Additionally, higher sea temperatures this summer have led to increased issues with salmon lice,” Chramer said.
Falling food inflation in key markets, including Germany, the UK, and China, has strengthened consumer purchasing power, boosting demand for Norwegian seafood. “These markets recorded their highest-ever trade values for Norwegian seafood in the third quarter,” Chramer said.
The third quarter saw record performances for trout and prawns, with the value of trout exports exceeding NOK 2 billion ($188 million) for the first time in a single quarter, while prawns also hit a record-high export value.
