Norway’s seafood export industry achieved a record-breaking milestone in November, with exports totaling NOK 17.3 billion ($1.557 billion), marking a 6% increase compared to the same month in 2022.
This growth was primarily driven by rising prices and increased volumes of key species, notably salmon, mackerel, and cod, as reported by the Norwegian Seafood Council (NSC).
“This was the best November ever in terms of value, driven by price growth for salmon, mackerel, cod, haddock, and herring,” stated Christian Chramer, CEO of the NSC, highlighting the industry’s resilience in meeting global demand amidst various challenges.
Salmon exports lead the surge
Salmon exports were particularly robust, reaching NOK 12.1 billion ($1.089 billion), a 5% increase in value and a 3% rise in volume compared to November 2022. The 131,232 tonnes exported set a new monthly record, surpassing the previous high in October 2023 by NOK 224 million.
Poland, France, and the Netherlands remained the top destinations for Norwegian salmon, with Germany exhibiting the most significant growth. Exports to Germany increased by 34% in both value and volume, totaling NOK 149 million ($13.41 million) and 5,881 tonnes, respectively.
Kristin Pettersen, the NSC’s envoy to Germany, attributed this growth to heightened home consumption: “There is greater frequency and volume per purchase of fresh and smoked salmon. Salmon is seen as a stable-priced protein, and its versatility makes it an appealing substitute for meat among Germany’s growing flexitarian population.”
Robust demand in China
China emerged as the second-largest growth market for Norwegian salmon, with export values rising 33% to NOK 490 million ($44.1 million) in November. Paul T. Aandahl, NSC Seafood Analyst, noted that demand in China has remained strong throughout 2023, bolstered by continued recovery post-pandemic. Norway now holds a 45% market share of fresh whole salmon imports to China.
Minimal Impact from Currency Fluctuations
Unlike previous years, the Norwegian krone’s exchange rate had little effect on seafood exports in November. While the krone was slightly stronger against the euro, it weakened against the US dollar, resulting in no net currency advantage. Chramer explained, “The value growth is mainly driven by higher prices and increased volumes for key species.”
Despite achieving record export values, the NSC cautioned about financial pressures facing industry stakeholders. Rising costs, biological challenges linked to warming sea temperatures, and intensified competition are impacting the supply chain.
“Many salmon companies are navigating greater biological challenges, while the wild-catch sector faces quota reductions and the land-based industry contends with intensifying competition for raw materials,” Chramer noted.
