Norwegian seafood exports reached NOK 13 billion ($1.18 billion/€1.08 billion) in July, marking a 6% increase compared to the same period last year.
This rise, despite a sharp decline in salmon prices, was primarily driven by a weakened Norwegian krone against both the euro and the dollar.
Christian Chramer, CEO of the Norwegian Seafood Council, attributed the growth in export value to the currency effect. “We see that a sharp decline in salmon prices was compensated by volume growth, and in the end, it is the currency effect that adds value,” he said.
The top markets for Norwegian seafood exports in July were Poland, Denmark, and the Netherlands, with exports reaching 111 countries, one more than in July last year.
Volume growth amid price decline
Salmon exports were a significant contributor to the overall increase in seafood export value. Norway exported 107,442 tonnes of salmon worth NOK 9.6 billion ($871.92 million/€796.8 million) in July, a 3% increase in value despite a decline in prices.
This growth in value was supported by a 13% increase in export volume and a weaker Norwegian krone. However, when measured in euros, the export value remained unchanged, and in US dollars, it fell by 2%.
Paul T. Aandahl, Seafood Analyst at the Norwegian Seafood Council, highlighted the notable growth in salmon export value to Germany.
“Germany saw the greatest growth in value in July, with an increase in export value of NOK 142 million ($12.92 million/€11.79 million), or 46%, compared with the same month last year. The export volume to Germany ended at 4,800 tonnes, which is 53% higher than the same month last year.”.
Trout exports also performed strongly, with Norway exporting 8,025 tons worth NOK 698 million ($63.56 million/€57.93 million) in July, a 36% increase in value compared to the same month last year.
The export volume grew by 38%, with Thailand, Ukraine, and the US being the largest markets for trout.
