October 12, 2007

Norway's strong currency meant losses for seafood exporters

The strength of Norway's currency, the krone, is drawing down its seafood exports, according to Geir Ove Ystmark, CEO of the Norwegian Seafood Federation (FHL).

Norwegian herring exporters have so far this year lost NOK 116 million (US$21.5 million) due to the strong Norwegian krone, Ystmark told the Norway Post.

He believes that the continued decline of the US dollar would create a dramatic situation.

The dollar has dropped by 20 percent over the past 12 months, while the Euro has dropped 9.17 percent in the same period.

With most contracts paid in US dollars and Euros, exporters are getting less in terms of the local currency now, he added.