January 11, 2018

Norway seafood export value reaches record high in 2017

​​Norway exported 2.6 million tonnes of seafood in 2017, up 7% from 2016, according to the Norwegian Seafood Council (NSC). These exports were worth a record-high NOK94.5 billion (US$11.73 billion), up 3% or NOK3 billion.

The NSC said that of the total value of Norwegian seafood exports last year, 72% (NOK 67.7 billion or $8.4 billion) came from aquaculture, while seafood from the fisheries was responsible for 28%. Value increased by NOK2.3 billion or 3.6% from 2016.

In terms of volume, the distribution was 40% from aquaculture (1 million tonnes of fish) and 60% from fishing. Exported volume of aquaculture fish was at the same level as 2016.

Norway exported 1.6 million tonnes of seafood from fishing, up 12% or by 170,600 tonnes from 2016. They were worth NOK26.8 billion in 2017, or an increase of NOK628 million or 2.4%.

Dampened demand for salmon in EU

Demand for salmon among European consumers was dampened after its price increased. Since Europe is the dominant market for Norwegian salmon, a reduction in salmon sales largely effected the export price. This has contributed to lower salmon prices in the last six months of the year, said Renate Larsen, NSC managing director.

Salmon is the most important species for Norwegian seafood exports with over 68% of the total export value and 38% of the volume.

Norway exported 1.6 million tonnes of seafood to the EU, the top market, in 2017, up 2%. The total value of these exports was NOK61 billion, the same level as 2016.

Norway exported 539,000 tonnes of seafood to Asia, the second-largest market, in 2017, up 12% or 59,000 tonnes from 2016. Value was NOK18.7 billion, up 8% or NOK1.3 billion.

The seafood industry is one of Norway's most important export industries. This year's record exports strengthen the industry's position, the NSC said.--Rick Alberto