January 13, 2025

 

Exports of Norway's seafood at close to three million tonnes last year

 

 

A total of 2.8 million tonnes of Norwegian seafood worth kr175.4 billion (US$16.5 billion) was exported in 2024.

 

"2024 was characterised by quota cuts for cod, significant production challenges for salmon, geopolitical fluctuations and economic turmoil in the global market," said Christian Chramer, chief executive officer of the Norwegian Seafood Council. "When the value of seafood exports nevertheless rises to a historically high level, it is incredibly strong."

 

"The Norwegian seafood trade is a fantastic example of how sustainability can be combined with economic value creation," said Marianne Sivertsen Næss, Minister of Fisheries and Ocean Policy.

 

The export value of kr175.4 billion (US$16.5 billion) is the highest ever. This is an increase of kr3.7 billion (US$348 million), or 2%, compared with the record year of 2023.

 

"Norwegian seafood exports have experienced marvellous growth," Chramer said. "In the period from 2020 to 2024 alone, the value increased by around kr70 billion (US$6.58 billion). This shows what a strong global position our seafood has. Last year, we exported more than 60 different species to over 150 countries around the world."

 

"The new year will bring new challenges, but also new opportunities, and I believe the seafood industry will continue to develop and create jobs and value across the country," Næss said.

Chramer noted that "Food inflation fell last year, and both salmon and trout experienced price declines. At the same time, quota reductions contributed to price growth for important wild-caught species."

 

There were major fluctuations in value during the year, and the trend was particularly strong in the fourth quarter.

 

"This is because salmon, trout, prawn, herring, and mackerel received a boost in the final months of the year," Chramer added. "The currency effect, which has been an important contributor to growth in recent years, declined last year but was still the main reason for the growth in value in Norwegian kroner. Measured in euros, which is our most important export currency, the value is unchanged compared to 2023."

 

Norway exported salmon to a value of kr122.9 billion (US$11.55 billion) in 2024. This is a new value record and accounted for 70% of total Norwegian seafood exports.

 

"The exciting and strong development for salmon continued in Asia, where it is considered an everyday luxury by consumers in countries such as Thailand, China, Vietnam and Korea," Chramer said. "In addition, salmon has strongly established itself in the fast-food trends of sushi, sashimi, and poke around the world and in the everyday food segment in Europe.

 

"There was volume growth last year, but at the same time salmon prices fell. The strong growth in value that we have seen in recent years came to a halt in 2024."

 

The largest markets for Norwegian seafood exports last year were Poland, Denmark and the United States. China had the highest growth in value, with an increase in export value of kr887 million (US$83 million), or 10%, compared with the previous year.

 

For wild-caught species, 2024 was a challenging year for cod and king crab due to quota reductions. On the other hand, the export value of mackerel increased by 24% and the value of prawn by 30%.

 

"We are in a period of reduced access to the all-important cod, but lower volumes last year were to some extent compensated for by higher prices," Chramer said. "This has happened thanks to a strong position for clipfish in particular. Together with the industry, we will continue to promote saithe as a good supplement to cod in countries such as Sweden, France and Germany."

 

- Norwegian Seafood Council