June 7, 2022

 

Value of Norway's seafood exports on the rise in May

 

 

Norway's seafood exporters saw big increases in value in May, with farmed salmon experiencing one of its best months ever.

 

Exporters in the country sold a total of kr12.4 billion (US$1.3 billion) worth of fisheries and aquaculture products to overseas markets in May. Compared with May 2021, the increase in value was 49%, or kr4.1 billion (US$436.9 million), while the total export value up to and including May hit kr57.8 billion (US$6.2 billion) – 30% or kr13.2 billion (US$1.4 billion) more than in the corresponding period of 2021.

 

Norwegian Seafood Council (NSC) acting chief executive officer Børge Grønbech said May's export value was the second highest in a single month, only beaten by March this year.

 

"To put it in perspective; throughout 2012, Norwegian seafood exports amounted to kr52.1 billion (US$5.5 billion). We have thus passed this value already after five months in 2022," he said. "It shows what an export adventure Norwegian seafood has been in the last 10 years."

 

The growth was mainly due to increased export prices, primarily for salmon, but also for other species such as trout, cod, saithe, haddock and herring, Grønbech said, adding that Russia's invasion of Ukraine is also affecting the market.

 

"There is no doubt that we live in demanding times," he said. "High global food inflation and a limited supply of important fish species from both Norway and other countries are some of the factors that are driving up prices."

 

Norway's seafood industry is also seeing rising costs in connection with food production, Grønbech said.

 

"Both the processing industry, the aquaculture companies and the fleet link have noticed that everything from raw materials to fuel and electricity is increasing in price," he added. "An expected rise in interest rates and a fall in real wages in many important markets are also demanding factors. There is therefore uncertainty associated with future demand development."

 

NSC confirmed that in May, Norway exported 84,800 tonnes of farmed Atlantic salmon worth kr8.6 billion (US$916 million), with the export volume rising 3% and the value increasing 47% compared with the corresponding month of 2021.

 

The country also exported 3,900 tonnes of trout worth kr397 million (US$42.3 million), with volume falling 8% and value rising 46%.

 

Norway's whitefish sector exported 4,700 tonnes of fresh cod last month, earning kr217 million (US$23.1 million), with volume falling 3% and value rising 24%.

 

At the same time, Norway sold 8,500 tonnes of frozen cod, worth kr453 million (US$48.2 million), overseas with volume and value rising 39% and 91% compared with May 2021.

 

- SeafoodSource