September 6, 2022

 

Norwegian seafood exports reach new record in August

 

 

Norway's seafood exports in August reached NOK 12.5 billion (~US$1.25 billion; NOK 1 = US$0.10), the highest in a single month on record and NOK 2.9 billion (~US$291 million) or 30% higher year-on-year, Fish Information & Services reported.

 

In comparison to the first eight months of 2021, the export value of Norwegian seafood has increased by NOK 21.2 billion (~US$2.1 billion), or 29%, to a total value of NOK 94 billion (~US$9.4 billion)

 

Borge Gronbech, acting CEO of the Norwegian Seafood Council, said August export records are being driven by the particularly high volumes and prices for salmon. According to measurements, this was the best salmon month ever, while August records were set for pollock, trout, haddock, and all types of whitefish.

 

In addition, he said the country is currently experiencing high inflation, declining purchasing power, difficult logistics, and rising production costs. Additionally, as they saw in August, the krone's strength against the euro presents a challenge for exporters. This indicates that it is still difficult to conduct international trade.

 

In Europe, domestic seafood consumption is declining compared to last year.

 

He said this is to be expected, given that more people are taking vacations this year and dining out more frequently. As a result, the hotel, restaurant, and canteen industries receive more seafood. These are significant and lucrative buyers of Norwegian seafood.

 

In August, there was value growth for all three of the largest markets, with North America 59% up, Asia 33% higher, and Europe 29% up.

 

Gronbech said Norway continues to enjoy strong international demand for its fish, which is good news for the country's export and fishing industries. The value of Norwegian seafood exports in August of this year is comparable to the total value of exports in 1990.

 

In August, 120,700 tonnes of salmon worth NOK 9.2 billion (~US$924 million) were exported. Volume of exports increased by 7%. The value of exports increased by NOK 2.3 billion (~US$231 million), or 34%, from August of the previous year. In August, the biggest markets for Norwegian salmon were Poland, Denmark, and the USA.

 

Paul T. Aandahl, a seafood analyst with the Norwegian Seafood Council, said salmon prices are at a record high for the month of August, even though prices have decreased from earlier this year.

 

The record-breaking export value is also attributed to the growth in export volume.

 

He said the Polish market saw the largest increase in value, up NOK 366 million (~US$36.6 million), adding that there was also significant growth toward other countries that process salmon, such as the Netherlands and Lithuania.

 

-      Fish Information & Services