October 17, 2013

Norway's seafood exports jump 27% buoyed by high salmon prices

With salmon leading the way through higher prices, the value of Norwegian seafood exports rose over 27% last month.

Figures for last month totalled NOK5.3 billion (US$885 million) an increase of NOK1.1 billion (US$184 million) or 27.5%.

Egil Ove Sundheim, director of market information with the Norwegian Seafood Council said, "The strong growth in seafood exports so far this year is very much due to the higher prices we have seen for Norwegian salmon compared to the same period last year. The average price for Norwegian salmon in recent weeks is now NOK33.50/kilogramme (US$5.60), up by NOK7.7/kilogramme (US$1.30) at the same time last year. Whether this rise will last is open to speculation, but many people in the industry expect salmon prices to fall, probably in the New Year when the festive rush is over.

He added that growth in exports to their neighbouring EU market is particularly strong, up by 18% for the year to date. September also saw a marked increase in exports of products from the fisheries sector.

The Seafood Council says that the value of its exports for January-September of 2013 now total NOK41.1 billion (US$6.9 billion), an increase of NOK4.6 billion (US$768 million) or 13%.

However, total export volumes are down by 5.5% in the nine months to the end of September, with EU countries taking less. Exports to France, the biggest market, have declined by 6%, while exports to Poland, the second biggest market, have increased by 9%.

The share of Norwegian salmon exports destined for the EU has increased from 65% last year to 69% this year. This year to date, Eastern Europe has imported 17% less Norwegian salmon than in the same period last year. The biggest declines are in exports to Russia and Ukraine. The volume of exports to Asia has declined by 13% this year to date, with exports to Taiwan, Japan and China showing the biggest drop.

On other species exports of herring are on the rise and mackerel sales remain stable. Exports of fresh Norwegian cod, including fillets in September increased by NOK9 million (US$1.5 million) to NOK41 million (US$7 million), while frozen cod overseas sales rose by NOK12 million (US$2 million) to NOK98 million (US$16 million).