Declining Trends in Norwegian Seafood Exports

New fall in value for Norwegian seafood exports. In February, Norway reported seafood exports totaling NOK 13.8 billion, marking a decrease of NOK 262 million, or 2 percent, compared to the same month last year.

Christian Chramer, CEO of the Norwegian Seafood Council, stated, “Lower supplies of shellfish and wild-caught fish due to quota reductions, combined with ongoing global challenges and trade barriers, are impacting the market and pricing more severely than we have experienced in the past. Consequently, the beginning of this year has proven more challenging than last year.”

Through the first two months of 2023, Norway’s seafood exports have amounted to NOK 28.5 billion, down NOK 777 million or 2.7 percent compared to the same period in 2022.

Currency Fluctuations Impact Export Values

Despite a drop in exports measured in Norwegian kroner, there was an uptick when assessed in euros and dollars. Chramer explained, “As the krone strengthens, the value of exports in kroner diminishes, eliminating the advantage previously gained from a weaker currency.”

Wild Fish Volume Faces Major Decrease

While salmon exports rose in February, the export volumes of several wild-caught species saw dramatic declines. Notably, fresh wild cod exports hit a record low for February since 2009, and the volume of mackerel more than halved year-over-year.

Chramer highlighted, “The decline in fresh wild cod exports is concerning not only for seafood exports but also for the land-based industry, which is currently facing harsh economic realities.”

In February, exports from aquaculture reached NOK 9.96 billion, an increase of NOK 348 million compared to the same month last year, while fisheries exports fell by 13 percent to NOK 3.86 billion.

Market Performance

Poland, China, and the USA emerged as the largest markets for Norwegian seafood in February, with China witnessing the highest growth of NOK 430 million, a 54 percent increase compared to the same month last year. Conversely, exports to the USA fell sharply by NOK 568 million or 36 percent.

“The decline is largely attributed to fresh salmon fillets, alongside significant drops in exports of other products like king crab and fresh whole salmon,” Chramer explained.

To date, the decrease in seafood exports to the US totals NOK 1.1 billion, reflective of a turbulent trade relationship exacerbated by tariffs and competition.

Stable with European Markets

European exports reached NOK 8.6 billion in February, remaining stable compared to the previous year. Chramer noted, “Despite a tumultuous global landscape affecting logistics and demand, our primary market in Europe has remained resilient, aided by growth in China to mitigate losses from the US downturn.”

Salmon: A Bright Spot

• 97,463 tonnes of salmon exported, worth NOK 9.4 billion.
• Value increased by NOK 458 million (5 percent).
• Volume growth marked at 10 percent.
• Poland, China, and France were the largest markets.

Significant growth in salmon exports to China was observed, with a 126 percent volume increase ahead of the Chinese New Year celebrations.

Challenges for Other Species

Trout

• Exported 4,557 tonnes, valued at NOK 446 million.
• Value dropped by NOK 117 million (21 percent).
• Volume fell by 23 percent.

Cod Exports Face Challenges

• 4,006 tonnes of fresh cod exported, worth NOK 392 million.
• Volume down by 15 percent; value remained unchanged.

Clipfish Exports Decline

• 4,425 tonnes of clipfish exported, valued at NOK 421 million.
• Value fell by NOK 97 million (19 percent).
• Volume decreased by 37 percent.

Salted and Stockfish

• 1,318 tonnes of salted fish, worth NOK 139 million—up by 14 percent.
• 342 tonnes of stockfish valued at NOK 123 million—up by 19 percent.

Looking Forward

Chramer concluded, “The combination of reduced quotas and fluctuating markets necessitates continued vigilance and adaptation among stakeholders in the seafood industry. This season poses unprecedented challenges that both the industry and consumers must navigate.”

Image: Norwegian Seafood Council