Norway exported 291,000 tonnes of seafood worth NOK 10.9 billion in October

Weak Norwegian kroner contributes to setting new record for seafood exports in October

NORWAY
Friday, November 08, 2019, 23:30 (GMT + 9)

Norway exported 291,000 tonnes of seafood worth NOK 10.9 billion (USD 1.19 billion) in October. Exports increased by 8 per cent in volume and 9 per cent in value, compared with the same period last year.

So far this year, Norway has exported 2.2 million tonnes of seafood worth NOK 87 billion (USD 9.5 billion). Export volume has fallen by 4 per cent, but export value has increased by 8 per cent compared to the same period last year.

“There has been significant volume growth in exports of both salmon and herring during October, which has contributed to the growth in value. This is due to increased harvesting and catches. In addition, a weak Norwegian kroner is a major contributor to seafood exports setting a new record for the month of October”, says Tom-Jørgen Gangsø, Director of Market Insight and Market Access with the Norwegian Seafood Council.

“Throughout 2019, the Norwegian kroner has depreciated against the major currencies, and this has helped to increase the export value when this is measured in Norwegian kroner. Measured against the US dollar, across the year the kroner has been 8 per cent weaker compared with the same period last year”, Gangsø continues.

“Measured against the euro and the British pound, the Norwegian krone has been approx. 2.5 per cent weaker”, concludes Tom-Jørgen Gangsø, Director of Market Insight and Market Access with the Norwegian Seafood Council.

Strong volume growth in salmon exports

Norway exported 117,000 tonnes of salmon worth NOK 6.7 billion in October. This is a volume increase of 14 per cent and a value increase of 4 per cent from October last year.

Photo: Stockfile/Youtube Norges sjømatråd

So far this year, Norway has exported 922,000 tonnes of salmon for NOK 59 billion. This is a volume increase of 7 per cent, while the value increased by 6 per cent y-o-y-. The average price for whole fresh salmon in October was NOK 51.89 per kg, compared to NOK 58.35 per kg in October 2018.

Poland and France were the largest salmon markets in October.

“Good production conditions have resulted in higher production than expected. We know that Poland is a large market for seafood processing, and much of the fish that goes there is destined for consumption in other markets. In particular, dollar markets, such as Asia, have accounted for most of the export growth. Some of this can be explained by rising consumer demand. Our analyses show that growth in demand for salmon globally has been highest in China. At the same time, the Norwegian kroner has depreciated more against the dollar than against the euro, which reinforces this effect”, says Frank Isaksen, Chief Analyst at the Norwegian Seafood Council.

"The October numbers confirms the powerful relation between Norwegian and Chinese with regards to seafood trade. So far, we have seen an increase in both export volume and value for Norwegian exports to China. Norwegian salmon is gaining even more momentum in the Chinese market, and is taking larger shares of the market. Meanwhile, it is exciting to see that the effort being put into the pelagic species bears fruit, with increased interest for the Norwegian mackerel", says Victoria Braathen, the Norwegian Seafood Council's Fisheries Envoy to China.

Photo: Stockfile/Youtube Norges sjømatråd

A large increase in Norwegian trout exports

Norway exported 6,700 tonnes of trout worth NOK 375 million in October. This is a 46 per cent increase in volume and a 30 per cent increase when compared with from October last year.

So far this year, Norway has exported 47,000 tonnes of trout for NOK 3 billion. This is a volume increase of 31 per cent and a value increase of 25 per cent or NOK 600 million against the same period in 2018.

Belarus and the United States have purchased the most trout from Norway in October.

PHOTOGRAPHER: Norwegian Seafood Council

Good increases in both volume and value for fresh cod

Norway also exported 2,000 tonnes of fresh cod, including fillet, for NOK 107 million in October. This is a 23 per cent increase in volume and a value increase of 44 per cent o when measured against October 2018.

So far this year, Norway has exported 46,000 tonnes of fresh cod, including fillets, for NOK 2 billion. This is a 21 per cent reduction in volume and a 5 per cent reduction in value compared to the same period last year.

Sweden was the largest export market for fresh cod in October.

Photo: Stockfile/Youtube Norges sjømatråd

Herring exports increase by 91 per cent

Herring exports  amounted to 38,800 tonnes worth  NOK 357 million in October. This is a volume increase of 116 per cent and a value increase of 91 per cent compared with October last year.

Photo: Stockfile/Youtube Norges sjømatråd

So far this year, Norway has exported 216,000 tonnes of herring for NOK 1.9 billion. This is a 10 per cent increase in volume, and a 5 per cent decline in value from the same period last year.

Nigeria and Egypt were the largest herring markets in October.

“The increase in export volumes is a consequence of doubling the volume of catches, measured against October last year. The increase in exports is mainly for frozen whole herring, and the price has fallen compared with October last year. Price-sensitive markets in Africa, including Nigeria and Egypt, have increased the supply of frozen whole herring”, says Ingrid K. Pettersen, Seafood Analyst at the Norwegian Seafood Council.

(1 NOK = USD 0.10949)

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