Photo: Norwegian Seafood Council

All-time high for Norwegian seafood exports in October

NORWAY
Wednesday, November 06, 2024, 00:10 (GMT + 9)

Norway exported seafood worth NOK 18.5 billion in October. This is an increase of NOK 914 million, or 5 per cent, compared with the same month last year.

“Never before has a higher value of seafood been exported in a single month. This is primarily due to exceptionally strong mackerel exports that we have never seen before. This alone accounted for almost all the growth in value in October," says Christian Chramer, CEO of the Norwegian Seafood Council.

Large export volumes and high export prices

Norway exported mackerel worth NOK 2.5 billion in October. This is an increase of NOK 750 million compared with the same month last year, which was also the previous export record for mackerel.

“This year, a record high proportion of mackerel from Norway was exported in October. High demand in Asia has led to increased competition and higher prices, which confirms the strong position of Norwegian mackerel. At the same time, we are aware that such a price increase will put pressure on the value chains in the markets," explains Chramer.

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Positive development in the markets

So far this year, Norway has exported seafood worth NOK 143.1 billion. This is an increase of NOK 1.4 billion, or 1 per cent, compared with the same period last year. Measured in dollars, the value is unchanged, while in euros the export value is 1 per cent lower than in the same period in 2023.

"Economic developments in the markets seem to be moving in a positive direction, with record-low unemployment, real wage growth and the prospect of increasing household consumption in the EU. These are factors that increase purchasing power and thus the willingness to pay for Norwegian seafood," says Chramer.

Salmon lifts the value of US exports

The outlook is also positive in the US, with increases in gross domestic product (GDP), real wages and household consumption in the third quarter, according to the Bureau of Economic Analysis.

"There has been a slight decline in value to the US so far this year, but seafood exports received a boost in October, with growth of more than NOK 100 million compared with the same month last year. This is largely driven by salmon, which had a record month in terms of value to the US market," explains Christian Chramer.

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Seafood exports in October

• The largest markets for Norwegian seafood exports in October were Poland, the USA and the Netherlands
• Exports to the EU market fell by 5 per cent in October. On the other hand, seafood exports to Asia increased by 31 per cent
• Seafood was exported to a total of 115 countries in October
• The previous export record for a single month date back to October 2023

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