Photo: Norwegian Seafood Council

Currency effects resulted in value growth for seafood exports in April

NORWAY
Tuesday, May 07, 2024, 01:00 (GMT + 9)

Norway exported NOK 13.9 billion worth of seafood in April. This is an increase of NOK 924 million, or 7 per cent, compared to the same month last year.

“The value of exports has never been higher in April than this year. The growth is largely due to the Norwegian krone, which has weakened slightly against the euro and the US dollar compared with April last year. In addition, last month saw increased export volumes for several species, such as trout, saithe, haddock, snow crab and mackerel," says Christian Chramer, CEO of the Norwegian Seafood Council.

Easter effect

Easter is another factor that affected seafood exports in April. While it fell in March this year, Easter fell in April last year. As a result, there were four more working days in April this year than in the same month last year.

"Since we always compare the development of seafood exports with the same month in the previous year, it can have a major impact when Easter falls in different months, such as this year and last year. In that case, it is more correct to look at seafood exports in March and April together," says Chramer.

Quota reductions and fall in salmon volume

In March and April, Norway exported seafood worth a total of NOK 27.6 billion. This is a decrease of NOK 1.1 billion compared with the same period last year.

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"The quota reduction on a number of wild-caught species and a lower volume of salmon have characterized the start of this export year," explains Christian Chramer.

The battle for raw materials intensifies

Even with the lowest export volume for cod in over a decade, the export value for cod has never been higher in April.

“Increased prices for salted fish, as well as fresh and frozen cod, have contributed to price growth. This is driven by quota reductions and increased demand abroad because of a number of international sanctions against Russian cod. Meaning that the battle for raw materials is continues to intensify for the Norwegian processing industry," says seafood analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

Record high value for exports of quality labelled skrei

So far this year, Norway has produced seafood worth NOK 54.2 billion. This is a slight decrease in value of NOK 200 million compared with the same period last year. Measured in euros, the fall in value is even greater at 3 per cent.

At the end of April, the fishing season for skrei was officially over. This year, exports of quality-marked skrei reached a record high value measured in Norwegian kroner.

“There has been good demand for skrei this year, especially in the Spanish market. In fact, one in four fresh wild-caught cod is now exported as quality-labeled skrei, which is the highest ever proportion," explains Eivind Hestvik Brækkan.

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Seafood exports in April

• The largest markets for Norwegian seafood exports in April were Poland, Denmark, and the USA
• Poland had the highest value growth, with an increase in export value of NOK 216 million, or 19 per cent, compared to the same month last year
• The export volume to Poland ended at 14,329 tonnes, which is 8 per cent lower than the same month last year
• Seafood was exported to a total of 107 countries in April. Three fewer than in April last year

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