Norwegian seafood exporters shipped 181,400 metric tons (MT) of fisheries and aquaculture products worth NOK 8.7 billion (USD 999.6 million, EUR 885.6 million) last month, representing an increase in value of 3 percent, or NOK 284 million (USD 32.6 million, EUR 28.9 million), compared to May 2018.
According to the Norwegian Seafood Council (NSC), there was growth in the export value for a number of key species last month, but the trade body acknowledged that the gains made by salmon were only “modest.”
Tom-Jørgen Gangsø, director of market insight and access with the NSC, said that demand for Norwegian seafood remains strong overall, especially in Europe and Asia. At the same time, the value of the Norwegian krone had weakened, especially against the dollar, and this has had a positive impact on export prices.
Some 91,000 MT of salmon products with a value of NOK 6.1 billion (USD 701 million, EUR 621 million) were exported last month, with the volume and value up 14 percent and 1 percent, respectively. The increased volumes led to a significant reduction in the average price for fresh whole salmon for the month at NOK 62.17 (USD 7.14, EUR 6.33) per kg, compared with NOK 73.16 (USD 8.41, EUR 7.45) a year previously.
“Despite the increase in both volume and value, some companies have unfortunately suffered great losses in their production, due to the recent algae outbreak. This is obviously a tragedy for those involved,” Gangsø said.
Nevertheless, in the first five months of 2019, salmon exporters sold 425,000 MT of products with a value of NOK 29 billion (USD 3.3 billion, EUR 3 billion), with the volume and value increasing by 6 percent and 8 percent, respectively.
Paul Aandahl, an analyst with the NSC, said that strong growth in export volumes over the past two months had put pressure on salmon prices, and also that while May historically tended to see increases in salmon prices, the strong volume growth had reversed the picture this year.
Also in the salmonid sector, Norway exported 4,600 MT of trout worth NOK 307 million (USD 35.3 million, EUR 31.3 million) last month, with the volume and value 11 percent and 3 percent higher than in May 2018. So far this year, Norway’s trout have totaled 19,300 MT worth NOK 1.3 billion (USD 149.4 million, EUR 132.4 million).
In its whitefish sector, with quotas down from last year, the Scandinavian country shipped 4,200 MT of fresh cod valued at NOK 177 million (USD 20.3 million, EUR 18 million), with the volume and value 27 percent and 13 percent lower, respectively.
To-date in 2019, some 39,000 MT of fresh cod has been exported with a value of NOK 1.6 billion (USD 183.9 million, EUR 162.9 million), which represents volume and value reductions of 20 percent and 6 percent respectively.
Also in May, Norway exported 5,200 MT of frozen cod valued at NOK 224 million (USD 25.7 million, EUR 22.8 million), with the volume falling 12 percent and value rising 4 percent compared to the corresponding month of 2018.
Some 36,500 MT of frozen cod with a value of NOK 1.5 billion (USD 172.4 million, EUR 152.7 million) has been exported by Norway so far this year, representing increases of 11 percent and 32 percent, respectively.
In the pelagic trade, over the past five months, Norway has exported 128,000 MT of herring (up 13 percent) worth NOK 1.1 billion (USD 126.4 million, EUR 112 million), up 8 percent; and 72,500 MT of mackerel (up 3 percent) with a value of NOK 1.2 billion (USD 138 million, EUR 122.2 million), up 36 percent.
NSC’s data also finds that 721 MT of king crab with a value of NOK 225 million (USD 25.9 million, EUR 22.9 million) were exported in January to May period, with the volume and value up 27 percent and 41 percent, respectively. At the same time, 4,600 MT of shrimp (up 72 percent) worth NOK 460 million (USD 52.9 million, EUR 46.8 million) representing value gains of 51 percent, were sold overseas.
