Norway’s seafood export value in July 2023 continued to sit higher than its value in 2022, but in large part due to a weaker Norwegian krone.
The Norwegian Seafood Council (NSC) reported the country exported seafood valued at NOK 12.4 billion (USD 1.2 billion, EUR 1.1 billion) in July 2023, an increase of 8 percent, or NOK 928 million (USD 90 million, EUR 82 million), over the same period last year. That brings the country’s total seafood export value for the first seven months of 2023 to NOK 94.4 billion (USD 9.2 billion, EUR 8.4 billion), roughly NOK 13 billion (USD 1.27 billion, EUR 1.16 billion), or 16 percent, higher than the same period of 2022.
Price increases for products like fresh salmon fillets, cod clipfish, and frozen whole mackerel helped push up the price, but a weak Norwegian krone also continued to have an effect on the country’s export value.
"The increase in value this month is also primarily due to a weak Norwegian krone, although our currency strengthened somewhat in July,” NSC Managing Director Christian Chramer said.
In June, the NSC expressed some concern over the seafood industry’s gains being largely attributable to the weaker krone. For the month of May, the country’s seafood export value would have decreased if not for the weaker krone.
In July, currency differentiations continued to have an impact on the overall export value of seafood from Norway. According to the NSC, if measured in euros several products had effectively no price growth despite seeing changes in krone.
“Measured in euros, the export price of fresh whole salmon is the same as 12 months ago, while the export price of fresh whole trout is as much as 28 percent lower than in July last year,” the NSC said.
Despite the complications, the NSC said there was still strong demand for the country’ salmon – by far the highest-value seafood export from the country. Norway exported 95,620 metric tons (MT) of salmon in the month of July, reaching a value of NOK 9.6 billion (USD 938 million, EUR 856 million), up NOK 1.1 billion (USD 107 million, EUR 98 million), or 13 percent, compared to the same period last year, and up 1 percent by volume.
A highlight in the country’s seafood exports, the NSC said, was the pace of buying in China. Norway saw its salmon export value to China increase in July by NOK 230 million (USD 22 million, EUR 20 million), or 90 percent, over the same month last year. Volumes of Norwegian seafood sent to China reached 3,253 MT, 49 percent higher than 2022.
"There has never been such a strong July for the export of salmon to China,” NSC’s China Representative Andreas Thorud said. "We must bear in mind that July 2022 was still characterized by Covid-19 and closures and that July is traditionally the high season for demand for salmon in the Chinese market."
Farmed trout exports also saw increases in both value and volume in July 2023. Norway exported 5,845 MT of trout, an increase in volume of 14 percent compared to the same period last year. Value-wise, the exports were worth NOK 527 million (USD 51 million, EUR 47 million), an increase of NOK 7 million (USD 684,000, EUR 624,000), or 1 percent.
Norway’s trout exports to Ukraine changed the most in July 2023, with the country shipping NOK 42 million (USD 4.1 million, EUR 3.7 million) worth of the species to the country, an increase of 188 percent over July 2022. Total export volumes also increased significantly, jumping 178 percent to 890 MT.
In wild-caught segments, pelagic species saw significant changes due to challenging fishing conditions. According to the NSC, Norway shipped 34 percent less herring in July 2023, exporting 8,150 MT of the fish.
Despite the significant drop in volume, the export total was worth NOK 153 million (USD 14.9 million, EUR 13.6 million) in July, a drop of just 5 percent compared to last year, due to continued high prices in 2023 compared to 2022. However, according to the NSC, the price has largely stagnated compared to previous months.
Norway's mackerel exports were also down by volume and value, but enjoyed higher prices. The country exported 6,716 MT of mackerel in July 2023, a decrease of 15 percent. The drop in value, however, was just NOK 1 million (USD 97,700, EUR 89,200) or 1 percent, compared to July last year – with the total exports valued at NOK 151 million (USD 14.7 million, EUR 13.4 million). Prices for mackerel
Norway's fresh cod exports increased in volume and value. Norway exported 2,950 MT of fresh cod, up 18 percent. By value, the country exported NOK 147 million (USD 14.3 million, EUR 13.1 million) worth of cod in July 2023, an increase of 18 percent, or NOK 23 million (USD 2.2 million, EUR 2 million). Norway also shipped NSC 318 MT of fresh whole farmed cod in July, at a value of NOK 20 million (USD 1.9 million, EUR 1.7 million) – 11 percent of the total volume of fresh cod exported from Norway in the month.
However, the volume and value of frozen cod exported by Norway fell in July 2023. The country exported 3,289 MT of frozen cod, down 27 percent; worth NOK 206 million (USD 20.1 million, EUR 18.3 million), down 18 percent, or NOK 44 million (USD 4.3 million, EUR 3.9 million). Exports to the United Kingdom, which imported 1,300 MT of frozen cod in July 2023, were up 6 percent year-over-year. So far in 2023, Norway has exported 10,000 MT of frozen cod to the U.K., which the NSC said is the highest total since 2002.
Norway exported 999 MT of cod clipfish – or salted cod – valued at NOK 73 million (USD 7.1 million, EUR 6.5 million) in July, a drop in volume of 16 percent and a decline in value of 6 percent. For the year, Norway's salted cod export volume is down 9 percent to 20,100 MT, but up 12 percent in value to NOK 1.65 billion (USD 161 million, EUR 147 million).
Norway’s exported 247 MT of king crab in July 2023, an increase of 127 percent. The exports totaled NOK 111 million (USD 10.8 million, EUR 9.9 million), an increase of 86 percent, or NOK 51 million, compared to July 2022.
“The increase in the export of red king crab is driven by good fishing in July with increased landings, as well as the fact that, compared to last year, there is an increased export of live red king crab to Asia and the U.S.,” the NSC said.
Asian markets have been the major drivers in demand. In July 2022, the council said there were “significant” challenges in exporting crab to Asian markets because of the closure of Russian airspace to commercial airfraft.
"All Asian markets are increasing compared to July last year, but Hong Kong had the most significant increase in value this month. There was an increase [in value] of NOK 27 million [USD 2.6 million, EUR 2.4 million] to NOK 35 million [USD 3.4 million, EUR 3.1 million], or 326 percent,” NSC Seafood Analyst Josefine Voraa said.
Norway's snow crab exports dropped in both volume and value. Norway exported 111 MT of snow crab, a drop of 51 percent, in July, worth NOK 12 million (USD 1.1 million, EUR 1 million), down 63 percent, or NOK 20 million (USD 1.9 million, EUR 1.7 million), compared to July 2022.
Photo courtesy of the Norwegian Seafood Council
