Once again, Norwegian seafood exporters achieved their highest ever January sales value, continuing the trend seen in 2018 and 2019. In total, the country earned NOK 9.8 billion (USD 1.1 billion, EUR 967 million) from overseas seafood sales last month, representing an increase of 15 percent or NOK 1.2 billion (USD 130 million, EUR 118.4 million) over January 2019.
This high growth was achieved despite the volume of 207,000 metric tons (MT) being approximately the same as last year.
“The Norwegian seafood year [started] with a historically high level of January exports,” Norwegian Seafood Council (NSC) Director of Market Insight and Market Access Tom-Jørgen Gangsø said. “Demand for Norwegian salmon is increasing in all regions, and average prices are considerably higher than in the same period last year. For whitefish, increased volumes and prices of fresh products are contributing to growth in value. We have also seen an increase in value for both trout, herring, and mackerel. At the same time, a weak Norwegian kroner against all the important currencies is another explanation for the growth in value.”
Last month’s salmon exports amounted to 88,000 MT, which was 3 percent more than in January 2019. The trade achieved a total sales value of NOK 6.8 billion (USD 736.7 million, EUR 671 million), up 21 percent year-on-year.
The average price for fresh whole salmon in January was NOK 75.86 (USD 8.22, EUR 7.49) per kilogram, up from NOK 62.44 (USD 6.76, EUR 6.16) a year previously.
According to NSC analyst Paul Aandahl, the demand for Norwegian salmon increased sharply last month, with increased values of 22 percent, 20 percent and 23 percent generated in the E.U., Asia, and North America, respectively. In volume terms, there was a 3 percent reduction in the Asian trade.
Despite the Russian market being closed to Norwegian salmonids via Belarus, Norwegian exporters also sold 5,700 MT of trout with a value of NOK 356 million (USD 38.6 million, EUR 35.1 million), up 45 percent and 36 percent, respectively.
The country’s whitefish sector also began the year strong, with 6,100 MT of fresh cod and skrei exports earning NOK 328 million (USD 35.5 million, EUR 32.4 million). These totals were up 32 percent and 46 percent, respectively.
Traditionally, January starts with fresh cod rising in price, both for fishermen and in the market, thanks to high demand and low landing levels, NSC analyst Ingrid Kristine Pettersen explained.
“As catches increase during the season, prices normally fall, which we are already seeing in signals from the markets. Over the past five years, the export price of fresh whole cod has fallen by 18 to 30 percent from January to February,” she said.
Also last month, 5,100 MT of frozen cod with a value of NOK 231 million (USD 25 million, EUR 22.8 million) was sold by Norway to overseas markets. This represented a decrease in volume of 48 percent, while the export value was down 41 percent.
In the pelagic trade, Norway exported 34,300 MT of herring valued at NOK 332 million (USD 36 million, EUR 32.8 million), with the volume on par with last year and the value increasing 17 percent year-on-year. At the same time, it shipped 26,500 MT of mackerel worth NOK 439 million (USD 47.6 million, EUR 43.3 million), up 17 percent and 18 percent, respectively.
In 2019, Norway exported 2.7 million MT of fisheries and aquaculture products worth a record NOK 107.3 billion (USD 11.6 billion, EUR 10.6 billion). Of this, salmon accounted for 1.1 million MT and NOK 72.5 billion (USD 7.9 billion, EUR 7.2 billion), while cod contributed 181,000 MT and NOK 10.1 billion (USD 1.1 billion, EUR 996.7 million).
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