Norway sets seafood export value record in January, largely thanks to strong salmon pricing

Norwegian salmon for sale in a retail store.

Norway earned a record amount from its seafood exports in the first month of 2024, but a big portion of the high value continues to stem from a weak krone and high salmon prices.  

According to data gathered by the Norwegian Ministry of Trade, Industry, and Fisheries-owned Norwegian Seafood Council (NSC), Norway exported seafood worth NOK 13.3 billion (USD 1.24 billion, EUR 1.15 billion) in January an increase of NOK 640 million (USD 59.8 million, EUR 55.7 million) over the same month of 2023. The increase marks the 35th consecutive month that the value of Norway’s seafood exports have grown year-over-year.

"2024 seafood exports have gotten off to a good start. This is primarily due to increased salmon prices. Together with a weakened krone, this has led to the total export value setting a record high for January,” NSC CEO Christian Chramer said in a release.

Salmon prices, which were high for large portions of 2023took a brief tumble in the early weeks of 2024 but have since recovered slightly. The high prices were also affected by the slightly weaker krone – a factor that was largely responsible for the banner 2023 experienced by Norway’s seafood export industry.

"We also saw a significant currency effect in January,” Chramer said. “Compared to the same month last year, the Norwegian krone has weakened by 6 percent against the euro, which raises export prices in the Norwegian kroner.”

The pricing and currency factors are clear in the export numbers for salmon: Norway exported NOK 9.8 billion (USD 916 million, EUR 853 million) worth of the species in January 2024 an increase of 11 percent, or NOK 975 million (USD 91.2 million, EUR 84.9 million), over the same month last year. However, volume totaled 86,985 metric tons (MT), which was down 2 percent. 

"The development in January follows the pattern from the last three years; a decrease in volume gives a more robust growth in price compared to the same period the previous year, and the result is an increase in value,” NSC Seafood Analyst Paul Aandahl said. 

Trout also saw growth in the month. Norway exported ...

Photo courtesy of TY Lim/Shutterstock

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