Norway posted the highest seafood export value in its history in 2024, defying mid-year predictions of a downturn after a tumultuous start to the year.
According to data compiled by the Norwegian Seafood Council (NSC), Norway exported seafood worth NOK 175.4 billion (USD 15.5 billion, EUR 14.9 billion) in 2024 – an increase of NOK 3.7 billion (USD 327 million, EUR 315 million) over 2023. By volume, the country exported 2.8 million metric tons (MT) of seafood products – which according to the NSC accounts for 38 million meals every day year round.
The 2024 totals were capped off by NOK 15.1 billion (USD 1.33 billion, EUR 1.28 billion) in sales in December 2024, an increase of NOK 1.5 billion (USD 132 million, EUR 127 million), or 11 percent, over the same period of 2023.
The successful year for Norway’s seafood exports came despite predictions mid-year that the industry could face a downturn in 2024. The country posted a decline in its seafood export value in Q1 2024 – ending a three-year streak of year-over-year export value records. Then, in June 2024, Norway saw a historic 18-percent drop in its seafood export value, the largest single-month drop in seafood export value in its history.
That had NSC CEO Christian Chramer predicting the latter half of 2024 could be difficult.
“We do not predict a crash landing because seafood from Norway is strong. But, there is no escaping the fact that there are some dark clouds on the horizon,” Chramer said at the time.
Those dark clouds quickly cleared as the country’s export value rose again in July 2024 and continued rising after that. The country posted the best-ever November in terms of seafood export value, and its increase in December helped push it toward new record highs for the full year.
Chramer said the high export values are a result of the country’s hard work in the face of a number of different challenges.
"2024 was characterized by quota cuts for cod, significant production challenges for salmon, geopolitical fluctuations, and economic turmoil in the global market. When the value of seafood exports nevertheless rises to a historically high level, it is incredibly strong," Chramer said.
Chramer said that in the period between 2020 and 2024, Norway’s seafood export value increased by NOK 70 billion (USD 6.2 billion, EUR 6 billion).
“This shows what a strong global position our seafood has,” he said. “Last year, we exported more than 60 different species to over 150 countries around the world.”
There is one caveat on the record growth in value. The weakened kroner helped contribute to the record high.
“The currency effect, which has been an important contributor to growth in recent years, declined last year but was still the main reason for the growth in value in Norwegian kroner,” Chramer said. “Measured in euros, which is our most important export currency, the value is unchanged compared to 2023.”
Still, the country saw growth in a few key markets. China, which has become Norway’s sixth-largest market for seafood, increased its purchases of Norwegian seafood by 10 percent in value terms, amounting to an additional NOK 886 million (USD 78 million, EUR 75 million) in sales, reaching NOK 9.4 billion (USD 832 million, EUR 800 million).
NSC said China’s growth was complemented by strong growth throughout Asia for Norwegian seafood products – especially Norwegian salmon.
“The exciting and strong development for salmon continued in Asia, where it is considered an everyday luxury by consumers in countries such as Thailand, China, Vietnam, and Korea,” Chramer said. “In addition, salmon has strongly established itself in the fast-food trends of sushi, sashimi, and poke around the world and in the everyday food segment in Europe.”
The United Kingdom, which is the seventh-largest market, increased its purchases by 7 percent, increasing by NOK 584 million (USD 51 million, EUR 49 million) to NOK 9.1 billion (USD 805 million, EUR 775 million).
One of the top growth markets in terms of percentage growth was Canada, which saw a massive 33 percent, or NOK 450 million (USD 39 million, EUR 38 million), increase in its value.
Of the five top markets by value, however, only the Netherlands saw growth, with an uptick of 5 percent to NOK 11.2 billion (USD 991 million, EUR 954 million). Every other market in the top five – Poland, Denmark, the U.S., and France – all purchased lower values of Norwegian seafood products.
By species, salmon was once again the dominating force in Norwegian seafood exports. The species accounted for NOK 122.9 billion (USD 10.8 billion, EUR 10.4 billion) in export value in 2024, an increase of 1 percent over 2023. That number is over three times the value of the next top 10 species combined.
In total, Norway exported over 1.25 million MT of salmon in 2024, an increase of 2 percent over 2023 and a new record value for salmon. Poland, the U.S., and France were the largest markets for the species – but Germany saw the highest growth with an increase export value of NOK 539 million (USD 47 million, EUR 45 million), or 12 percent.
"The growth is due to a number of factors. Increased domestic consumption and lower supplies from other nations are important reasons," NSC Seafood Analyst Paul T. Aandahl said.
As salmon saw moderate increases, trout saw a huge uptick in 2024. Norway exported 75,315 MT of trout in 2024 worth NOK 6.8 billion (USD 601 million, EUR 579 million) – an increase of 32 percent and 23 percent, respectively. That value total is a record for the country’s trout exports and made trout the fourth-most valuable species for Norway in 2024.
“The world record is driven by a record high volume. The reason is that several fish farmers have focused more on trout than on salmon. This is a trend we've seen over the past three years," Aandahl said.
The second-most valuable species in 2024 was cod, despite a 4 percent drop in value to NOK 11.7 billion (USD 1 billion, EUR 996 million). The relatively small drop in value hides a difficult story for cod in the year.
Fresh export volumes of cod dropped to the lowest level since 2011, as lower quotas and landings, coupled with shifting priorities for a burgeoning land-based industry that uses its raw materials for other products, took a combined toll.
“We have to go all the way back to 2011 to find a lower export volume of fresh wild cod," NSC Seafood Analyst Eivind Hestvik Brækkan said.
Farmed cod, however, was a positive story as fresh farmed cod export volumes increased by 37 percent to 11,971 MT and the export value increased 55 percent to NOK 722 million (USD 63 million, EUR 61 million). Farmed cod accounted for 28 percent of the export value of cod in 2024. In Q4, farmed cod accounted for over half of all fresh cod exports by value.
"We're experiencing good interest from the supermarkets,” NSC Envoy to Spain Tore Holvik said. “Farmed cod helps to ensure a steady supply of fresh cod throughout the year so that Spaniards can also enjoy Norwegian cod outside the cod season.”
Frozen cod exports also dropped, falling to 48,166 MT – a 22 percent drop in volume. In value terms, the country exported NOK 3.1 billion (USD 274 million, EUR 264 million) worth of cod in 2024, a drop of 11 percent, or NOK 390 million (USD 34 million, EUR 33 million).
Despite the drop, China saw growth in its value in 2024 as it increased its imports of Norwegian cod to compensate for a U.S. ban on Russian seafood.
"China's strong development must be seen in light of the U.S. import ban on Russian cod,” Brækkan said. The Chinese processing industry has, thus, bought more cod from Norway to be able to continue offering cod to its American customers.”
As cods fortune waned, mackerel’s waxed in 2024 as its export value jumped 24 percent to NOK 8.3 billion (USD 734 million, EUR 707 million), while its volume increased by just 2 percent to 313,342 MT.
A decrease in supply of mackerel caused prices to soar, which greatly benefited Norway’s export market.
"As many as seven price records were set in 2024 for frozen mackerel under 600 grams, which is by far the most important product that is exported,” NSC Head of Pelagic Species Jan Eirik Johnsen said.
Japan was the largest market for the species in 2024, followed by China and South Korea.
