Norway posted its highest-ever seafood export value in November, continuing a streak of value growth after a rocky start to 2024.
According to data compiled by the Norwegian Seafood Council, Norway exported seafood worth NOK 17.3 billion (USD 1.56 billion, EUR 1.48 billion ) in November 2024, a NOK 1 billion (USD 90 million, EUR 86 million), or 6 percent, increase over the same month in 2023. The positive month comes after an October which saw the country export NOK 18.5 billion (USD 1.67 billion, EUR 1.59 billion) worth of seafood, the highest total in a single month in the country’s history.
"We've seen several months in a row of solid growth in seafood exports, and this trend continued in November,” NSC CEO Christian Chramer said. “Thanks to price growth for salmon, mackerel, cod, haddock, and herring, this was the best November ever in terms of value.”
In July, Chramer predicted that Norway’s seafood exports could potentially have a tumultuous summer after a historic 18 percent drop in value in June. At the time, he said “there is no escaping that there are some dark clouds on the horizon.”
Despite his prediction, the country’s seafood export value rose slightly in July 2024 and then continued to rise year over year through 2024.
November 2024’s high export value was also not aided by a weak kroner, which in months past has buoyed the value of seafood exports.
“Compared to the same month last year, the Norwegian krone is slightly stronger against the euro but weaker against the U.S. dollar. In total, there is no currency effect, so the value growth is mainly driven by higher prices and increased volumes for some of our most important species,” Chramer said.
Charmer said that while the value is increasing, there are still underlying challenges for the seafood industry in Norway.
“On the wild-catch side, many are worried about the consequences of new quota cuts. In the land-based industry, the battle for raw materials is intensifying, and many salmon companies are experiencing greater biological challenges as sea temperatures rise,” he said. “When this is combined with increased cost growth and tougher global competition, many people are facing a more demanding financial situation at the same time as seafood exports are increasing.”
Salmon, by far the country’s largest export by value and volume, saw increases in both value and volume. Norway exported 131,232 metric tons (MT) of salmon worth NOK 12.1 billion (USD 1.09 billion, EUR 1.04 billion) in November 2024, an increase of 3 percent and 5 percent, respectively, compared to November 2023.
That total is a record-high value for salmon in a single month, according to the NSC. Germany had the highest value growth in the month, increasing 34 percent, or NOK 149 million (USD 13.4 million, EUR 12.8 million).
"The growth in value to Germany is mainly due to increased home consumption,” NSC Envoy to Germany Kristin Pettersen said. “There is both increased frequency and greater volume per purchase of both fresh natural and smoked salmon."
China was also a big growth market for salmon exports, increasing 33 percent, or NOK 121 million (USD 10.9 million EUR 10.4 million), to NOK 490 million (USD 44.3 million, EUR 42.2 million), NSC said.
Trout exports also increase slightly, rising to 6,595 MT worth NOK 592 million (USD 53.5 million, EUR 50.9 million) – up 4 percent and 6 percent, respectively.
The country’s mackerel exports also continued to grow, continuing on October’s success. Norway exported 44,061 MT of mackerel in November 2024, a drop of 9 percent compared to November 2023. However, the value increased by NOK 155 million (USD 14 million, EUR 13.3 million), or 14 percent, to NOK 1.3 billion (USD 117 million, EUR 111 million). Once again, Asian markets had the highest demand for the species, with South Korea, China, and Japan were once again the three largest markets.
"The early start to the mackerel fishing season has resulted in high export volumes in August, September, and October, so it was expected that the volume for November would be lower than for the same month last year,” NSC Head of Pelagic Species Jan Eirik Johnsen said. “At the same time, demand in the markets is good, and for the fifth month in a row a price record has been set for frozen mackerel under 600 grams.”
Herring prices also increased and had a historic November, NSC said. Norway exported 40,437 MT of herring worth NOK 808 million (USD 73 million, EUR 69 million) in November 2024, an increase of 51 percent and 61 percent.
The exports also indicate a shift in markets, as Egypt became the dominant market for the species, Johnsen said.
“Over time, favorable prices for the residual raw material used in the production of herring fillets have resulted in low export volumes of whole frozen herring. However, the prices of fishmeal and oil have fallen recently, while Egypt is able to offer competitive prices for whole frozen herring,” Johnsen said. “This has resulted in a shift away from fillets, where demand is described as moderate, to whole frozen herring."
Another species that saw positive movement was prawns. Norway exported 2,566 MT of prawns worth NOK 144 million (USD 13 million, EUR 12 million) in November 2024, an increase of 39 percent and 40 percent, respectively. Processed prawns, or peeled prawns, made up 67 percent of the export value.
“Peeled prawn were also the product with the highest growth in value in November, with an increase of 39 percent compared with November last year,” NSC Head of Shellfish Josefine Voraa said.
Snow crab also saw volume growth, increasing to 7 MT – a growth in volume of 123 percent over November 2023. The value, however, was unchanged at NOK 988,000 (USD 89,400, EUR 85,000).
Not every species saw increases in November. Fresh cod exports decreased 14 percent by volume to 2,041 MT. Despite the drop value only decreased by NOK 2 million (USD 180,900, EUR 172,100), or 2 percent. Once again, farmed cod made up more than half of all fresh cod exports, accounting for 1,033 MT.
Frozen cod fell even further, dropping to 2,071 MT of exports worth NOK 169 million (USD 15.3 million, EUR 14.5 million) in November 2024 – a drop of 60 percent and 37 percent respectively compared to the same period of 2023.
The drop was largely thanks to lower landings, according to the NSC.
King crab also had a challenging month, with the country exporting 89 MT worth NOK 49 million (USD 4.4 million, EUR 4.2 million) – a drop of 57 percent and 51 percent respectively.
"We are approaching the end of the quota year for king crab, a challenging year with a quota cut of 57 per cent compared to 2023,” Voraa said. “This has had an impact on king crab exports, month after month."
Overall, Norway is on track to break an export value record in 2024, despite the difficult June.
“So far, 2024 has been a good year for Norwegian seafood exports in terms of value. Higher prices have largely compensated for the quota cuts for cod, herring and mackerel,” Chramer said. “If the favorable trend continues in December, we will pass last year's export record of NOK 172 billion [USD 15.5 billion, EUR 14.8 billion] by the end of the year."
