Norway posts best-ever export value in May 2024 even as krone strengthened

A selection of salmon at a supermarket
Norway's seafood export value was boosted by high salmon prices in May | Photo courtesy of the Norwegian Seafood Council
6 Min

Norway posted its highest-ever seafood export value for the month of May. Unlike the first four months of the year, which also set records, a weakened krone was not the core driver of the value increase. 

Statistics released by the Norwegian Seafood Council (NSC) indicate Norway exported NOK 14 billion (USD 1.3 billion, EUR 1.2 billion) worth of seafood in the month of May, an increase of NOK 1 billion (USD 94 million, EUR 87 million), or 8 percent, compared to the same month last year.

“In May, the Norwegian krone strengthened, so there was no positive currency effect last month,” NSC CEO Christian Chramer said. “Despite this, the value of Norwegian seafood exports has never been higher in a month of May before. Although these are challenging economic times for many consumers, Norwegian seafood is still a highly sought-after food product.”

In May 2023, Chramer attributed gains in export value largely to the weakening kroner. At the time, despite increases in export value measured in krone, the value dropped when measured in euros. 

“The weak Norwegian krone alone contributed to an increase in export value of around NOK 1.5 billion [USD 215 million, EUR 201 million] last month,” Chramer said at the time.

Currency effects first began to decline in March 2024, and as a result, Norway posted a lower seafood export value in the month – the first export value decline in three years. Since that time, the value of the kroner has increased, yet exports weren’t affected in May. 

"The growth in value in May is largely due to increased export volumes of both salmon and trout, as well as price growth for salmon," Chramer said.

For the month, salmon exports alone accounted for more than NOK 10 billion (USD 948 million, EUR 870 million). 

Norway exported 82,662 metric tons (MT) of salmon in May 2024, an increase of 2 percent. The exports were worth NOK 10.1 billion (USD 957 million, EUR 879 million), an increase of NOK 724 million (USD 68 million, EUR 63 million), or 8 percent, compared to May 2023. The high value is partially attributable to the NOK 165 (USD 15.64, EUR 14.36) per kilogram price secured for salmon fillets – a record high. 

NSC Seafood Analyst Paul Aandahl said the country exported higher volumes of fillets in May. The country exported 13,223 MT of fresh fillets, up 35 percent year over year, and 5,836 MT of frozen fillets, up 21 percent. 

"Converted into round weight, this means that the fillet share of salmon exports increased from 25 percent last year to 30 percent this year," Aandahl said.

Trout also had a ... 

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