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 “historically strong” month of exports, according to the NSC. Norway exported 5,561 MT of trout in May 2024, an 83 percent increase in volume. In terms of value, Norway earned NOK 587 million (USD 55 million, EUR 51 million) from trout exports in the month, up NOK 231 million (USD 21 million, EUR 20 million), or 65 percent year over year.
“While exports of trout fillets have increased, it is whole fish that has increased most for trout. Fresh whole trout has increased by 81 percent in value to NOK 413 million [USD 39 million, EUR 35 million],” Aandahl said. This means that fresh whole trout accounted for 70 percent of the value, compared with 64 percent in May last year.”
As salmon and trout had banner months, fresh cod exports dropped. Norway exported 3,023 MT of fresh cod in May, a 28 percent drop in volume. The species' value also fell to NOK 189 million (USD 17 million, EUR 16 million), a drop of NOK 52 million (USD 4.9 million, EUR 4.5 million), or 22 percent.
"With landings of fresh cod more than halving in May, it's no surprise that export volumes of fresh wild cod also fell sharply," NSC Seafood Analyst Eivind Hestvik Brækkan said.
As wild-caught supplies diminished, farmed cod took up a larger share of the export market. According to the NSC, every third cod came from aquaculture as fresh farmed cod export volumes increased 90 percent year over year to 985 MT, and the export value increased 128 percent to NOK 58 million (USD 5.5 million, EUR 5 million).
“As a result, farmed cod accounted for as much as 33 percent of the export volume of fresh cod in May," Brækkan said.
Frozen cod exports also dropped in volume and value. Norway exported 4,536 MT of frozen cod, down 37 percent. Value dropped 26 percent, or NOK 103 million (USD 9.7 million, EUR 8.9 million), to NOK 296 million (USD 28 million, EUR 25 million).
China took the top spot for frozen cod export markets, growing 76 percent by value to NOK 54 million (USD 5.1 million, EUR 4.7 million).
"The U.S. import ban on Russian cod processed in third countries may have contributed to increased demand for Norwegian cod in China, for processing and re-export to the U.S. market," Brækkan said.
