Norway exported seafood worth NOK 18.5 billion (USD 1.7 billion, EUR 1.5 billion) in the month of October, an increase of NOK 914 million (USD 84 million, EUR 77 million) over the same month last year and a record single-month value for exports.
“Never before has a higher value of seafood been exported in a single month,” Norwegian Seafood Council (NSC) CEO Christian Chramer said. “This is primarily due to exceptionally strong mackerel exports that we have never seen before. This alone accounted for almost all the growth in value in October."
According to data compiled by the NSC, Norway’s mackerel exports in October 2024 were worth NOK 2.5 billion (USD 230 million, EUR 213 million), an increase of NOK 750 million (USD 69 million, EUR 63 million), or 42 percent, over the same month of 2023.
“This year, a record high proportion of mackerel from Norway was exported in October. High demand in Asia has led to increased competition and higher prices, which confirms the strong position of Norwegian mackerel,” Chramer said. “At the same time, we are aware that such a price increase will put pressure on the value chains in the markets.”
NSC said the country exported 93,569 metric tons (MT) of mackerel in the month, an increase of 16 percent over the same period of 16 percent. Japan, South Korea, and China were the largest markets for the species.
"A good fishery where the quotas have largely been utilized has resulted in a good supply of mackerel for export,” NSC Head of Pelagic Species Jan Eirik Johnsen said. “Even though the quota is down 5 percent this year compared with last year, the possibility of transferring quotas from year to year means that more mackerel has been landed this year than last year.”
That increased landings comes as markets in Asia are having smaller catches of the species, and that combined with current guidance for lower quotas in 2025 has pushed up prices to record levels, Johnsen said.
So far in 2024 Norway has exported seafood worth NOK 143.1 billion (USD 13.1 billion EUR 12.2 billion)– an increase of NOK 1.4 billion (USD 128 million, EUR 119 million) compared to the same point of 2023. That year-over-year increase is despite a historic 18 percent drop in export value in June that ended a three-year value growth streak.
"Economic developments in the markets seem to be moving in a positive direction, with record-low unemployment, real wage growth and the prospect of increasing household consumption in the E.U.,” Chramer said. “These are factors that increase purchasing power and thus the willingness to pay for Norwegian seafood.”
Mackerel was not the only species that saw record value in October 2024. Norway’s salmon export value reached NOK 12 billion (USD 1.1 billion, EUR 1 billion), a record-high export value in a single month and NOK 133 million (USD 12 million, EUR 11 million) higher than October 2023 – which was the previous record holder.
By volume, exports reached 114,761 MT, a growth in volume of 10 percent. Of that volume, fresh fillet exports increased by 11 percent to 12,000 MT of product weight, and exports of frozen fillets increased by 39 percent to around 8,000 MT, NSC said.
“The growth in fillet exports is a trend we have seen throughout the year. It must be seen in the context of increased processing capacity in Norway,” NSC Seafood Analyst Paul T. Aandahl said. “In October, the USA was the largest growth market for both fresh and frozen fillets.”
Trout also saw value and volume growth in the month. Norway exported 7,111 MT of trout worth NOK 620 million (USD 57 million, EUR 52 million), increases of 18 percent and 13 percent respectively.
The NSC said fresh cod also had a good month in October, with increases in volume and value – the first time it has seen any increases month over month since September 2023. Norway exported 1,774 MT of fresh cod worth NOK 115 million (USD 10 million, EUR 9 million), an increase of 2 percent and 3 percent respectively.
The full story for fresh cod is more complicated, as Norway’s fresh wild cod exports reached their lowest level since 2008. The volume dropped to 781 MT, a drop of 13 percent, and the value fell to NOK 53 million (USD 4.8 million, EUR 4.5 million), a drop of 16 percent. Farmed fresh cod exports, meanwhile, increased by 18 percent to 992 MT and now makes up more than half of the country’s fresh cod exports by volume and value.
“Fresh whole farmed cod has seen an increase in export volume of as much as 40 percent so far this year, to a total of 9,900 MT,” NSC Seafood Analyst Eivind Hestvik Brækkan said. “This means that farmed cod is set to beat the 2010 export record of 11,100 MT by the end of the year.”
Frozen cod exports decreased by volume but increased by value. Norway exported 3,286 MT of frozen cod in October 2024, 23 percent less than it did in October 2023. That cod earned the country NOK 251 million (USD 23 million, EUR 21 million), an increase of NOK 12 million (USD 1.1 million, EUR 1 million).
Clipfish exports fell in volume and value in the month, dropping 11 percent to 9,671 MT and 6 percent to NOK 804 million (USD 74 million, EUR 68 million). The decrease was largely related to a 20-percent drop by volume in shipments to Portugal, the country’s largest export market for clipfish.
Norway’s herring exports also improved, increasing in volume by 11 percent to 26,987 MT and in value by 21 percent to NOK 534 million (USD 49 million, EUR 45 million). Johnsen said the exports have shifted away from fillets toward frozen whole herring, and that there is good demand in the markets.
“There are several reasons why whole frozen herring is enjoying an upswing now. Firstly, the markets that demand large herring have had little of this, so there are reports of good demand, particularly in Egypt,” Johnsen said. “Another important factor is that the prices of trimmings for flour and oil have fallen significantly, which means that the production of fillets is not as favorable as before.”
Exports of snow crab and king crab both dropped in the month. Norway exported 147 MT of king crab worth NOK 80 million (USD 7 million, EUR 6 million), a drop of 28 percent and 20 percent respectively. Exports of snow crab dropped to just 2 MT – a decrease of 95 percent, in anticipation of the start of the fishing season in 2025.
