Norway's Q1 exports up to USD 2.6 billion, driven by salmon prices

Published on
April 5, 2016

Norway exported seafood worth NOK 21.3 billion (USD 2.6 billion; EUR 2.2 billion) in the first-quarter of this year, which represented an increase of 22 percent or NOK 3.8 billion (USD 455.2 million; EUR 400.5 million) compared to the same period of last year.

Last month alone, the Scandinavian country’s exports totaled NOK 7.4 billion (USD 886.4 million; EUR 780 million), an increase of 14 percent or NOK 937 million (USD 112.4 million; EUR 98.8 million) year-on-year.

According to Geir Havard Hanssen, director of communications at the Norwegian Seafood Council (NSC), the last quarter "went well for most sectors" of the seafood industry, but salmon was the strongest contributor to the growth in value in the period, with an increase of NOK 2.3 billion (USD 275.5 million; EUR 242.5 million) in sales of salmon products compared with the first quarter of 2015.

“It is also gratifying to see that the European market for fresh cod is growing and that this has helped us achieve good prices for skrei throughout the first quarter. Prawn and shellfish also saw a doubling of exports compared with the first quarter of 2015. This positive development is due to higher prices achieved at market, coupled with increased demand, which has been helped by a favorable currency situation for the Norwegian krone,” he said.

Norway’s salmon exports in Q1 2016 totaled NOK 13.4 billion (USD 1.6 billion; EUR 1.4 billion), an increase of 21 percent or NOK 2.3 billion (USD 275.5 million; EUR 242.4 million) compared with the same quarter of 2015.

In March, its salmon exports were worth NOK 4.9 billion (USD 587 million; EUR 516.4 million), an increase of 18 percent or NOK 768 million (USD 92 million; EUR 80.9 million) year-on-year.

The average price for whole fresh Norwegian salmon in March was NOK 59.11 (USD 7.08; EUR 6.23) per kg compared with NOK 41.46 (USD 4.97; EUR 4.37) per kg a year ago.

Poland and France were the biggest buyers of Norwegian salmon in the last quarter.

Contributing Editor reporting from London, UK

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