Norway’s seafood export value reached a new high in January with the U.S. accounting for nearly 10 percent of total exports.
Data shared by the Norwegian Seafood Council (NSC) indicates the country exported NOK 15.3 billion (USD 1.36 billion, EUR 1.31 billion) worth of seafood in January 2025, an increase of 14 percent, or NOK 1.9 billion (USD 169 million, EUR 162 million), over the same month of 2024. The increase was largely thanks to higher export volumes of salmon, and value growth for wild-caught species like mackerel.
“In addition, the Norwegian krone has weakened against both the dollar and the euro compared with January last year,” NSC CEO Christian Chramer said.
Despite U.S. President Donald Trump hinting at potential tariffs and trade barriers, the U.S. was the largest export market for Norwegian seafood. The country imported NOK 1.5 billion (USD 133 million, EUR 128 million) worth of seafood in January, which is 9.7 percent of the country’s total export value.
“Even though President Donald Trump has talked a lot about increased tariffs for his trading partners, we note that January was a historic month for Norwegian seafood exports to the U.S.,” Chramer said. “Never has Norway exported fish and shellfish worth as much to the U.S. market as we did in January. This shows that seafood is also important for Norway in trade with the U.S."
The record-high sales to the U.S. in January 2025 came on the back of record-high sales growth. According to the NSC, export value to the U.S. increased by NOK 428 million (USD 38 million, EUR 36 million), or 41 percent, compared to January 2024.
“Over time, the USA has developed into one of our most important individual markets,” Chramer said. "In January alone, we sold more than NOK 1 billion [USD 89 million, EUR 85 million] worth of salmon to the USA, which is a new value record. This emphasizes the importance of having the best possible trade agreements, including with the USA.”
Part of that increased growth in exports to the U.S. was the increased sales of king crab, which spiked in value 81 percent to NOK 105 million (USD 9.3 million, EUR 8.9 million). The U.S. has continued to ban all seafood imports from Russia – a major source of king crab globally – and its own fishery is still recovering after low abundance closed it for two years.
Norway’s total exports of king crab actually fell 2 percent by volume to 174 MT, however value increased 36 percent to NOK 130 million (USD 11.5 million, EUR 11.1 million).
While king crab increased the most among the top species by value sent to the U.S., salmon was overwhelmingly the highest value species. Norway shipped NOK 1.1 billion (USD 98 million, EUR 94 million) worth of salmon to the U.S. in January 2025, a major increase in value of 39 percent year over year.
"The strong growth in exports of salmon and trout to the U.S.A. is partly due to the fact that there was a lot of fish of the right size and quality available for the U.S. market in January,” NSC’s envoy to the U.S. Anne-Kristine Øen said. “The further weakening of the Norwegian krone against the U.S. dollar is also a factor.”
China was second behind the U.S. in terms of value growth in January 2025, increasing in value by NOK 284 million (USD 25 million, EUR 24 million) to NOK 769 million (USD 68 million, EUR 65 million) – for similar reasons to the U.S.
“Favorable production conditions have increased the availability of salmon sizes that are in demand in China,” NSC Analyst Paul T. Aandahl said. “In addition, the Chinese New Year came earlier than last year. This has given an extra boost to salmon exports in January.”
Overall, Norway exported 95,100 metric tons (MT) of salmon worth NOK 10.9 billion (USD 971 million, EUR 933 million) in January 2025, an increase of 10 percent and 13 percent respectively.
Sales of farmed trout also increased significantly in January 2025 compared to the same period of 2024. Norway exported 7,174 MT of trout, a growth in volume of 58 percent. Value increased at a similar level, increasing by NOK 253 million (USD 22 million, EUR 21 million), or 58 percent, to NOK 687 million (USD 61 million, EUR 58 million).
“As in the case of salmon, recent high sea temperatures have led to growth in production and increased exports of trout,” Aandahl said. "The growth in volume led to a value record for the month of January, and the value was the second highest ever. It has only been beaten by exports in August 2024.”
Cod exports, meanwhile, dropped in volume but increased in value thanks to high prices. The country exported 3,317 MT of fresh cod worth NOK 267 million (USD 23 million, EUR 22 million), a drop in volume of 5 percent but an increase in value of 17 percent.
Farmed cod made up 1,337 MT of that total as wild cod exports fell 19 percent to 1,980 MT.
“Farmed cod accounted for 35 per cent of the export value of fresh cod in January. This is the highest proportion of farmed cod ever in the month of January. This is not unnatural, given the quota situation for wild-caught cod," Aandahl said.
Exports of frozen cod also declined in volume, dropping to 3,607 MT – a 52 percent drop compared to January 2024. Export value also dropped, falling 20 percent to NOK 294 million (USD 26 million, EUR 25 million).
“The quota reduction contributed to a sharp reduction in both landings and export volumes of frozen cod in January,” NSC Analyst Eivind Hestvik Brækkan said.
Herring also saw volume declines, with Norway exporting 20,997 MT of the species, a drop of 10 percent. However, value increased by 3 percent, or NOK 12 million (USD 1.06 million, EUR 1.02 million), to NOK 438 million (USD 39 million, EUR 37 million).
"Prices are rising, so this is not due to changes in demand. Since herring is exported frozen and fillet products are often on contract, the agreed delivery time may be shifted so that exports do not necessarily reflect the catches within a month," NSC Head of Pelagic Species Jan Eirik Johnsen.
According to Johnsen, skinless herring fillets, whole frozen herring, and marinated herring all hit new record prices.
“The price development is driven by expectations of a very tight supply situation with another reduction in quotas," Johnsen said.
Mackerel exports, meanwhile, increased in both volume and value. Norway exported 24,402 MT of mackerel in January 2025, an increase of 46 percent compared to the same period last year. Value increased even more, jumping 93 percent, or NOK 355 million (USD 31 million, EUR 30 million), to NOK 737 million (USD 65 million, EUR 63 million).
The volume increases were thanks to high landings for Norwegian boats, which also participated in the January fishery around Shetland.
