Norway exported seafood worth NOK 68.8 billion (EUR 7.6 billion/USD 9 billion) last year, eclipsing 2013’s export record by 12 percent or NOK 7.3 billion (EUR 808.9 million/USD 951.2 million), according to new figures published by the Norwegian Seafood Council (NSC).
The total, which includes record exports of cod, mackerel and farmed salmon, could have been even higher were it not for the collapse of its trade with Russia in the second half of the year. This was due to Russian President Vladimir Putin implementing the tit-for-tat full embargo on food imports from the EU, Scandinavia, North America and other countries after Russia was hit with economic sanctions relating to the Ukraine crisis.
The one-year Russian import ban came into force on 7 August 2014 and limited Norway’s exports to the market for the year at a total of NOK 3.4 billion (EUR 376.7 million/USD 443.2 million), a 48 percent decrease compared to 2013.
Nevertheless, the NSC said exporters were able to ramp up trade with the EU, the country’s No. 1 market, with the overall export value growing by 16 percent to NOK 43 billion (EUR 4.8 billion/USD 5.6 billion).
In terms of species, Norway’s global exports of cod totaled NOK 12 billion (EUR 1.3 billion/USD 1.6 billion), while its mackerel exports totaled NOK 4.1 billion (EUR 454.3 million/USD 534.6 million). These represent increases of 20 percent and 43 percent, respectively.
Meanwhile, its biggest seafood export, farmed Atlantic salmon, totaled NOK 43.9 billion (EUR 4.9 billion/USD 5.7 billion) in 2014, an 11 percent increase, and is the result of larger export volumes and higher market prices.
Norway exported 999,000 metric tons (MT) of salmon last year, 4 percent more than in 2013, and the average price achieved for fresh whole salmon increased by 3.4 percent to NOK 41.06 (EUR 4.55/USD 5.35) per kg.
The EU imported 720,000 MT of Norwegian salmon in 2014, an increase of 11 percent on the previous year. There were also double-digit increases in Norwegian exports to the United States and Asia with the trade to these markets valued at NOK 1.9 billion (EUR 210.6 million/USD 247.7 million) and NOK 6.6 billion (EUR 731.3 million/USD 860.5 million), respectively.
However, the NSC reports a sharp decline in salmon exports to Eastern Europe. This trade fell 37 percent to NOK 3.6 billion (EUR 398.9 million/USD 469.4 million) in 2014 and is largely attributed to the Russian import ban and a reduction in exports to Ukraine.
“No seafood nations have, during recent years, positioned themselves as well as Norwegian seafood exporters, who have jointly developed several major markets worldwide. This is the main reason why the demand for Norwegian salmon in 2014 remains robust and is able to defend its price level,” said Terje E. Martinussen, chief executive of NSC, in a statement.
