Weakened currency lifts Norwegian seafood exports

Published on
October 8, 2015

Norway exported seafood products worth NOK 51.8 billion (EUR 5.6 billion; USD 6.3 billion) in the first three-quarters of this year, an increase of 7 percent or NOK 3.6 billion (EUR 390.5 million; USD 438.6 million) year-on-year, thanks to a strong September, according to the Norwegian Seafood Council (NSC).

The country’s exports achieved a total value of NOK 6.7 billion (EUR 726.7 million; USD 816.3 million) last month, representing an increase of 11 percent or NOK 682 million (EUR 74 million; USD 83.1 million) compared with September 2014.

While the value growth is partly attributed to EU markets buying more salmon at higher prices in Norwegian kroner than they did in the same period of last year and greater volume sales in the United States, the underlying basis for the strong month is that all exports were helped by a weak Norwegian krone, said Marit Rein, acting director of communications for the NSC.

The krone has had a turbulent summer, falling against the dollar and the euro, which has helped exporters.

Rein also pointed to significantly increased exports of fresh cod. This product achieved a total value of NOK 1.6 billion (EUR 173.5 million; USD 194.9 million) in the January through September period, up 22 percent or NOK 287 million (EUR 31.1 million; USD 35 million) year-on-year.

“The growth in cod is largely explained by Portugal buying higher volumes and at higher prices than during the same period in 2014. Higher prices have been partially offset by a slight decline in this year's cod quotas,” she said.

Exports of frozen cod, meanwhile, totaled NOK 1.4 billion (EUR 151.8 million; USD 170.5 million) for the same period, down 10 percent or NOK 159 million (EUR 17.2 million; USD 19.4 million) year-on-year.

There were also declines for herring and mackerel.

Norway’s herring exports totaled NOK 1.5 billion (EUR 162.7 million; USD 182.7 million), a decline of 16 percent or NOK 278 million (EUR 30.2 million; USD 33.9 million) compared with the same period of 2014. Its mackerel exports totaled NOK 1.6 billion, down 7 percent or NOK 128 million (EUR 13.9 million; USD 15.6 million) year-on-year.

Contributing Editor reporting from London, UK

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