Despite record-breaking salmon export volumes in September, overall value growth in exports of Norwegian seafood was constrained by the strength of the Norwegian krone.
According to new statistics from the Norwegian Seafood Council (NSC), total export value for Norwegian seafood hit NOK 17.8 billion (USD 1.84 billion, EUR 1.65 billion) in September, which was up slightly month over month. However, that total represnted a slight NOK 27 million (USD 2.8 million, EUR 2.5 million) decline year over year (YoY) from September 2025.
The NSC said that much of the value decline was due to the comparative strength of the Norwegian krone.
“Norway has never exported a higher volume of salmon in a single month than it did in September. At the same time, prices have risen in both euros and U.S. dollars,” NSC CEO Christian Chramer said. "Measured against the U.S. dollar and the euro, the Norwegian krone was stronger in September than in the same month last year. This reduced the export value measured in Norwegian kroner, leaving it at the same level as a year earlier."
Overall, the largest market for Norwegian seafood in September was Poland, which saw YoY growth of 21 percent, buying up a total September value of NOK 2.4 billion (USD 248 million, EUR 222 million).
China was next, with 4 percent YoY growth in September, comprising value of NOK 1.4 billion (USD 145 million, EUR 130 million).
The United States, the Netherlands, Denmark, France, Spain, the United Kingdom, Portugal, and Japan rounded out the rest of the top 10 biggest markets by value in September.
Most of the top 10 markets grew by value YoY, with the exception of the U.S., which declined by 4 percent for a monthly total value of NOK 1.2 billion (USD 124 million, EUR 111 million); Denmark, which declined by 3 percent for a monthly total value of NOK 938 million (USD 97 million, EUR 86.8 million); and Japan, which declined by 19 percent for a monthly total value of NOK 661 million (USD 68.4 million, EUR 61.2 million).
Chramer attributed the decline in the U.S. to trade policy.
“The U.S. is our largest market for salmon fillets, but September marked the 11th consecutive month of declining export volumes of fresh salmon fillets to the U.S. The Norwegian seafood industry competes with countries that are subject to lower U.S. tariff rates than Norway is,” he said. “As a result, many Norwegian seafood companies are facing challenging times.”
As the U.S. share of the Norwegian seafood market declined in September, China’s share continued to grow.
The NSC reported that the nation is now the world’s second-largest salmon market after the United States and that the value of salmon exports to China exceeded NOK 1 billion (USD 103 million, EUR 92.5 million) in September.
In general, seafood value out of Norway in September was driven by the strength of salmon's performance, which saw particularly strong supply in September. Exports in the category reached 165,393 metric tons (MT), which was up 22 percent YoY, worth a total of NOK 13 billion (USD 1.34 billion, EUR 1.2 billion), marking a NOK 1.7 billion (USD 176 million, EUR 157 million), or 15 percent, YoY increase.
Poland, the Netherlands, and China were the largest export markets for salmon, with Poland seeing the most growth in value by purchasing a NOK 382 million (USD 39.5 million, EUR 35.4 million), or 21 percent, YoY bump. Exports to Poland were also up 30 percent YoY by volume, reaching 32,296 MT in September.
NSC market analyst Paul T. Aandahl attributed the growth to positive biological conditions throughout 2026, and both Aandahl and Chramer noted that the year’s “strong supply of large salmon” had been a boon to the Chinese market, where large fish are popular.
NSC Envoy to China Sigmund Bjørgo said that growth of the salmon sector in the nation outpaced expectations, with exports totaling 11,420 MT in September. This represented 43 percent growth in volume.
Year to date (YTD), salmon exports to China have reached 98,473 MT, up 42 percent YoY. YTD value hit NOK 8.5 billion (USD 879 million, EUR 787 million), up 35 percent from the value at the same point last year.
“This is stronger growth than expected and the highest volume exported to China since March. We believe this contributed to category growth ahead of China’s Golden Week, while Norway also gained market share,” Bjørgo said.
Spain also saw growth in salmon shipments, where exports increased in volume by 31 percent YoY in September, reaching 10,079 metric tons (MT). This marked the first time that salmon exports exceeded more than 10,000 MT in a single month to Spain. Value for that market rose by 21 percent year over year to NOK 798 million (USD 82.6 million, EUR 73.9 million), which was NOK 141 million (USD 14.6 million, EUR 13 million) higher than September 2025.
“Norwegian salmon is outperforming other fish in Spain and has achieved the strongest growth across all protein categories. Strong sales at fresh counters and in the wider salmon market drove September’s growth. Some volume may also be going into frozen storage because of ample Norwegian supply and expectations of higher prices,” NSC Spain Envoy Tore Holvik said.
Trout exports in September were affected by low production rates, the NSC said.
September exports by volume totaled 5,664 MT worth NOK 554 million (USD 57.3 million, EUR 51.3 million). That represented a volume decline of 32 percent YoY and a value decline of NOK 122 million (USD 12.6 million, EUR 11.3 million), or 18 percent, YoY. The largest markets for trout in September were the U.S., Poland, and Thailand.
“Lower supplies of Norwegian trout are the main reason for the decline in export volume. With production concentrated among few producers, changes in biomass, harvesting plans, and the shift toward salmon production all affect export figures,” Aandahl said.
The supply crunch pushed prices up, and smoked trout fillets reached NOK 292 (USD 30.21, EUR 27.02) per kilogram in September, setting a record for high prices that was NOK 70 (USD 7.24, EUR 6.48) above the last record set in March 2025.
Farmed cod made up 69 percent of the cod exported from Norway in September by volume. By September, farmed cod made up 44 percent of the total category’s YTD export value. By contrast, at the same point in 2025, farmed cod only made up 34 percent of the total category’s export value.
Total exports (both farmed and wild) came to 2,139 MT valued at NOK 187 million (USD 19.3 million, EUR 17.3 million). That represented an 8 percent increase in volume and a NOK 46 million (USD 4.76 million, EUR 4.26 million), or 32 percent, increase in value YoY. The largest markets for Norwegian cod during the month were the Netherlands, Denmark, and Poland.
Both volume and value grew in the farmed category, reaching 1,504 MT – up 21 percent YoY – valued at NOK 129 million (USD 13.3 million, EUR 11.9 million) – up 47 percent YoY.
Wild-caught cod saw declines in export volumes but a value increase. Total export volume in September was 635 MT, down 13 percent YoY. Wild-caught cod export value, however, was up to NOK 58 million (USD 6.00 million, EUR 5.37 million) in September, an increase of 8 percent YoY.
Frozen cod exports reached 1,994 MT in September, which was down 9 percent YoY. Value increased to NOK 203 million (USD 21.0 million, EUR 18.8 million), however, which was up NOK 20 million (USD 2.07 million, EUR 1.85 million), or 11 percent, YoY. The largest markets for the category were China, the U.S., and Vietnam.
Year to date, Norway has exported 6,500 MT of frozen cod, valued at NOK 678 million (USD 70.1 million, EUR 62.7 million). That represents a volume decline of 4 percent, and a NOK 121 million (USD 12.5 million, EUR 11.2 million), or 22 percent, value increase when compared with the YTD values at the same point in 2025.
Clipfish saw high value and low volumes in September, with 6,723 MT in exports, amounting to NOK 934 million (USD 96.6 million, EUR 86.4 million). Raw material shortages were significantly shaping the market, NSC Market Analyst Eivind Hestvik Brækkan said. Portugal, Brazil, and Mexico were the largest markets for the whole category, though Brækkan noted that Jamaica had seen the most growth in saithe in September, with an export volume of 538 MT, up by 43 percent.
Brazil and the Caribbean, by contrast, have seen major declines (42 percent YTD) in clipfish imports from Norway in 2026, with only 12,000 MT exported, which Brækkan said was “the lowest export volume to these markets since 1996.”
Norway exported 1,023 MT of salted fish in September, valued at NOK 132 million (USD 13.7 million, EUR 12.2 million). That represented a volume decline of 32 percent YoY, and a value decline of NOK 50 million (USD 5.17 million, EUR 4.63 million), or 27 percent, YoY. Salted cod was the most valuable category, making up 87 percent of the exports by value and 75 percent by volume. Portugal represented 96 percent of the export value for the salted cod category in September.
Norway exported 181 MT of stockfish valued at NOK 69 million (USD 7.14 million, EUR 6.39 million) in September. That represented a volume increase of 35 percent YoY and a value increase of NOK 32 million (USD 3.31 million, EUR 2.96 million), or 86 percent, YoY. Italy, Nigeria, and Canada were the largest markets, with Italy seeing 20 percent growth in export volumes YoY and NOK 17 million (USD 1.76 million, EUR 1.57 million), or 65 percent, value growth YoY.
NSC Envoy to Italy Tom-Jørgen Gangsø said that while the Italian stockfish market remained strong, raw material shortages were presenting challenges.
“Reduced visibility in the hotel, restaurant, and catering sector and in retail is turning stockfish into a niche product, a trend we expect to intensify in the short term,” Gangsø said. “The challenge is to secure sufficient raw materials for Italian producers and to maintain the product’s visibility and relevance among consumers.”
