Norwegian seafood exports in November totalled NOK 14.4 billion

Norway exported NOK 14.4 billion worth of seafood in November, representing an increase of NOK 2.3 billion, or 19 per cent, compared to the same month last year.

So far this year, Norway has exported NOK 138 billion worth of seafood. NOK 29.2 billion ahead of the same period last year.

Increased costs and high food inflation

"The export value in November is the third highest ever in a single month and confirms that Norwegian seafood still has a strong global position. Nevertheless, the increase in demand is not taken out in greater volume but in higher prices. In general, we have high food inflation and increased costs, which drive up prices throughout the value chain", says Christian Chramer, CEO of the Norwegian Seafood Council.

Higher prices accounted for almost NOK 3 billion of the total seafood exports of NOK 14.4 billion in November. A solid month for salmon, trout, pollock and cod, all of which achieved export records compared to November last year.

Unrest in the salmon market

"Although November in isolation was a strong export month for salmon, there are reports from the markets of an unsettled and unclear situation related to the contract market for salmon in 2023. This erodes the predictability that Norwegian salmon has represented for importers, producers and retail customers", says Chramer.

Demanding times

In November, many seafood species were exported in lower volumes than a year ago, depressing revenues by approximately NOK 900 million compared to November last year.

"These are challenging times for many of our wild-caught species and categories. High prices and lower purchasing power in Italy are, among other things, challenging for dried fish. After an excellent start to the year, we experienced a drop in both volume and value for herring and mackerel in November, so we are unlikely to see new export value record for pelagic exports this year", says Christian Chramer.

Exports will exceed NOK 150 billion in value

If this year's strong value growth continues in December, seafood exports will pass NOK 150 billion by the end of 2022. This is mainly due to salmon, which accounted for 70 per cent of the total export value in November.

"For the second month in a row, salmon exports exceeded NOK 10 billion in value, a historically high level. After the first 11 months of the year, the total export value from the aquaculture sector is, for the very first time, NOK 100 billion", says Christian Chramer.

Norwegian domestic consumption falls

War and unrest have put a lot of pressure on consumer finances worldwide. This may affect the demand for Norwegian salmon in the vital hotel, restaurant and canteen segment in the future.

"We see that home consumption of salmon is falling in Norway's most important markets. So far this year, this has been compensated by more people eating out after the coronary restrictions disappeared. However, market reports suggest that many eateries are beginning to feel the effects of weakened purchasing power. In the long term, it may affect total salmon consumption negatively. It shows that we cannot take our strong market position for granted", says the Seafood Council's CEO.

Currency effect of NOK 300 million

In November, the Norwegian krone weakened against the dollar and the euro compared to the same month in 2021. This gave the export value a helpful boost.

"Since a weak kroner results in higher export prices measured in Norwegian kroner, it is a favourable development for everyone who sells goods abroad. In total, the currency effect contributed to a value increase of around NOK 300 million for Norwegian seafood exports in November", says Christian Chramer.

Strongest growth in value to the USA

• The USA had the most significant increase in value in November, with an increased export value of NOK 473 million, or 64 per cent, compared to the same month last year.
• The export volume to the USA ended at 10,587 tonnes, which is 22 per cent higher than the same month last year.
• Seafood was exported to 121 countries in November, six more countries than in November 2021.
• The largest markets for Norwegian seafood exports in November were Poland, Denmark and the USA.

Record month for salmon

• Norway exported 125,234 tonnes of salmon to a value of NOK 10.1 billion in November.
• The value of exports increased by NOK 2.2 billion, or 28 per cent, compared to November last year.
• The volume fell by 1 per cent.
• Poland, the USA and France were the biggest markets for salmon in November.

The USA had the most significant increase in value this month, with an export value of NOK 431 million, or 87 per cent, compared to the same month last year.

The export volume to the USA ended at 6,393 tonnes, which is 30 per cent higher than in the same month last year.

"This must be seen in the context of several factors. There is still strong demand growth in the USA after the corona pandemic, while at the same time, there is a reduced supply from several competing nations. A strong US dollar against the euro also contributes positively, says Paul T. Aandahl, Seafood Analyst with the Norwegian Seafood Council.

Value growth for trout

• Norway exported 4,897 tonnes of trout worth NOK 454 million in November.
• The export value increased by NOK 32 million, or 7 per cent, compared to November last year.
• The export volume fell by 25 per cent.
• The USA, Thailand and Lithuania were the biggest markets for trout in November.

Lithuania had the largest increase in value in November, with an export value of NOK 50 million, or an increase of 1,886 per cent, compared to the same month last year.

The export volume to Lithuania ended at 622 tonnes, which is 977 per cent higher than in the same month last year.

Strong month for fresh cod

• Norway exported 2,945 tonnes of fresh cod to a value of NOK 178 million in November.
• The value increased by NOK 53 million, or 43 per cent, compared to November last year.
• There is a growth in export volume of 13 per cent.
• Denmark, Sweden and Spain were the biggest markets for fresh cod in November.

Denmark had the most significant increase in value this month, with an increased export value of NOK 34 million, or 39 per cent, compared to the same month last year.

The export volume to Denmark ended at 1,980 tonnes, which is 5 per cent higher than in the same month last year.

Significant growth for farmed cod

The export volume of fresh cod increased in line with the landings in November.

“In addition, we have a record high export value for fresh whole-farmed cod in a single month, with NOK 28 million. 500 tonnes of farmed cod were exported to 17 countries in November. Spain was the largest market, with just under 200 tonnes, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Decreased exports for frozen cod

• Norway exported 4,024 tonnes of frozen cod worth NOK 234 million in November.
• The value fell by NOK 116 million, or 33 per cent, compared to November last year.
• The volume fell by 50 per cent.
• Great Britain, China and Poland were the biggest markets for frozen cod in November.

Lower landings contributed to a lower export volume of frozen cod in November.

Export volumes fell to all major markets, with the largest decline being to Poland. This month, Indonesia had the most significant increase in value, with an export value of NOK 9 million, compared to nothing last year.

Indonesia is back

"The export volume to Indonesia ended at 184 tonnes. Over the past three months, Norway has exported a total of 450 tonnes of frozen whole cod to Indonesia, while we have to go back to October last year to find the last time Norway exported frozen cod there. Then the volume was only 26 tonnes, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Value growth for clipfish

• Norway exported 8,495 tonnes of clipfish to a value of NOK 680 million in November.
• The export value of clipfish increased by NOK 169 million, or 33 per cent, compared to November last year.
• The export volume fell by 8 per cent.
• Portugal, Congo-Brazzaville and the Dominican Republic were the biggest markets for clipfish in November.

Portugal had the most significant increase in value this month, with an export value of NOK 173 million, or 66 per cent, compared to the same month last year.

The export volume to Portugal ended at 3,932 tonnes, which is 25 per cent higher than the same month last year.

Increased prices in Portugal

"In Portugal, home consumption of clipfish has fallen over several months, at the same time that prices in groceries have increased significantly over the autumn. Despite this, we have seen good growth in exports in November. So far this year, the export volume of cod clipfish to Portugal is only 3 per cent lower than last year", says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Weak month for salted fish

• Norway exported 1,516 tonnes of salted fish to a value of NOK 101 million in November.
• The value fell by NOK 2 million, or 2 per cent, compared to November last year.
• The volume fell by 19 per cent.
• Portugal, Italy and Spain were the biggest markets for salted fish in November.

Spain saw the largest increase in salted fish exports this month, with an increase in value of NOK 6 million, or 120 per cent, compared to the same month last year.

The export volume to Spain ended at 154 tonnes, which is 64 per cent higher than the same month in 2021.

Good development for Spain

"In light of the 16 per cent fall this year in the seafood category within Spanish grocery chains, the development of salted codfish from Norway is very positive. The fact that export volume continues to grow alongside a doubling of export value shows how much Spanish consumers value salted codfish from Norway. This at a time when many feel that their purchasing power is decreasing", says Bjørn-Erik Stabell, the Norwegian Seafood Council's envoy to Spain.

A demanding market for dried fish

• Norway exported 421 tonnes of dried fish to a value of NOK 99 million in November.
• The value fell by NOK 23 million, or 19 per cent, compared to November last year.
• The volume fell by 36 per cent.
• Italy, Croatia and Nigeria were the biggest markets for dried fish in November.

Record prices for whole dried cod have reached NOK 262 per kg. NOK 2 higher than in the previous record month, October 2022.

Nigeria had the most significant increase in value this month, with an export value of NOK 1 million, or 14 per cent, compared to the same month last year.

Decline to Italy

The export volume to Nigeria ended at 59 tonnes, 25 per cent lower than last year's last month. To our largest dried fish market, Italy, the export volume of dried cod fell 46 per cent, to 210 tonnes", says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

So far this year, the export volume to Italy has fallen 28 per cent from last year to 1,750 tonnes.

Weak November for herring

• Norway exported 43,884 tonnes of herring worth NOK 577 million in November.
• The value fell by NOK 98 million, or 15 per cent, compared to November last year.
• The volume fell by 24 per cent.
• Poland, Lithuania and Cameroon were the biggest markets for herring in November.

Cameroon had the most significant increase in value this month, with an export value of NOK 56 million, compared to nothing last year. The export volume ended at 6,351 tonnes.

Increased share of seafood as a flour and oil ingredient

"For herring, November was a good catch month, totalling 162,000 tonnes. This is an increase from the same month last year of 17.5 per cent. The reduction in herring exports is because, historically, a lot of herring has gone into flour and oil. In November, a total of 47,000 tonnes, of which 45,000 tonnes were NVG herring, went to this area of use, says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

The reason lies in the fact that a somewhat saturated consumer market for herring resulted in lower prices in first-hand sales, and that prices for flour and oil have been at a record level.

"This is again due to high prices for raw materials from agriculture for use in, among other things, salmon feed and a currency effect on the purchase of flour and oil from South America", says Johnsen.

Prices are on the way down

The export prices for almost all herring products are above the same period last year, but the prices have passed a peak and have fallen somewhat.

"This applies in particular to the price of round frozen herring. Due to a lack of large herring, sought after in Eastern Europe, round-frozen herring of smaller sizes go to West Africa at lower prices", says Jan Eirik Johnsen.

Fall in volume and value for mackerel

• Norway exported 33,062 tonnes of mackerel to a value of NOK 620 million in November.
• The value fell by NOK 141 million, or 19 per cent, compared to November last year.
• The volume fell by 23 per cent.
• South Korea, Japan and Poland were the biggest markets for mackerel in November.

The average price of exported mackerel in November was NOK 18.76 per kg. This is the highest price in November and the second highest for the season. The highest was NOK 18.86 per kg and dates from December last year.

Reduced exports to Africa

There has been good demand for Norwegian mackerel in the Asian markets until October, but it levelled off last month.

"Price levels and the challenges with access to currency in Egypt, as well as an unfavourable currency development for countries in Central and West Africa, have reduced exports to Africa. The reduced volumes are also because Norwegian exporters now store more mackerel in Norway, and they are shipped more evenly throughout the year", says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Strong export month for prawn

• Norway exported 2,254 tonnes of prawns worth NOK 112 million in November.
• The value increased by NOK 32 million, or 40 per cent, compared to November last year.
• There is a growth export volume of 72 per cent.
• Iceland, Sweden and Great Britain were the biggest markets for prawn in November.

There was a strong increase in export value and export volume for prawn in November. The export value increased by 24 million, and the export volume ended at 1,338 tonnes.

"The biggest driver was the export of frozen raw prawns to the pill industry in Iceland. Frozen raw prawns accounted for 32 per cent of the export value in November, compared to 14 per cent in the same month last year. This was the second largest prawn product, measured in terms of value", says Josefine Voraa, Manager for Shellfish with the Norwegian Seafood Council.

Value growth for frozen peeled prawns

Frozen peeled prawns, the most prominent product measured by value, accounted for 55 per cent of the export value in November. This is an increase in value of 8 per cent.

"Export volumes are down by 9 per cent, while the export value jumped by 19 per cent compared to November 2021. Exports to Sweden and Great Britain are increasing in value and volume, while exports to Finland decreased due to reduced volumes", says Josefine Voraa.

Challenging month for king crab

• Norway exported 120 tonnes of king crab worth NOK 79 million in November.
• Export value fell by NOK 37 million, or 32 per cent, compared to November last year.
• Export volume fell by 32 per cent.
• The USA, Canada and the Netherlands were the biggest markets for king crab in November.

In November, king crab had a challenging market situation compared to last year.

"Increased supply of Russian red king crab in Asia, lower demand for frozen in the USA and Europe led to a 32 per cent drop in volume in November", says Josefine Voraa, Manager for Shellfish with the Norwegian Seafood Council.

Greatest increase in export value to Canada

Measured by value, this is the second strongest November since Norway started exporting king crab. It comes from historically high prices, increased exports to North America and a weak krone against the dollar.

"Canada had the largest increase in value this month, with an export value of NOK 12 million, or 599 per cent, compared to the same month last year. The export volume to Canada ended at 18 tonnes, which is 383 per cent higher than the same month last year", says Josefine Voraa.

Indonesia was the largest market for snow crab

• Norway exported 198 tonnes of snow crab worth NOK 25 million in November.
• No snow crab was exported in November last year.
• Indonesia, the USA and the Netherlands were the biggest markets for snow crab in November.

In November, Indonesia was the largest market for Norwegian snow crab, with 129 tons worth NOK 15 million.

Of the total export value of NOK 25 million, Indonesia accounted for 60 per cent.