Record exports of Norwegian seafood in 2023 due to price growth and weak krone

The export value of Norwegian seafood reached an all-time high in 2023, with seafood worth NOK 172 billion being exported from Norway. This equates to 39 million meals being served every day, all year round.

Compared to 2022, the export value increased by NOK 20.7 billion or 14 per cent.

“2023 was the best value year ever for Norwegian seafood exports. Seafood is still one of Norway's most sought-after global trade goods and has firmly established itself as the country's second-largest export product, behind oil and gas”, says Christian Chramer, Managing Director of the Norwegian Seafood Council.

Currency effect of NOK 15 billion

As of 2022, the Norwegian krone has weakened, resulting in solid seafood export growth when measured in NOK. However, the growth in euros and dollars, which are our most important trading currencies, was significantly less.

“The weak Norwegian krone and the general price increase in the markets lifted the value to a record high level. In total, the devaluation of the krone contributed to increasing the export value by almost NOK 15 billion in 2023”, explains Christian Chramer.

“The seafood industry has reason to be proud”

“Although the weak krone is the main reason for the increase in value, this shows that Norwegian seafood is strong abroad. The seafood industry has every reason to be proud of that - from the smallest shark fisherman to the people at the largest aquaculture facilities”, says Minister of Fisheries and Ocean Policy, Cecilie Myrseth (Ap).

Norway's seafood exports last year amounted to 2.8 million tonnes, which is 5% less than the previous year. The two most significant species of Norway's seafood, salmon and cod, experienced a decline in volume last year. The volume in the pelagic sector, including mackerel and herring, was the lowest since 2016.

Quota reduction resulted in reduced landings

"Our wild-caught species are subject to quota regulations which can affect their landings. In 2023, there was a 20% reduction in the cod quota, resulting in lower catches. Despite this, the export value for most cod categories increased. A similar situation was observed for mackerel, with lower catches but a record-high export value. Salmon remains the main contributor to Norwegian seafood exports. In 2023, Norway exported 1.2 million tonnes of salmon, valued at NOK 122.5 billion, which accounted for 71% of the total value of all seafood exports," explained Christian Chramer.

Still challenging times

This means that every single day last year, 16 million Norwegian salmon meals were served worldwide.

“On a day where we are celebrating a new value record for seafood exports, it is important to remember that this does not equate to solid bottom lines for the seafood companies. For many of them, these are still challenging times with increased costs, weakened consumer purchasing power and a changing global competitive landscape. Norwegian seafood still does not sell itself”, emphasises Christian Chramer.

Concerned about the fall in seafood consumption in Norway

Minister of Fisheries and Ocean Policy, Cecilie Myrseth, highlights the falling seafood consumption in Norway as another challenge.

“We must step up our efforts here at home because we have never eaten less fish than today. Seafood is both sustainable and healthy, so we must reverse the trend and eat more of it”, says Myrseth.

Facts about seafood exports 2023

• Norway exported seafood to a total of 153 countries in 2023. This is six more than last year.
• Poland, Denmark, and the USA were the largest markets for Norwegian seafood exports in 2023.
• Poland had the greatest increase in value last year with an increase in export value of NOK 3.2 billion, or 21 per cent, compared to the previous year.
• The export volume to Poland ended at 277,745 tonnes, which is 4 per cent higher than the previous year.

The ten largest markets by value

1. Poland: NOK 18.7 billion (+21%)
2. Denmark: NOK 14.6 billion (+16%)
3. USA: NOK 13.7 billion (+18%)
4. France: NOK 11.8 billion (+11%)
5. The Netherlands: NOK 10.8 billion (+16%)
6. Spain: NOK 8.8 billion (+20%)
7. Great Britain: NOK 8.6 billion (+11%)
8. China: NOK 8.5 billion (+18%)
9. Italy: NOK 7.5 billion (+14%)
10. Germany: NOK 5.4 billion (+17%)

These markets had the greatest growth in value

1. Poland: NOK 18.7 billion (+3.2 billion)
2. USA: NOK 13.7 billion (+2.1 billion)
3. Denmark: NOK 14.6 billion (+2 billion)
4. The Netherlands: NOK 10.8 billion (+1.5 billion)
5. Spain: NOK 8.8 billion (+1.5 billion)
6. China: NOK 8.5 billion (+1.3 billion)
7. France: NOK 11.8 billion (+1.2 billion)
8. Italy: NOK 7.5 billion (+0.9 billion)
9. Ukraine: NOK 2.4 billion (+0.8 billion)
10. Great Britain: NOK 8.6 billion (+0.8 billion)

The ten largest species measured in value

1. Salmon: NOK 122.5 billion (+16%)
2. Cod: NOK 12.2 billion (+0%)
3. Mackerel: NOK 6.7 billion (+7%)
4. Trout: NOK 5.5 billion (+10%)
5. Herring: NOK 4 billion (+3%)
6. Saithe: NOK 4 billion (+9%)
7. Haddock: NOK 1.7 billion (-14%)
8. Prawn: NOK 1.3 billion (+8%)
9. King crab: NOK 1.2 billion (+43%)
10. Blue halibut: NOK 968 million (+16%)

The quarterly development in 2023

• 1st quarter: NOK 41.4 billion (+21.7%)
• 2nd quarter: NOK 40.8 billion (+13.3%)
• 3rd quarter: NOK 42.0 billion (+9.3%)
• 4th quarter: NOK 47.9 billion (+11.7%)

The development for aquaculture

• Aquaculture makes up 75% of Norway's total seafood exports in terms of value, and 46% in terms of volume.
• In 2023, Norway exported 1.3 million tonnes of seafood from aquaculture.
• The value of these exports was NOK 128.7 billion.
• The volume of seafood exports from aquaculture fell by 1.1% compared to the previous year.
• However, the value of these exports increased by NOK 17.6 billion (16%) compared to 2022.

The development of fisheries

• Norway's seafood industry significantly contributes to its economy, with fisheries accounting for 25% of the total value of seafood exports and 54% of the total volume.
• 2023 Norway exported 1.5 million tonnes of seafood from fisheries, totalling NOK 43.3 billion. However, there was a decline of 6.9% in volume compared to the previous year.
• Despite this, the value of seafood exports increased by NOK 3.1 billion, or 8%, when compared to 2022.

Salmon achieves an all-time high for export value

• Norway exported 1.2 million tonnes of salmon to a value of NOK 122.5 billion in 2023
• The value increased by NOK 16.9 billion, or 16 per cent, compared to last year.
• The volume fell by 2 per cent.
• Poland, France, and the USA were the largest markets for salmon in 2023.

This is a record-high export value for salmon, NOK 16.9 billion higher than the previous record year, which was in 2022.

“We see several positive trends in home consumption in Europe, which is positive for processing finished products in Poland. In addition, in 2023, there was an increase in exports from Poland to countries outside the EU, including to the USA”, says Seafood Analyst Paul T. Aandahl with the Norwegian Seafood Council.

Greatest increase in value to Poland

Poland had the greatest increase in value last year, with an increase in export value of NOK 2.9 billion, or 21 per cent, compared to the previous year. The export volume to Poland ended at 189,400 tonnes, which is 2 per cent higher than the previous year.

There is a record-high price for fresh salmon fillets at NOK 148 per kg. This is NOK 31 per kg higher than the previous record year, which was in 2022.

There is a record high price for fresh whole salmon at NOK 93 per kg. This is NOK 14 per kg higher than the previous record year, which was in 2022.

Good year for trout

• Norway exported 56,900 tonnes of trout to a value of NOK 5.5 billion in 2023
• The value increased by NOK 485 million, or 10 per cent, compared to last year.
• There is a growth in volume of 4 per cent.
• The USA, Ukraine and Thailand were the largest markets for trout in 2023.

This is a record-high export value for trout, NOK 485 million higher than the previous record year, which was in 2022.

Strong growth for Ukraine

Ukraine had the greatest increase in value last year, with an increase in export value of NOK 284 million, or 92 per cent, compared to the previous year. The export volume to Ukraine ended at 8,000 tonnes, which is 76 per cent higher than the previous year.

The volume is roughly identical to what was exported of trout to Ukraine in 2021.

“Overall, the export volume of salmon and trout to Ukraine has increased by 14 per cent compared to 2022. If, on the other hand, we compare with 2021, there is a decrease of 27 per cent”, says Seafood Analyst Paul T. Aandahl with the Norwegian Seafood Council.

Value growth and volume decline for fresh cod

• Norway exported 49,000 tonnes of fresh cod to a value of NOK 2.8 billion in 2023
• The value increased by NOK 114 million, or 4 per cent, compared to last year.
• The volume fell by 10 per cent.
• Denmark, the Netherlands, and Spain were the largest markets for fresh cod in 2023.

“Lower cod quotas have been the main reason for the decline in the export volume for fresh cod in 2023”, says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

The export volume of fresh wild cod fell by 20 per cent to 40,300 tonnes, while the export value fell by 6 per cent and ended at NOK 2.4 billion.

Skrei holds its strong position

“The export of the quality mark skrei, however, held up in 2023, with an export volume of 4,189 tonnes, which is only 6 per cent lower than in 2022”, says Brækkan.

For fresh farmed cod, the export volume increased by a whopping 125 per cent, to 8,700 tonnes. The export value finally ended at NOK 463 million. 16 per cent of the export value of fresh cod in 2023 was farmed cod.

Greatest growth in exports to the Netherlands

“While the transit country Denmark is still our largest market for fresh cod, the Netherlands was the largest growth market in 2023, with increased volumes for wild and farmed cod. It is also a transit country, and most of the volume is processed and re-exported from there to other markets”, says Brækkan.

Like most other markets, Norway's largest skrei market, Spain, had a decline in the export volume of wild cod in 2023. A total of 1,300 tonnes of fresh wild cod was exported directly to Spain in 2023, which is 17 per cent lower than last year.

Strong Spanish skrei market

For the quality mark skrei, export volume ended at 1,138 tonnes. This is an increase of 26 per cent compared to 2022.

“Only in two other years has the direct export of skrei to Spain been higher, and then this year with significantly higher quotas”, says Eivind Hestvik Brækkan.

Farmed cod elevates the entire cod category

The export volume of fresh farmed cod to Spain increased by a substantial 112 per cent last year to a total of 2,900 tonnes.

“With increased volumes of farmed cod, the Spaniards now have better access to fresh cod all year round, which can help secure shelf space all year round and lift the entire cod category, also during the flounder season”, explains Brækkan.

Demanding year for frozen cod

• Norway exported 62,300 tonnes of frozen cod to a value of NOK 3.5 billion in 2023.
• The value fell by NOK 654 million, or 16 per cent, compared to last year.
• The volume fell by 23 per cent.
• The United Kingdom, China and Poland were the largest markets for frozen cod in 2023.

China has been our biggest market for frozen cod ever since 2011, but this changed last year.

The United Kingdom takes the throne

“For the first time since 2010, the United Kingdom is the largest market for frozen cod measured by value”, says seafood analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

While the export volume to China fell by a significant 52 per cent to just 14,200 tonnes, the volume to the United Kingdom increased by 10 per cent to 13,700 tonnes.

Impact of customs tariffs

The export value of frozen cod to the United Kingdom ended at NOK 960 million. It is the highest ever and has increased by 20 per cent compared to 2022.

“Both frozen fillet and frozen whole cod grew in export volume to the UK in 2023. Much of the reason for the increase in exports to the UK can probably be attributed to the increase in customs tariffs that the UK introduced on imports of Russian cod in the summer of 2022”, explains Brækkan.

Record year for clipfish

• Norway exported 84,500 tonnes of clipfish worth NOK 6 billion in 2023.
• The export value increased by NOK 480 million, which is a 9% increase compared to the previous year. However, the export volume decreased by 1%.
• The largest markets for clipfish in 2023 were Portugal, Brazil, and the Dominican Republic.

This record-high export value for clipfish was NOK 480 million higher than the previous record in 2022.

The export volume decreased by 8% to 26,800 tonnes for cod clip fish, while the export value increased by 8 cents to NOK 3.3 billion.

Cod´s share of exports is falling

Clipfish production of Sei increased by 5% to a total of 47,400 tonnes, while its value rose by 11% to NOK 2.3 billion. Due to a reduction in quotas, the share of cod in clipfish exports has decreased. In 2023, only 32% of clipfish export volume was cod, the lowest percentage ever recorded, according to seafood analyst Eivind Hestvik Brækkan.

Good year for Brazilian exports

Last year, Brazil experienced a significant increase in export value of 43%, which translates to an increase of NOK 401 million compared to the previous year. The export volume to Brazil rose by 28%, reaching 19,136 tonnes. According to Brækkan, there was growth in volume and value for clipfish of tusk, ling, pollock, and cod in Brazil, with cod showing the most significant growth.

Lowest export volume to Portugal since 2008

The export volume for cod rockfish to Portugal, our largest market, has decreased by 15% to 19,300 tonnes, and the export value has fallen by 2%.

"This is the lowest volume to Portugal since 2008. However, Portugal remains our largest cod market overall, with 34% of all cod exports measured in value going to Portugal in 2023. We need to return to 1991 to find a higher percentage share than this". Eivind Hestvik Brækkan explains.

Strong position for halibut

Trond Rismo, the Norwegian Seafood Council's representative in Portugal, is optimistic about the potential of the Portuguese market for Norwegian cod this year.

"In the previous year, Portugal faced economic uncertainty and high food prices. Despite these challenges, the market for rockfish and saltfish remained strong, indicating the powerful position of Norwegian halibut in the industry. However, this year, there is increased uncertainty as several financial support measures for Portugal have disappeared. Nonetheless, Bacalao, a traditional dish in Portugal, will continue to drive Norwegian cod exports".

The best year ever for saltfish

• Norway exported 27,400 tonnes of salted fish to a value of NOK 2.2 billion in 2023.
• The value increased by NOK 291 million, or 15 per cent, compared to last year.
• Export volume fell by 5 per cent.
• Portugal, Italy and Spain were the largest markets for salted fish in 2023

This is a record-high export value for salted fish, NOK 253 million higher than the previous record year, 1998.

Good development for salted fish experts to Portugal

Portugal had the greatest increase in value last year, with an increase in export value of NOK 259 million, or 19 per cent, compared to the previous year.

“The strong development we had in 2022 also continued last year, and the export volume to Portugal in 2023 ended at 18,606 tonnes. This is only 4 per cent lower than in 2022 and higher than all the previous five years, says seafood analyst Eivind Hestvik Brækkan in Norway's Seafood Council.

Growth in value and volume for dried fish

• Norway exported 3,700 tonnes of dried fish to a value of NOK 883 million in 2023.
• The value increased by NOK 149 million, or 20 per cent, compared to last year.
• There is a growth in volume of 4 per cent.
• Italy, the USA and Croatia were the largest markets for dried fish in 2023

Italy had the greatest increase in value last year, with an increase in export value of NOK 128 million, or 27 per cent, compared to the previous year.

Demanding development for the Italian market

The export volume to Italy ended at 1,916 tonnes, which is 3 per cent lower than the previous year.

“Rising prices in Italy and lower quotas have contributed to 2023 being the second lowest-ever year in terms of export volume. Only 2020 saw lower export volumes of dried fish”, says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

Value growth for herring despite a drop in volume

• Norway exported 236,300 tonnes of herring worth NOK 4 billion in 2023
• The value increased by NOK 125 million, or 3 per cent, compared to last year.
• The volume fell by 19 per cent.
• Poland, Lithuania, and Egypt were the largest markets for herring in 2023.

“With quota reductions for both NVG and North Sea herring, the export volume was expected to decrease. The decrease in volume is reinforced by several factors that drive the export of fillets instead of whole frozen herring”, says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Three important factors impacting herring exports

Here are three of the factors that affected herring exports in 2023:

• High prices for flour and oil make the residual raw material from fillets valuable.
• Good demand in the fillet markets
• Weakening of the markets for frozen whole herring

“This means that it is only Egypt that drives demand, but here, too, there are challenges with a lack of currency”, says Jan Eirik Johnsen.

Strong price growth in the Norwegian kroner

In 2022, 128,400 tonnes of frozen herring were exported. This fell to 72,000 tonnes in 2023. For frozen fillets, the figures are 116,000 tonnes in 2022 and 122,000 tonnes in 2023.

“There is a strong price increase in Norwegian kroner for most herring products, which is mainly due to a weak Norwegian krone. In addition, exports are affected by reduced volumes and inflation that pushes prices up”, explains Jan Eirik Johnsen.

New export record for mackerel

• Norway exported 307,800 tonnes of mackerel to a value of NOK 6.7 billion in 2023
• The value increased by NOK 418 million, or 7 per cent, compared to last year.
• The volume fell by 10 per cent.
• Japan, South Korea, and China were the largest markets for mackerel in 2023.

The export value of NOK 6.7 billion is a new record for mackerel.

“Lower quotas and difficult fishing conditions in Norwegian waters meant that the quota was not taken, and this resulted in a reduced volume. Thanks to higher prices, the drop in volume was compensated, and 2023 was the best year ever for mackerel exports measured in value”, says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Price record for whole frozen mackerel under 600 grams

In 2023, a total of 10 new price records were set for whole frozen mackerel under 600 grams, which makes up most of the mackerel that is exported.

The highest average price was achieved in November, with NOK 22.36 per kg before last year's highest price was NOK 19 per kg, set in June 2022.

Good demand and increased inflation

“A weak Norwegian krone also contributes to mackerel, but there is also market price growth. It is driven by a combination of good demand and increased inflation”, explains Johnsen.

2023 has been characterized by good demand in the Asian markets, and 66 per cent of the mackerel volume from Norway went to Asia. In terms of value, it accounted for 68 per cent of exports.

Record year for king crab

• Norway exported 2,500 tonnes of king crab worth NOK 1.2 billion in 2023.
• The value increased by NOK 359 million, or 43 per cent, compared to last year.
• There is a growth in volume of 78 per cent.
• The United States, Hong Kong SAR, and Vietnam were the largest markets for king crabs in 2023.

This is a record-high export value for king crab, NOK 205 million higher than the previous record year, which was in 2021.

“The record is driven by an increase in volume resulting from an increased quota and an improved market situation. Demand and logistics to Asia have picked up while sanctions against Russian crab in the West contributed to increased exports to the USA”, says Marte Sofie Danielsen, Manager for Shellfish with the Norwegian Seafood Council.

Fall in the prices of frozen and live king crab

However, frozen and live king crab prices have fallen compared to last year's record prices. Helped by a weakened Norwegian krone, prices were nevertheless above the levels in 2021.

The USA was the largest market for king crab and had the largest increase in value last year, with an increase of NOK 209 million, or 80 per cent, compared to the previous year.

“Although Norway has periodically been the only supplier to the USA, prices have fallen in both kroner and dollars. A lot of uncertainty has characterized the market situation in the USA because of the sanctions, the sky-high prices in 2022 and a two-year closed fishery in Alaska. However, it was reopened in October”, explains Danielsen.

Tough competition in Asia

As Russia has had to deliver all its crab to Asia, it has been difficult for the Norwegian king crab to compete against the large volumes and lower prices included in this market.

“Exports to Asia have not risen to the same level as before Russia's invasion of Ukraine. Nevertheless, in 2023, there has been good demand in Vietnam and Hong Kong, where volumes have increased by 36 and 21 per cent, respectively, compared to 2021”, says Marte Sofie Danielsen.

Weak year for snow crab exports

• Norway exported 5,000 tonnes of snow crab to a value of NOK 510 million in 2023
• The value fell by NOK 157 million, or 24 per cent, compared to last year.
• There is a growth in volume of 33 per cent.
• The United States, the Netherlands, and Denmark were the largest markets for snow crab in 2023.

Despite an increased quota and a strong fishing season that resulted in record volumes, it has been another weak year in terms of value for the snow crab.

The low export prices after the collapse in 2022 have continued into 2023. The decline in export prices has been characterized by a challenging market situation in the USA, where they have had large inventories and poor demand, at the same time as Canada has received increased quotas”, says Marte Sofie Danielsen, Manager for Shellfish with the Norwegian Seafood Council.

Decrease of 42 percent

The average price of frozen snow crab in 2023 was NOK 101.30 per kg, a 42 per cent decrease compared to the previous year.

“We must go back to 2016 to find a lower export price for snow crab”, says Danielsen.

Greatest growth in value to the USA

36 per cent of the volume went to the USA, which was also the market with the greatest growth in value last year. The increase was NOK 65 million, or 49 per cent, compared to the previous year.

“The increase in value is driven by increased volume, as the export volume to the USA ended at 1,796 tonnes, which is 145 per cent higher than the previous year”, explains Marte Sofie Danielsen.

Decline to Denmark

There is also increased volume for the transit market in the Netherlands and the processing markets in Indonesia, Vietnam and Bulgaria compared to 2022. The largest decrease has been for the transit market in Denmark, with a volume decrease of 32 per cent.

Value growth for prawn

• Norway exported 20,600 tonnes of prawn to a value of NOK 1.3 billion in 2023
• The value increased by NOK 95 million, or 8 per cent, compared to last year.
• The volume fell by 2 per cent.
• Sweden, the United Kingdom, and Iceland were the largest markets for prawn in 2023.

“2023 was another strong year for Norwegian cold-water prawn. Apart from 2022, we must return to 2008 for a higher export volume. Despite a slight decrease in volume, the value has increased by 8 per cent compared to 2022. It was only in 1999 and 2000 that the value was higher”, says Marte Sofie Danielsen, Manager for Shellfish with the Norwegian Seafood Council.

Decrease for frozen, peeled prawn

The increase in value is primarily due to a weakened Norwegian krone, as there has been a decline in both volume and price in euros for frozen peeled prawn, which have a share of 60 per cent.

“The largest markets, the UK, Sweden, and Finland, have all been characterized by high food inflation, weakened purchasing power and lower total imports of prawn”, explains Danielsen.

There has also been a decline in frozen raw industrial prawn of 43 per cent measured in value. This is due to both a volume decrease of 32 per cent and a price decrease of NOK 4.27 per kg to NOK 22.37 per kg.

Value record for frozen, cooked, shelled prawns

“On the other hand, there has been a positive development for frozen, cooked shell prawns. Here, there was an increase of 271 per cent measured in value, which contributed well to the increase in value for prawns overall”, says Marte Sofie Danielsen.

The export of frozen, cooked shell prawns ended at 4,400 tonnes, worth NOK 240 million.

Largest increase in value to Ukraine

“This growth is because several of the boats that fish in the Barents Sea have had cooking lines on board, which leads to increased production and, therefore, export volume. At the same time, there has been good demand with a price increase in the largest recipient markets”, says Danielsen.

Ukraine was the largest market for frozen, cooked shelled shrimp, and consequently also had the largest increase in value for shrimp compared to 2022. The increase was NOK 70 million, or 452 per cent.

The export volume to Ukraine ended at 1,390 tonnes, which is 329 per cent higher than the previous year.

New quota determination

In the first half of the year, good coastal fishing in the south led to increased exports of fresh-shelled shrimp and freshwater shrimp. This resulted in a value increase of over NOK 14 million in total in 2023 compared to 2022.

“This spring, the quota calculation method for shrimp in the North Sea and Skagerrak was revised, and a new quota period was set. It applies from 1 July 2023 to 30 June 2024. It, therefore, no longer follows the calendar year as was done previously”, explains Marte Sofie Danielsen

At the same time, this led to a sharp reduction from the recommended quota in the first half of 2023 of 5,882 tonnes to a total of 3,805 tonnes for the new quota period. The advice from ICES is based on a new harvest rule and revised reference points for the stock.

Statistics Norway has provided the statistical basis used in this press release.
The Norwegian Seafood Council points out that these figures are unaudited.
Changes may, therefore, occur after they have been revised.