Strong seafood exports in January, due to high salmon prices and a weak krone

Norway exported seafood worth NOK 13.3 billion in January. This is an increase of NOK 640 million, or 5 per cent, compared to the same month in 2023.

"2024 seafood exports have got off to a good start. This is primarily due to increased salmon prices. Together with a weakened krone, this has led to the total export value setting a record high for January", says Christian Chramer, CEO of the Norwegian Seafood Council.

Export value grows for the 35th consecutive month

The value of seafood exports has continuously grown for the last 35 months. One of the reasons for this is the weak Norwegian krone.

"We also saw a significant currency effect in January. Compared to the same month last year, the Norwegian krone has weakened by 6 per cent against the euro, which raises export prices in the Norwegian kroner", explains Chramer.

Quota cuts result in a fall in volume

In January, Norway exported 184,000 tonnes of seafood, a 15 per cent decrease compared to January 2023.

"The quota reductions on cod, herring and mackerel are now really beginning to be felt in the export volume. This year, our largest wild-caught species measured by value, the cod, will receive a quota cut of 20 per cent. The same is the case for herring. This results in increased competition for the raw material and lower supply to the markets", says Chramer.

"It's important we take care of our precious fishing resources"

At the same time, he emphasizes that such regulations are a central part of Norwegian fisheries management.

"Taking care of the precious fishing resources along the Norwegian coast is not only important for Norway, but also important for being able to supply the world with nutritious seafood. To continue to manage it, we must live with lower landings and export volumes in periods. That makes Norway a sustainable and responsible seafood nation", stresses Christian Chramer.

Increased purchasing power of households in the euro area

The EU was the largest recipient of seafood from Norway in January. NOK 7.5 billion worth of seafood was exported to this market. This is an increase in value of 11 per cent compared to the same month last year.

"Although there is still uncertainty about the economic development in the markets, inflation in recent months has fallen faster than expected. The International Monetary Fund expects an increase in the purchasing power of households in the euro area this year. It will be positive for the demand for Norwegian seafood in a market which in 2023 accounted for 68 per cent of the export value of Norwegian seafood", says Chramer.

A new record for skrei

Despite partly demanding weather conditions in January, skrei fishing is well underway. Last month, quality-marked skrei accounted for 25 per cent of the export value of all fresh wild-caught cod. This is a new record for a single month.

"Like salmon, skrei has gained a foothold as a quality product among European consumers, and it is gratifying to see an increasing volume of skrei even as the overall cod quota falls", says Christian Chramer.

January exports - key facts

• In January, Poland, Denmark and the USA were the largest markets for Norwegian seafood exports
• Poland had the most significant increase in value this month, with an export value of NOK 257 million, or 25 per cent, compared to last year.
• The export volume to Poland ended at 18,870 tonnes, which is 9 per cent higher than the same month the previous year
• Seafood was exported to a total of 118 countries in January. This is one country more than in the same month last year

There is a decrease in volume but a growth in value for salmon

• Norway exported 86,985 tonnes of salmon to a value of NOK 9.8 billion in January
• The value increased by NOK 975 million, or 11 per cent, compared to January last year
• The volume fell by 2 per cent
• Poland, France and the USA were the biggest markets for salmon in January

Poland had the most significant increase in value this month, with an increase in export value of NOK 263 million, or 32 per cent, compared to last year.

The export volume to Poland ended at 11,400 tonnes, which is 26 per cent higher than the same month last year.

Price increase of 15 per cent

"The development in January follows the pattern from the last three years; a decrease in volume gives a more robust growth in price compared to the same period the previous year, and the result is an increase in value", says Paul T. Aandahl, Seafood Analyst with the Norwegian Seafood Council.

The average export price for fresh whole salmon in January was NOK 107.09 per kg. That is 15 per cent higher than in the same month last year.

A strong month for trout

• Norway exported 4,584 tonnes of trout worth NOK 439 million in January
• The value increased by NOK 132 million, or 43 per cent, compared to January last year
• There is a growth in volume of 49 per cent
• The USA, Thailand and Ukraine were the biggest markets for trout in January

Ukraine had the most significant increase in value this month, with an increase in export value of NOK 42 million, or 264 per cent, compared to the same month last year.

The export volume to Ukraine ended at 682 tonnes, which is 177 per cent higher than the same month last year.

Some big swings

"Historically speaking, both trout production and exports have had significant fluctuations. There was a decrease in 2023, but it is now back at the 2022 level measured in volume. However, there has been a sharp turn in the product mix for trout. Fresh whole trout has increased its dominance compared to the other product types, says Paul T. Aandahl, Seafood Analyst with the Norwegian Seafood Council.

Measured in terms of value, fresh whole trout accounted for 71 per cent of exports in January, compared to 57 per cent in the same month last year.

A decrease in the value of fresh cod

• In January, Norway exported 3,506 tonnes of fresh cod to a value of NOK 229 million
• The value fell by NOK 8 million, or 3 per cent, compared to January last year
• The volume fell by 7 per cent
• Denmark, Spain and the Netherlands were the biggest markets for fresh cod in January

With lower quotas, landings of fresh cod in January also fell by around 17 per cent.

"This has resulted in a lower export volume of wild-caught fresh cod, which fell 21 per cent in January to a total of 2,455 tonnes. The export value was NOK 170 million, says seafood analyst Eivind Hestvik Brækkan of Norway's Seafood Council.

26 per cent comes from aquaculture

The export volume of fresh farmed cod increased by 62 per cent to 1,051 tonnes and a value of NOK 59 million. At least 26 per cent of the export value of fresh cod in January was farmed cod.

"While the transit country Denmark is the largest destination for wild-caught cod, with over 80 per cent of the export volume, Spain is the largest destination for farmed cod. 40 per cent of the volume ends up in this market, says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

The most significant increase in value to Spain

Spain is also the country with the most significant increase in value this month, with an increase in export value of NOK 18 million, or 133 per cent, compared to last year.

The export volume to Spain ended at 513 tonnes, which is 136 per cent higher than the same month last year.

An excellent start to the skrei season

• Norway exported 601 tonnes of skrei worth NOK 50 million in January
• The value increased by NOK 13 million, or 34 per cent, compared to January last year
• There is a growth in volume of 34 per cent
• Denmark, Spain and Sweden were the biggest markets for skrei in January

Although both landings and export volume of fresh cod decreased in January, there was a solid increase in the volume for quality-labeled skrei.

A solid monthly record

"As much as 25 per cent of the total export volume of fresh wild-caught cod was raw in January. The share of skrei has never been higher in a single month", says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Also, for skrei, Spain had the most significant increase in value this month, with an export value of NOK 6 million. This is an increase from NOK 500,000 in January last year.

Strong interest in skrei in Spain

The export volume to Spain ended at 89 tonnes, compared to only 6 tonnes last year.

"While the 2023 skrei season started slowly due to many storms and limited access, this year's season has begun significantly stronger here in Spain. We are experiencing significant interest in the skrei out in the market, and it is gratifying to see that the season has gotten off to such a good start", says Tore Holvik, the Norwegian Seafood Council's envoy to Spain.

A heavy start for frozen cod

• Norway exported 7,480 tonnes of frozen cod worth NOK 364 million in January
• The value fell by NOK 78 million, or 18 per cent, compared to January last year
• The volume fell by 4 per cent
• China, Great Britain and Vietnam were the biggest markets for frozen cod in January

The export volume to our largest destination country, China, fell by only 1 per cent in January, while the volume to the UK fell by 19 per cent.

"There was the most significant decrease in the export of frozen fillet to the UK, which may have a connection with the fact that the landings of frozen fillet in January were also significantly lower than in January 2023", says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.

Largest growth in Vietnam

Vietnam had the most significant increase in value this month, with an increase in export value of NOK 32 million, or 117 per cent, compared to last year.

The export volume to Vietnam ended at 1,382 tonnes, which is 141 per cent higher than in the same month last year.

Price increases characterize the UK market

The start of the year is traditionally a good period for seafood consumption, especially among UK consumers.

"The economic situation and price increases have been high on the agenda and will continue to influence everyday choices and priorities in the future. We also see a complex picture of Norwegian seafood in the UK. While there is a decrease for frozen fillet and whole cod, there was an increased export volume of haddock across products in January", says the Norwegian Seafood Council's envoy to the UK, Victoria Braathen.

Decline for clipfish

• In January, Norway exported 9,131 tonnes of clipfish to a value of NOK 524 million.
• The value fell by NOK 97 million, or 16 per cent, compared to January last year.
• The volume fell by 5 per cent.
• Brazil, the Dominican Republic and Portugal were the biggest markets for clipfish in January.

The export volume for saithe clipfish increased by 10 per cent in January to 6,417 tonnes and an export value of NOK 269 million.

For cod clipfish, the export volume fell by 29 per cent to 1,497 tonnes, and an export value of NOK 185 million. The export volume and value also fell in January for clipfish of ling and tusk.

Halving the volume to Portugal

"Portugal, our largest cod clipfish market, saw its export volume halve in January to only 500 tonnes. Of this, 450 tonnes were cod", says Eivind Hestvik Brækkan, Seafood Analyst with Norwegian Norway's Seafood Council.

The export value of clipfish to Portugal fell by 45 per cent to NOK 55 million.

Greatest growth to Jamaica

Jamaica had the most significant increase in value this month, with an increase in export value of NOK 11 million, or 76 per cent, compared to the same month last year.

The export volume to Jamaica ended at 618 tonnes, which is 93 per cent higher than the same month last year. All of the clipfish to Jamaica in January were saithe.

Decrease in value volume growth for salted fish

• In January, Norway exported 1,179 tonnes of salted fish to a value of NOK 72 million
• The export value fell by NOK 4 million, or 5 per cent, compared to January last year
• There is a growth in volume of 10 per cent
• In January, Portugal, Greece and Italy were the biggest markets for salted fish

The export volume of salted fish to Portugal fell by 31 per cent in January to 447 tonnes. The export value to Portugal ended at NOK 32 million, 33 per cent lower than last year.

The most significant increase in export value to Greece

Greece had the most significant increase in value this month, with an export value of NOK 6 million, or 83 per cent, compared to last year.

The export volume to Greece ended at 234 tonnes, which is 118 per cent higher than the same month last year. 141 tonnes of ling clipfish were exported to Greece in January and 93 tonnes of cod clipfish.

Dried fish increase

• In January, Norway exported 422 tonnes of dried fish to a value of NOK 104 million
• The value increased by NOK 10 million, or 11 per cent, compared to January last year
• The volume fell by 7 per cent
• Italy, Croatia and Nigeria were the biggest markets for dried fish in January

Italy had the most significant increase in value this month, with an export value of NOK 20 million, or 30 per cent, compared to the same month last year.

The export volume to Italy ended at 284 tonnes, which is 19 per cent higher than the same month last year.

Weak month for herring

• Norway exported 20,984 tonnes of herring worth NOK 403 million in January
• The value fell by NOK 12 million, or 3 per cent, compared to January last year
• The volume fell by 26 per cent
• Poland, Germany and Lithuania were the biggest markets for herring in January

"With a total quota reduction for all herring of 20 per cent and NVG herring of 24 per cent, it is natural that catches are below the levels from January last year. In addition, demanding fishing has resulted in 72,000 tonnes being landed in January this year, compared to 103,000 tonnes in the same period last year", says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Reduced export of whole frozen herring

The trend of reduced exports of whole frozen herring in favour of an increased share of fillets continues on the market side. Frozen fillets accounted for 70 per cent of exports in January.

"The most important herring markets, Poland and Germany, have a strong month, with a total increase of 28 per cent and 46 per cent, respectively, for frozen fillet. At the same time, the price increased respectively by 6 per cent and 7.5 per cent in euros", says Johnsen.

A fall in the value and volume of mackerel exports

• Norway exported 16,725 tonnes of mackerel to a value of NOK 384 million in January
• The value fell by NOK 112 million, or 23 per cent, compared to January last year
• The volume fell by 34 per cent
• South Korea, Vietnam and Japan were the biggest markets for mackerel in January

"As Norway does not currently have an agreement on fishing in the British zone in place for the current year, it was mainly foreign boats that were responsible for the landings of mackerel in January, says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.

Provisional quota of 100,000 tonnes

This year, 29,000 tonnes have been landed, compared to 46,000 tonnes last year in the same period.

"Norway has not set a final quota for mackerel for the year pending the conclusion of negotiations with other coastal states. A provisional quota of 100,000 tonnes has been set, as was also done in 2023", explains Johnsen.

In terms of the market, the trend continues with increasing prices in many markets, and with an average price of US 2.13 dollars for mackerel under 600 grams, prices are nearing the record set in March 2022.

Good start to the year for king crab

• Norway exported 202 tonnes of king crab worth NOK 98 million in January
• The value increased by NOK 18 million, or 22 per cent, compared to January last year
• There is a growth in volume of 29 per cent
• The USA, Vietnam and Hong Kong SAR were the biggest markets for king crab in January

Despite a 60 per cent reduction in the king crab quota, the export value in January has increased by 22 per cent compared to the same month last year.

Strong rise in frozen king crab exports

"The increase in value is due to the rise in the export volume of frozen king crab, which comes from the fact that there has been king crab left in stock from last year. In addition, there has been an increase in the price of live king crab despite a volume decrease of 20 per cent", says Marte Sofie Danielsen, Manager for Shellfish with the Norwegian Seafood Council.

The price of live king crab increased by NOK 45 per kg, to NOK 520 per kg, compared to January last year.

King Crab sees the strongest growth in the USA

The USA had the largest increase in value this month, with a growth of NOK 22 million, or 62 per cent, compared to the same month last year.

The export volume to the USA ended at 103 tonnes, which is 35 per cent higher than the same month last year.

The average price of frozen king crab to the USA was NOK 608 per kg, while live ones were NOK 539 per kg.

A big fall in snow crab exports

• In January, Norway exported 123 tonnes of snow crab to a value of NOK 10 million
• Compared to January last year, the value fell by NOK 24 million, or 70 per cent
• The volume fell by 58 per cent
• Denmark and Canada were the biggest markets for snow crab in January

"The main reason for the large drop in volume is that there has been less left in stock from the previous year. That was not the case in January last year when there was a lot in stock from 2022. There has been good snow crab fishing in January, so export volumes are expected to pick up again from February", says Marte Sofie Danielsen, Manager for Shellfish with the Norwegian Seafood Council.

Notable increase in value to Denmark

In January, the snow crab mainly went to the transit market in Denmark, which had the most significant increase in value with an increase of NOK 9 million compared to the same month last year. The export volume to Denmark ended at 111 tonnes.

"In January, the price per kilo for frozen snow crab was NOK 83 per kg, the lowest in a January month since 2015, which was the first year we started exporting snow crab. Compared to January last year, the decrease is 29 per cent", explains Danielsen.

A large increase in prawn volume

• In January, Norway exported 1,693 tonnes of prawn to a value of NOK 89 million
• The value was unchanged from the same month last year
• There is a growth in volume of 48 per cent
• Sweden, Iceland and Denmark were the biggest markets for prawns in January

Although the volume has increased by 48 per cent, the value is unchanged.

"This is due to increased volumes at lower prices and lower volumes of more expensive products. In addition, there has been substantial growth in the export of frozen industrial prawns to Iceland. At the same time, the price has more than halved", says Marte Sofie Danielsen, Manager for Shellfish with the Norwegian Seafood Council.

Decrease for frozen peeled prawn

Iceland had the most significant increase in value in January, with 688 tonnes, worth NOK 14 million, compared to nothing last year.

At the same time, there has been a volume and value decrease of 34 per cent for frozen peeled prawns. The volume has decreased by 266 tonnes, while the price has decreased by 3 per cent, measured in Norwegian kroner, and 9 per cent in euros.

Measured in total value, Sweden was the largest market for shrimp in January, with 239 tonnes worth NOK 21 million.