Strong September secures solid quarter for Norwegian seafood exports

Norway exported seafood worth NOK 44.1 billion in the third quarter. This is an increase of NOK 2.2 billion, or 5 per cent, compared with the same period last year.

“Thanks to a historically high export value in September, we have put behind us the best third quarter ever. This time there is virtually no currency effect from a weak Norwegian krone, since we are comparing with the same period last year. High volumes of salmon, trout, mackerel and prawns are driving up the export value," says Christian Chramer, CEO of the Norwegian Seafood Council.

Aquaculture compensates for quota reductions

So far this year, Norway has exported seafood worth NOK 124.7 billion. This is an increase of NOK 626 million, or 1 per cent, compared with the same period last year.

“2024 has been characterised by quota reductions for herring, king crab, mackerel and cod. This is an important and necessary measure to ensure continued sustainable fish stocks, but has naturally resulted in lower export volumes. The fact that the total value of seafood exports nevertheless increased in the third quarter is due to fish from aquaculture compensating for the fall in quotas," explains Chramer.

A challenging year so far

“Salmon is a product that is still very popular with consumers, but there is no doubt that 2024 has so far been a demanding year for many salmon producers. Competition in the market is fierce, while at the same time there has been galloping cost growth. In addition, higher sea temperatures this summer have led to increased biological challenges related to salmon lice," says Christian Chramer.

Fall in food inflation and increased purchasing power

According to the UN, food inflation continues to fall in Norway's most important seafood markets after a long period of strong growth.

“This has strengthened the purchasing power of many consumers. For example, Germany, the UK and China have never traded Norwegian seafood for such high values as in the last quarter," explains Chramer.

Good quarter for trout, mackerel and prawns

The third quarter was the best for trout and prawns. For the first time ever, the export value of trout exceeded NOK 2 billion in a single quarter, while the export value of prawns reached a record high in a single quarter.

“In addition, it has been a particularly good quarter for mackerel, with high prices, strong value growth and good demand in the important Asian markets," says Christian Chramer.

These are the 10 largest destination countries in the third quarter in terms of value:

1. Poland: NOK 5.3 billion (-1 per cent)
2. Denmark: NOK 3.5bn (-1%)
3. USA: NOK 3.2 billion (-2 per cent)
4. The Netherlands: NOK 3.0bn (+9%)
5. United Kingdom: NOK 2.5bn (+24%)
6. China: NOK 2.5 billion (+16 per cent)
7. France: NOK 2.4bn (-10%)
8. Spain: NOK 2.0bn (-7%)
9. Germany: NOK 1.6 billion (+17 per cent)
10. Italy: NOK 1.6bn (-5%)

These are the 10 largest species in the third quarter in terms of value:

1. Salmon: NOK 31.7bn (+3%)
2. Mackerel: NOK 2.3bn (+68%)
3. Cod: NOK 2.0 billion (-3%)
4. Trout: NOK 2.0bn (+24%)
5. Saithe: NOK 791 million (-11%)
6. Herring: NOK 740 million (-9%)
7. Prawn: NOK 474 million (+54%)
8. Greenland halibut: NOK 379 million (-8%)
9. Haddock: NOK 363 million (+15 per cent)
10. King crab: NOK 288 million (-31%)

Seafood exports in the third quarter

• The largest markets for Norwegian seafood exports in the third quarter were Poland, Denmark and the USA.
• In total, farmed fish worth NOK 33.9 billion was exported in the third quarter. This accounts for 86 per cent of total seafood exports in this period.
• Seafood was exported to a total of 135 countries in the third quarter. This is the same number as in the same period last year.

Seafood exports in September

• Export value in September totalled NOK 16.7 billion
• This is the second highest export value in a single month, only beaten by October last year
• This is an increase of NOK 894 million, or 6 per cent, from the same month last year.

Strong quarter for salmon

• Norway exported 372,442 tonnes of salmon worth NOK 31.8 billion in the third quarter
• Salmon accounted for 70 per cent of total export value in the third quarter
• The value increased by NOK 997 million, or 3 per cent, compared to the third quarter last year
• This is a growth in volume of 8 per cent
• Poland, Denmark and the US were the largest markets for salmon in the third quarter

Germany had the highest value growth in the third quarter, with an increase in export value of NOK 355 million, or 32 per cent, compared with the third quarter last year.

The export volume to Germany ended at 16,150 tonnes, which is 28 per cent higher than the third quarter last year.

Growth in home consumption in Germany

"Although some of the increased supply of Norwegian salmon to the German market is probably for further processing and export, most of the growth to Germany can be explained by increased domestic consumption," says Seafood Analyst Paul T. Aandahl with the Norwegian Seafood Council.

There is growth in volume for both fresh and frozen natural products and smoked salmon in Germany.

“At the same time, consumer prices are falling compared with the same period last year. This strengthens the competitiveness of salmon compared to other proteins," says Aandahl.

Exports of salmon in September

• Norway exported 141,600 tonnes of salmon worth NOK 11.6 billion in September
• The value increased by NOK 614 million, or 6 per cent, compared with September last year
• This is a growth in volume of 9 per cent

Historical export value for trout

• Norway exported 25,033 tonnes of trout worth NOK 2 billion in the third quarter.
• For the first time, trout exports exceed NOK 2 billion in a quarter
• The value increased by NOK 392 million, or 24 per cent, compared with the third quarter last year
• This is a growth in volume of 34 per cent
• Ukraine, Lithuania and the US were the largest markets for trout in the third quarter

This is a record high export value for trout in a single quarter, NOK 392 million higher than the previous record quarter, which was in the third quarter of 2023.

Lithuania had the highest value growth in the third quarter, with an increase in export value of NOK 189 million, or 264 per cent, compared with the third quarter last year.

Higher export price for fresh whole trout than for fresh whole salmon

“September is the first month with a higher average price for fresh whole trout than for fresh whole salmon since May 2023. The average price for fresh whole trout was NOK 75.11 per kg, while the average price for fresh whole salmon was NOK 74.04 per kg," says Paul T. Aandahl, Seafood Analyst with the Norwegian Seafood Council.

Exports of trout in September

• Norway exported 7,600 tonnes of trout worth NOK 625 million in September
• The value increased by NOK 80 million, or 15 per cent, compared with September last year
• This is a growth in volume of 22 per cent

Volume decline and value growth for fresh cod

• Norway exported 6,156 tonnes of fresh cod worth NOK 374 million in the third quarter
• The value increased by NOK 4 million, or 1 per cent, compared with the third quarter last year
• Volume fell by 9 per cent
• Denmark, the Netherlands and Spain were the largest markets for fresh cod in the third quarter
  

For fresh wild cod, the export volume fell by 35 per cent to 3,699 tonnes, while the export value fell by 26 per cent to NOK 222 million.

For fresh farmed cod, the export volume increased by 119 per cent to 2,457 tonnes, while the export value increased by 115 per cent to NOK 152 million.

Largest value growth to the Netherlands

The transit market, the Netherlands, had the highest value growth in the third quarter, with an increase in export value of NOK 70 million, or 148 per cent, compared with the third quarter last year.

“The export volume to the Netherlands ended at 1,996 tonnes, which is 163 per cent higher than in the third quarter last year. There was also an increase in exports of farmed cod to the transit markets of Poland and Denmark," says Seafood Analyst Thomas Jakobsen with the Norwegian Seafood Council.

Historically high share of farmed cod

Farmed cod accounted for 41 per cent of the export value of fresh cod in the third quarter of 2024.

“This share has never been so high in a third quarter before. The previous record was in the third quarter of 2010. At that time, farmed cod accounted for 38 per cent of the total value of fresh cod exports," explains Jakobsen.

Exports of fresh cod in September

• Norway exported 1,500 tonnes of fresh cod worth NOK 94 million in September
• The value increased by NOK 8 million, or 9 per cent, compared with September last year
• Volume fell by 2 per cent

New milestone in September

“In September, farmed cod accounted for 52 per cent of total exports of fresh cod. "This is the first time in recent times that farmed cod has accounted for more than half of the export volume for fresh cod," says Thomas Jakobsen.

Decline for frozen cod

• Norway exported 7,026 tonnes of frozen cod worth NOK 490 million in the third quarter
• The value fell by NOK 102 million, or 17 per cent, compared with the third quarter last year
• Volume fell by 30 per cent
• The UK, China and Latvia were the largest markets for frozen cod in the third quarter

The processing market China had the highest value growth in the third quarter, with an increase in export value of NOK 82 million, or 127 per cent, compared with the third quarter last year.

Exports to China totalled 2,323 tonnes, which is 52 per cent higher than in the third quarter last year.

Increased exports to the UK

Against a complex backdrop, the UK continues to take a larger share of frozen whole cod exports from Norway. So far this year, volume growth is 6 per cent.

Exports of frozen cod in September

• Norway exported 2,100 tonnes of frozen cod worth NOK 149 million in September
• The value fell by NOK 27 million, or 15 per cent, compared with September last year.
• Volume fell by 32 per cent

Fall in volume and value for clipfish

• Norway exported 20,658 tonnes of clipfish worth NOK 1.5 billion in the third quarter
• The value fell by NOK 77 million, or 5 per cent, compared with the third quarter last year
• Volume fell by 4 per cent
• Portugal, Brazil and the Dominican Republic were the largest markets for clipfish in the third quarter

For saithe clipfish, the export volume fell by 3 per cent to 12,316 tonnes, while the export value fell by 10 per cent to NOK 518 million.

Decline to Portugal in the third quarter

Norway's largest market for clipfish from cod, Portugal, had a decline of around NOK 72 million in the third quarter compared with the third quarter of 2023.

“This fall explains most of the total decline in value. However, it is worth noting that although there is a decline in the third quarter, exports so far this year have been as expected," says Seafood Analyst Thomas Jakobsen with the Norwegian Seafood Council.

Value growth to the Dominican Republic

The Dominican Republic had the highest value growth in the third quarter, with an increase in export value of NOK 36 million, or 25 per cent, compared with the third quarter last year.

The export volume to the Dominican Republic ended at 4,460 tonnes, which is 29 per cent higher than the third quarter last year.

"Although the third quarter is slightly up in terms of value, there is an overall decline in the export value of clipfish to the Dominican Republic so far this year," explains Jakobsen.

Good demand to the Caribbean

"Export volumes to the Caribbean have been high all year, and market demand is good. This trend continued in the third quarter, but as prices are lower than last year, there is an overall decline in value so far this year," says Ørjan Kjærvik Olsen, who is responsible for the Caribbean at the Norwegian Seafood Council.

For saithe clipfish, the export volume fell by 3 per cent to 12,316 tonnes, while the export value fell by 10 per cent to NOK 518 million.

Exports of clipfish in September

• Norway exported 8,600 tonnes of clipfish worth NOK 650 million in September
• The value fell by NOK 16 million, or 2 per cent, compared with September last year.
• Volume fell by 7 per cent

Value growth for salted fish

• Norway exported 3,601 tonnes of salted fish worth NOK 301 million in the third quarter
• The value increased by NOK 27 million, or 10 per cent, compared with the third quarter last year
• Volume fell by 2 per cent
• Portugal, Italy and Canada were the largest markets for salted fish in the third quarter

Portugal had the highest value growth in the third quarter, with an increase in export value of NOK 47 million, or 28 per cent, compared with the third quarter last year.

Exports to Portugal totalled 2,184 tonnes, which is 17 per cent higher than in the third quarter last year.

Exports of salted fish in September

• Norway exported 1,800 tonnes of salted fish worth NOK 157 million in September
• The value increased by NOK 29 million, or 23 per cent, compared with September last year
• This is a growth in volume of 4 per cent

Decline for stockfish

• Norway exported 732 tonnes of stockfish worth NOK 144 million in the third quarter
• The value fell by NOK 3 million, or 2 per cent, compared with the third quarter last year
• Volume fell by 4 per cent
• Italy, the US and Nigeria were the largest markets for stockfish in the third quarter

The USA had the highest value growth in the third quarter, with an increase in export value of NOK 15 million, or 154 per cent, compared with the third quarter last year.

The export volume to the US ended at 77 tonnes, which is 120 per cent higher than the third quarter last year.

Exports of stockfish in September

• Norway exported 360 tonnes of stockfish worth NOK 72 million in September
• The value fell by NOK 24 million, or 25 per cent, compared with September last year
• Volume fell by 15 per cent

Weak quarter for herring

• Norway exported 35,224 tonnes of herring worth NOK 740 million in the third quarter
• The value fell by NOK 76 million, or 9 per cent, compared with the third quarter last year
• Volume fell by 20 per cent
• Poland, the Netherlands and Germany were the largest markets for herring in the third quarter

Poland had the highest value growth in the third quarter, with an increase in export value of NOK 29 million, or 15 per cent, compared with the third quarter last year.

Export volume to Poland ended at 9,706 tonnes, which is 1 per cent higher than the third quarter last year

The price of frozen herring fillets is at a record high of NOK 22 per kg. This is NOK 1 higher than the previous record quarter, which was in the second quarter of 2024.

The price of frozen whole herring is at a record high of NOK 18 per kg. This is NOK 1 higher than the previous record quarter, which was in the second quarter of 2024.

Exports of herring in September

• Norway exported 10,300 tonnes of herring worth NOK 222 million in September
• The value fell by NOK 118 million, or 35 per cent, compared with September last year
• Volume fell by 41 per cent

Strong mackerel exports

• Norway exported 90,038 tonnes of mackerel worth NOK 2.3 billion in the third quarter
• The value increased by NOK 943 million, or 68 per cent, compared to the third quarter last year
• This is a growth in volume of 43 per cent
• Japan, China and Vietnam were the largest markets for mackerel in the third quarter

China had the highest value growth in the third quarter, with an increase in export value of NOK 214 million, or 136 per cent, compared with the third quarter last year.

The export volume to China ended at 14,486 tonnes, which is 93 per cent higher than the third quarter last year.

The price of frozen whole mackerel is at a record high of NOK 26 per kg. This is NOK 2 higher than the previous record quarter, which was in the second quarter of 2024.

Good demand in South Korea and Japan

Fishing has been good recently, and most of the mackerel quota has now been taken.

"We are experiencing good demand in the most important Asian markets. A decline in their own mackerel fisheries in both South Korea and Japan has meant that their processing industries are buying Norwegian mackerel to an even greater extent," says Johan Kvalheim, the Norwegian Seafood Council's envoy to Japan and South Korea.

Exports of mackerel in September

• Norway exported 63,500 tonnes of mackerel worth NOK 1.7 billion in September
• The value increased by NOK 609 million, or 57 per cent, compared with September last year
• This is a growth in volume of 31 per cent

The quota cut affects the export of king crab

• Norway exported 588 tonnes of king crab worth NOK 288 million in the third quarter
• The value fell by NOK 130 million, or 31 per cent, compared with the third quarter last year
• Volume fell by 35 per cent
• The US, Hong Kong SAR and Vietnam were the largest markets for king crab in the third quarter
• The quota reduction of just under 60 per cent means that the export volume of king crab in the third quarter fell by 35 per cent compared with the same period last year

"If it hadn't been for good fishing in the unregulated area, the decline would have been even greater. In the third quarter, the supply from the unregulated area was actually, greater than from quota-regulated fishing," says Josefine Voraa, Head of Shellfish with the Norwegian Seafood Council

USA is Norway's most important market

• The US market accounted for 41 per cent of total exports in the third quarter, with an export volume of 239 tonnes and a value of NOK 119 million.
• The total decline to the US is just over 15 per cent in volume, even though the decline in catches of king crab has fallen by 48 per cent so far this year.

"With Russia out of the US market and only a small quota in Alaska, the US remains the most important market for both live and frozen Norwegian king crab," says Josefine Voraa.

Live king crab dominates

Live king crab accounted for 73 per cent of the export volume in the third quarter, with 430 tonnes. This is a decrease of 36 per cent compared with the same period last year.

In terms of value, exports totalled NOK 202 million, which is 32 per cent lower than last year.

King crab exports in September

• Norway exported 202 tonnes of king crab worth NOK 107 million in September
• The value fell by NOK 18 million, or 14 per cent, compared with September last year
• Volume fell by 24 per cent

“In the US and Canada, demand tends to pick up in the autumn and towards the Christmas season in the markets. In September, North America grew by 23 per cent in volume and 31 per cent in value. While Asia, which is flooded with Russian crab, declined by 74 per cent in volume and 78 per cent in value," explains Josefine Voraa.

Low exports of snow crab

• Norway exported 72 tonnes of snow crab worth NOK 8 million in the third quarter
• The value fell by NOK 12 million, or 58 per cent, compared with the third quarter last year
• Volume fell by 61 per cent
• Japan, the US and China were the largest markets for snow crab in the third quarter

Japan had the highest value growth in the third quarter, with an export value of NOK 4 million, compared with nothing the previous year. The export volume ended at 32 tonnes.

Snow crab exports in September

• Norway exported 1 tonne of snow crab worth NOK 168,000 in September
• The value fell by NOK 5 million, or 97 per cent, compared to September last year
• Volume fell by 99 per cent compared to September last year

Historically strong quarter for prawns

• Norway exported 11,372 tonnes of prawns to a value of NOK 474 million in the third quarter
• The value increased by NOK 167 million, or 54 per cent, compared with the third quarter last year
• That's a growth in volume of 130 per cent
• Sweden, Iceland and Canada were the largest markets for prawns in the third quarter

“Prawn exports have had a historically strong quarter. With the decline in cod quotas, activity in the prawn fishery in the Barents Sea has increased. Landings so far this year are 37 per cent higher than they were at the same time last year," says Josefine Voraa, Head of Shellfish at the Norwegian Seafood Council.

Highest value growth for raw, frozen industrial prawns

Raw, frozen industrial prawns accounted for 56 per cent of the export volume in the third quarter. It is therefore the product with the highest volume growth, with an export volume of 6,409 tonnes.

“This is 5,288 tonnes more than in the third quarter of last year. The value of exports is NOK 137 million, an increase of 494 per cent compared with the same period last year," explains Voraa.

Iceland and Canada top the export charts

Iceland and Canada are the largest recipients of industrial prawns, both in the third quarter and so far this year.

"While Iceland has been a major importer of raw materials from Norway for many years due to low self-catch, Canada, as one of the largest catching nations for cold-water prawns, has faced challenges in obtaining enough raw materials for its onshore industry," explains Josefine Voraa.

So far this year, more than 6,098 tonnes of industrial prawns have been exported to Canada, and in the third quarter alone 2,438 tonnes were exported.

China was the largest growth market

"In addition to increased landings of raw, frozen prawns, the proportion that is cooked and frozen on board vessels in the Barents Sea has increased significantly. This has contributed to a historically strong third quarter for frozen, cooked shell prawns, with exports of 2,517 tonnes, worth NOK 108 million," explains Voraa.

Measured in terms of export value, China was the largest growth market in the third quarter with an export value of NOK 21.6 million. This is 56 per cent higher than in the same period last year. In terms of volume, exports totalled 481 tonnes.

So far this year, 26,537 tonnes of prawns have been exported with a value of NOK 1.23 billion. This is 11,641 tonnes more than at the same time last year.

Prawn exports in September

• Norway exported 4,000 tonnes of prawns worth NOK 173 million in September
• The value increased by NOK 53 million, or 44 per cent, compared with September last year
• This is a growth in volume of 66 per cent