Norwegian salmon exports break NOK 100bn barrier

The value of Norwegian salmon exports has now passed the NOK 100 billion (£7.4 bn) mark in 2023, which was the figure for all the country’s overseas seafood sales only four years ago.

Commenting on the October results, Christian Chramer, CEO of the country’s Seafood Council said that once again high salmon prices and a weaker krone had lifted the value to a historically high level.

In October, Norway exported salmon worth NOK 12.5 billion (£925m). Salmon accounted for 68% of the total value of seafood exports last month and the latest figure represents a growth of 22% on October last year.

CEO Chramer added: “So far this year, the export value of salmon has increased by 18% measured in Norwegian kroner, and in October the value passed NOK 100 billion for the year so far.

“However, much of the increase in value can be attributed to a weaker Norwegian krone. Measured in euros, the export value of salmon has only increased by 4% so far this year,” he explained.

Total Norwegian seafood exports during October were worth NOK 18.4 billion (£1.36bn), a value increase of 22% on a year ago.

Chramer said 2023 so far had been characterised by high food inflation, higher costs and currency effects which had helped push up the value when measured in Norwegian kroner.

These factors would help Norway’s seafood exports to record another record high this year, he added.

On the downside, food price inflation had led to reduced purchasing power for consumers and this, in turn, had resulted in lower seafood consumption in many of Europe’s large seafood markets.

But on the plus side, inflation was now coming down raising hopes that European demand will start to pick up.

Exports last month farmed trout exports during October continued to improve. The value rose by NOK 118m (£740,000) to NOK 570m (£42m) while the volume was up by 28% to 6,305 tonnes.