Salmon rules as Norwegian seafood exports hit new annual record

Norway’s seafood exports last year hit a record NOK 172bn (£13bn) with aquaculture, and salmon in particular, still the main driver of that achievement.

Figures from the Norwegian Seafood Council today show that the export value increased by NOK 20.7 billion (almost £1.6bn) or 14% on 2022.

Seafood remains 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, said Christian Chramer, managing director of the Seafood Council.

The Norwegian kroner weakened against the euro and US dollar last year (although it has strengthened in recent weeks) and this resulted in a solid growth in value.

Chramer said: “It is the weak Norwegian krone and the general price increase in the markets that 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 (£1.14bn) in 2023.”

Farmed salmon is clearly Norway’s “king” fish with the country exporting 1.2 million tonnes last year. The value was NOK 122.5 billion (£9.3bn) representing 71% of the total value of all seafood exports.

Salmon was once again the engine of Norwegian seafood exports. In 2023, Norway exported 1.2 million tonnes of salmon to a value of NOK 122.5bn, which is 71% of the total value of all seafood exports.

This corresponds to 16 million meals of Norwegian salmon every single day.

Aquaculture generally is riding high in Norway, making up 75% of all seafood exports measured in value and 46% in volume.

Norway exported 1.3 million tonnes of seafood from aquaculture worth a total of NOK 128.7bn (almost £10bn) in 2023.

While the volume fell slightly, the value was up by 16% or 17.6bn (£1.3bn).