Norway’s salmon record finally comes to an end

Norway’s amazing three year run of seafood export growth has finally stopped – at least for the time being.

Figures from the Norwegian Seafood Council today show a fall in the value of sales, including salmon, both for last month and over the first quarter of 2024.

Norway exported NOK 40.2bn (almost £3bn) worth of seafood between January and March, a decrease of NOK 1.2bn, or 3% less compared to the same period last year.

Seafood Council CEO Christian Chramer said: “Thanks to a weak Norwegian krone and high prices, there was growth in the export value in January and February.

“In March, however, the currency effect decreased, while at the same time there has been a drop in volume for a number of species in the first three months of the year.

“The result was a decrease in the value of seafood exports in the first quarter,”.

Fisheries and Oceans Minister Cecilie Myrseth added: “Three consecutive years of export records clearly show that Norwegian seafood is in demand around the world.

“Although we are now seeing a slight decline, there must be no doubt that the seafood industry is doing well, it is still one of our largest and most important export industries.”

The value of salmon exports during the first three months fell by 2% to NOK 27.9bn (£2bn). The first quarter volume was down by 6% to 246,560 tonnes.

The March salmon figure was NOK 9.3bn (£683m) down by 16% on the same month last year and down by 12% in volume.

Seafood Council analyst Paul T. Aandahl said: “The fall in value for salmon is primarily due to reduced production and lower slaughter volume.

“The reason is, among other things, lower sea temperatures compared to the same period last year. Increased export of fillets at the expense of whole fish also contributes to the drop in volume.”