Norway sees March seafood exports increasing, despite US-Iran war

Defying expectations of a slump, the country exported seafood worth NOK 15.5 billion (£1.2bn) in March. This is an increase of NOK 522 million (£40.5m), or 3%, compared to the same month last year.

It was a particularly good month for salmon, with the sector exporting 106,000 tonnes worth NOK 10.5 billion (£816m). The value was up by 6% and the volume 4% higher.

Seafood Council CEO Christian Chramer said: “Norwegian seafood exports performed well in March, despite war in the Middle East, a strengthened Norwegian krone and a continued decline in exports to the US.

“This is largely due to increased salmon volumes, increased prices for several species such as salmon, cod, mackerel and saithe, as well as further growth to China.”

The largest markets for Norwegian seafood exports in March were Poland, which has a huge processing sector, China and the USA.

China had the largest value growth in March, with an increase in export value of NOK 552 million (£43m), or 68%, compared to the same month last year. In total, Norway exported seafood to China (mainly salmon) for NOK 1.4 billion (£109m) in March.

CEO Chramer explained: “The war in the Middle East has been particularly challenging for salmon exporters due to increased fuel costs and changed air freight routes.

“When the export value nevertheless increased in March, it shows not only how adaptable the salmon industry is, but also that there is a generally high demand for Norwegian salmon in the Asian market.”

The US-Iran war has had its effect, however, with the Middle East taking the brunt.

Export volumes of fresh whole salmon to Saudi Arabia decreased by 13%, and were down to the United Arab Emirates by 33% and to Qatar by 85%.

Exports to Israel, which buys a lot of salmon fillets from Norway, overall declined by 13% in volume compared to the same month last year, explained Seafood Council analyst Paul T. Aandahl.

He added: “At the start of the war, volumes were set back significantly, but in the last week of March, exports to countries such as Saudi Arabia and Israel were at an almost normal level.”