Norwegian seafood exports smash NOK 100bn barrier

Norwegian seafood exports have broken through the significant 100 billion kroner barrier, three months before the end of the year.

Figures from the Norwegian Seafood Council today show exports totalled a new record of NOK 109 billion (£9bn) in the first nine months of 2022, with farmed salmon accounting for almost 75% of that figure.

This represents a growth of 29% compared with the same period last year, almost certainly due to soaring salmon and cod and haddock prices.

Christian Chramer, the Council’s new CEO, described the growth as “impressive” adding: “Norwegian seafood has maintained its strong global position both through the corona pandemic and the demanding times we find ourselves in now.

“Increased production costs, challenging logistics and soaring food inflation in our most important markets have raised seafood prices, but at the same time means that we are facing uncertain times when purchasing power weakens and markets are changing rapidly.”

Fisheries Minister Bjørnar Skjæran said the achievement once again confirmed seafood’s position as the country’s second most important export industry.

In the third quarter (July-September), exports hit a record NOK 39 billion (£3.25bn) up from NOK 36bn (£3bn) last year with salmon representing 72% of that figure and 49% of the total export volume.

Salmon exports during Q3 totalled 355,000 tonnes and were worth NOK 28bn (£2.3bn).

Chramer said in the EU home consumption was falling but restaurants were now taking an increasing share, compensating for the decline in grocery sales.

He added: “However, there are challenges in other parts of our seafood exports. Dry fish has a weak development so far this year, and there is a decrease in volume for both fresh and frozen cod fillet products.”

Poland and Denmark, two important salmon processing countries and France were once again the most important markets.

The average price for salmon during the quarter was NOK 71.8 (£5.99) per kg, up by 26% on the same period last year.

September turned out to be another record month with exports increasing by 27% on a year ago to NOK 15.1 bn (£1.25bn), a rise of 30% or NOK 6.5bn (£540m) on Q3 last year.

The value of September salmon exports rose by 34% to NOK 10.4bn (£866m) on a volume growth of 6%.