Norway’s seafood exports topped NOK 12 billion in July

Norway’s seafood export value in July 2023 continued to sit higher than its value in 2022, but in large part due to a weaker Norwegian krone.

The Norwegian Seafood Council (NSC) reported the country exported seafood valued at NOK 12.4 billion (USD 1.2 billion, EUR 1.1 billion) in July 2023, an increase of 8 percent, or NOK 928 million (USD 90 million, EUR 82 million), over the same period last year. That brings the country’s total seafood export value for the first seven months of 2023 to NOK 94.4 billion (USD 9.2 billion, EUR 8.4 billion), roughly NOK 13 billion (USD 1.27 billion, EUR 1.16 billion), or 16 percent, higher than the same period of 2022.

Price increases for products like fresh salmon fillets, cod clipfish, and frozen whole mackerel helped push up the price, but a weak Norwegian krone also continued to have an effect on the country’s export value.

"The increase in value this month is also primarily due to a weak Norwegian krone, although our currency strengthened somewhat in July,” NSC Managing Director Christian Chramer said.

In June, the NSC expressed some concern over the seafood industry’s gains being largely attributable to the weaker krone. For the month of May, the country’s seafood export value would have decreased if not for the weaker krone.

In July, currency differentiations continued to have an impact on the overall export value of seafood from Norway. According to the NSC, if measured in euros several products had effectively no price growth despite seeing changes in krone.

“Measured in euros, the export price of fresh whole salmon is the same as 12 months ago, while the export price of fresh whole trout is as much as 28 percent lower than in July last year,” the NSC said.

Despite the complications, the NSC said there was still strong demand for the country’ salmon – by far the highest-value seafood export from the country. Norway exported 95,620 metric tons (MT) of salmon in the month of July, reaching a value of NOK 9.6 billion (USD 938 million, EUR 856 million), up NOK 1.1 billion (USD 107 million, EUR 98 million), or 13 percent, compared to the same period last year, and up 1 percent by volume.

A highlight in the country’s seafood exports, the NSC said, was the pace of buying in China. Norway saw its salmon export value to China increase in July by ... 

Photo courtesy of the Norwegian Seafood Council