All-time high for Norwegian seafood exports in October
“Never before has a higher value of seafood been exported in a single month. This is primarily due to exceptionally strong mackerel exports that we have never seen before. This alone accounted for almost all the growth in value in October," says Christian Chramer, CEO of the Norwegian Seafood Council.
Large export volumes and high export prices
Norway exported mackerel worth NOK 2.5 billion in October. This is an increase of NOK 750 million compared with the same month last year, which was also the previous export record for mackerel.
“This year, a record high proportion of mackerel from Norway was exported in October. High demand in Asia has led to increased competition and higher prices, which confirms the strong position of Norwegian mackerel. At the same time, we are aware that such a price increase will put pressure on the value chains in the markets," explains Chramer.
Positive development in the markets
So far this year, Norway has exported seafood worth NOK 143.1 billion. This is an increase of NOK 1.4 billion, or 1 per cent, compared with the same period last year. Measured in dollars, the value is unchanged, while in euros the export value is 1 per cent lower than in the same period in 2023.
"Economic developments in the markets seem to be moving in a positive direction, with record-low unemployment, real wage growth and the prospect of increasing household consumption in the EU. These are factors that increase purchasing power and thus the willingness to pay for Norwegian seafood," says Chramer.
Salmon lifts the value of US exports
The outlook is also positive in the US, with increases in gross domestic product (GDP), real wages and household consumption in the third quarter, according to the Bureau of Economic Analysis.
"There has been a slight decline in value to the US so far this year, but seafood exports received a boost in October, with growth of more than NOK 100 million compared with the same month last year. This is largely driven by salmon, which had a record month in terms of value to the US market," explains Christian Chramer.
Seafood exports in October
Best export month ever for salmon
This is a record-high export value for salmon in a single month, NOK 133 million higher than the previous record month, which was in October 2023.
In October, exports of fresh fillets increased by 11 per cent to around 12,000 tonnes product weight, while exports of frozen fillets increased by 39 per cent to around 8,000 tonnes. In comparison, exports of fresh whole salmon increased by 7 per cent to 144,761 tonnes.
The fillet trend continues
“The growth in file exports is a trend we have seen throughout the year. It must be seen in the context of increased processing capacity in Norway. In October, the USA was the largest growth market for both fresh and frozen fillets," says Seafood Analyst Paul T. Aandahl of the Norwegian Seafood Council.
The USA saw the greatest growth in value in October, with an increase in export value of NOK 99 million, or 11 per cent, compared with the same month last year.
Exports to the USA totalled 7,602 tonnes, which is 17 per cent higher than the same month last year.
Consumers prefer the easy way out
After the corona pandemic, it has become more difficult for American restaurants to get hold of enough professionals.
"This has probably led to a change in the direction of more fillets for professional kitchens as well. "Otherwise, the general trend is that consumers are interested in anything that is easy to prepare. This applies, for example, to products where sauce or herb butter is in the same package as the salmon," says Anne-Kristine Øen, the Norwegian Seafood Council's envoy to the USA.
Growth in volume and value for trout
Lithuania had the highest value growth in October, with an increase in export value of NOK 76 million, or 287 per cent, compared with the same month last year.
The export volume to Lithuania ended at 1,328 tonnes, which is 329 per cent higher than the same month last year.
Good month for fresh cod
"This is the first time since September 2023 that there has been an increase in export volumes for fresh cod compared with the same month the previous year. This is due to the increase in the export volume of fresh farmed cod, which grew by 18 per cent to 992 tonnes," says Eivind Hestvik Brækkan, Seafood Analyst at the Norwegian Seafood Council.
The export value increased by 26 per cent to NOK 62 million. In October, farmed cod accounted for 54 per cent of the export value of fresh cod.
Lowest export volume for fresh wild cod since October 2008
For fresh wild cod, the export volume fell by 13 per cent to 781 tonnes, while the export value fell by 16 per cent to NOK 53 million. The export volume for fresh wild cod is the lowest for an October since 2008.
“Fresh whole farmed cod has seen an increase in export volume of as much as 40 per cent so far this year, to a total of 9,900 tonnes. This means that farmed cod is set to beat the 2010 export record of 11,100 tonnes by the end of the year," says Brækkan.
For both wild and farmed cod, transit and processing markets such as the Netherlands, Denmark and Latvia dominate the export statistics.
Volume decline and value growth for frozen cod
The UK had the highest value growth in October, with an increase in export value of NOK 55 million, or 176 per cent, compared with the same month last year.
Strong development to the UK
The export volume to the UK ended at 1,024 tonnes, which is 136 per cent higher than the same month last year.
"The strong trend in exports of frozen whole cod to the UK continued in October. So far this year, export volumes to the UK have increased by as much as 11 per cent, compared with a decline in total export volumes of 12 per cent," says Eivind Hestvik Brækkan, Seafood Analyst with the Norwegian Seafood Council.
Challenging month for clipfish
For saithe clipfish, the export volume fell by 13 per cent to 4,617 tonnes, while the export value fell by 11 per cent to NOK 218 million.
For cod clipfish, the export volume fell by 16 per cent to 3,777 tonnes, while the export value fell by 6 per cent to NOK 513 million.
Largest growth to the Dominican Republic
"The Dominican Republic, which is our largest market for saithe clipfish, saw the greatest growth in value in October, with an increase in export value of NOK 49 million, or 125 per cent, compared with the same month last year," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
The export volume to the Dominican Republic ended at 1,829 tonnes, which is 93 per cent higher than the same month last year.
Decrease in export volume to Portugal
To Portugal, our largest market for cod clipfish, export volumes fell by 20 per cent to 2,800 tonnes, while export value fell by 8 per cent to NOK 390 million.
So far this year, the export volume of cod clipfish to Portugal has fallen by 7 per cent.
"Although the volume of exports to Portugal has fallen this year, the trend is significantly stronger than the catch of cod. Figures from the Directorate of Fisheries show that as of week 43 this year, cod catches have fallen by as much as 31 per cent compared with the same week last year," says Eivind Hestvik Brækkan.
Value growth for salted fish
Italy had the highest value growth in October, with an increase in export value of NOK 20 million, or 87 per cent, compared with the same month last year.
The export volume to Italy ended at 536 tonnes, which is 73 per cent higher than the same month last year. The export volume of salted fish to Italy so far this year is 9 per cent higher than last year and is set to be the highest since 2021.
Exports of salted cod to Portugal fell by 20 per cent to 840 tonnes, while the export value increased by 3 per cent to NOK 98 million.
Decline in volume and value for stockfish
Solid October for herring
Fishing for Norwegian spring-spawning herring started in the north at the beginning of October, which was slightly earlier than last year.
"After fillets have dominated herring exports for a long time, there is now a shift towards whole frozen herring," says Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council.
Good demand in the markets
In October this year, 10,700 tonnes of whole frozen herring were exported, compared with 5,100 tonnes in the same month last year.
“There are several reasons why whole frozen herring is enjoying an upswing now. Firstly, the markets that demand large herring have had little of this, so there are reports of good demand, particularly in Egypt. Another important factor is that the prices of trimmings for flour and oil have fallen significantly, which means that the production of fillets is not as favourable as before," explains Jan Eirik Johnsen.
Historic month for mackerel
There was a solid new record for the export value of mackerel in a single month at NOK 2.5 billion. This is a full NOK 750 million higher than the previous record month, which was in October 2023.
"A good fishery where the quotas have largely been utilized has resulted in a good supply of mackerel for export. Even though the quota is down 5 per cent this year compared with last year, the possibility of transferring quotas from year to year means that more mackerel has been landed this year than last year," says Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council.
Strong in Asia
Mackerel is strong in many markets in Asia, and there is a large established industry that is dependent on raw materials.
“Good demand in the markets, lower own catches in many countries and falling quotas for Atlantic mackerel have lifted export prices to record levels. "The quota advice for 2025, published on 30 September, recommends a further reduction in the quota of 22 per cent, which probably also helped to push up prices in October," Johnsen explains.
New export record for whole frozen mackerel under 600 grams
A new export price record was set for whole frozen mackerel under 600 grams, at NOK 27.01 per kg. This is 3 per cent higher than the previous record set in September this year, and as much as 23 per cent higher compared with October last year.
“An interesting development is that the price for mackerel under 600 grams in October was for the first time higher than for mackerel over 600 grams. This is related to the fact that more large mackerel have been caught, and that at the same time there are fewer markets that demand the largest sizes," says Jan Eirik Johnsen.
In October last year, the price difference was almost NOK 10 in favour of the largest mackerel, while this year mackerel under 600 grams was 64 øre more expensive.
Fall in volume and value for king crab
The USA was the largest market for live and frozen king crab in October, with 94 tonnes worth NOK 50 million. Lower supply compared with last year meant that the total volume fell by 27 per cent in volume and 23 per cent in value compared with the same month last year.
Affected by lower quotas
"A decline in the supply of king crab in Norway as a result of lower quotas and increased supply of Russian live king crab in Asia are the main reasons why both export volume and value have fallen compared with October last year," says Josefine Voraa, Head of Shellfish at the Norwegian Seafood Council.
Tunisia emerged as a new market for frozen king crab in October with an export value of NOK 4 million, compared with nothing the year before. The export volume ended at 13 tonnes.
The 2025 quota advice published on 1 November recommends a total red king crab quota of 1,510 tonnes, which is an increase of 544 tonnes compared to this year.
Low season for snow crab
In anticipation of a new snow crab season, only small volumes are being exported.
1 January marks the start of a new fishing season with a total quota for snow crab of 12,725 tonnes. This is an increase of 2,425 tonnes compared with this year.
Strong October for prawns
"A strong prawn fishery in the Barents Sea with increased landings of both frozen industrial prawns and frozen cooked shell prawns resulted in a solid volume increase in prawn exports for the three largest products - frozen raw, frozen cooked and cooked prawns", says Josefine Voraa, Head of Shellfish at the Norwegian Seafood Council.
Largest growth to the UK and Denmark
Exports of prepared prawn totalled 1,101 tonnes, with a value of NOK 100 million. This represents volume growth of 50 per cent and value growth of 51 per cent. The biggest growth was to the UK and Denmark, with 380 tonnes and 242 tonnes respectively.
Exports of frozen raw prawns to Iceland totalled 1,400 tonnes in October, with a value of NOK 27 million. This is 460 tonnes more than in the same month last year.
Exports to Iceland increase
"If we look at exports so far this year, 7,800 tonnes of raw, frozen industrial prawns have gone to the Icelandic industry. This is an increase in volume of 96 per cent," says Josefine Voraa.
Exports of frozen, cooked shell prawns have also seen a strong increase in volume this month, with 1,139 tonnes compared with 401 tonnes last year. An increase of 184 per cent.
China and Denmark were the largest recipients of frozen, cooked shell prawns in October, with 355 tonnes and 350 tonnes respectively.
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