NORWAY

Currency effects boost value of Norwegian seafood exports

Fish & Seafood

Norway exported seafood worth NOK 13.9 billion in April. This is an increase of NOK 924 million, or 7 per cent, compared with the same month last year.

Posted on Jun 03 ,00:25

"The value of exports has never been higher in April than this year. The growth is largely due to the Norwegian krone, which has weakened slightly against the euro and the US dollar compared with April last year. In addition, last month saw increased export volumes for several species, such as trout, saithe, haddock, snow crab and mackerel", says Christian Chramer, CEO of the Norwegian Seafood Council.

Easter effect

Easter is another factor that affected seafood exports in April. While it fell in March this year, Easter fell in April last year. As a result, there were four more working days in April this year than in the same month last year.

"Since we always compare the development of seafood exports with the same month in the previous year, it can have a major impact when Easter falls in different months, such as this year and last year. In that case, it is more correct to look at seafood exports in March and April together", says Chramer.

Quota reductions and fall in salmon volume

In March and April, Norway exported seafood worth a total of NOK 27.6 billion. This is a decrease of NOK 1.1 billion compared with the same period last year.

"The quota reduction on a number of wild-caught species and a lower volume of salmon have characterized the start of this export year", explains Christian Chramer.

The battle for raw materials intensifies

Even with the lowest export volume for cod in over a decade, the export value for cod has never been higher in April.

"Increased prices for salted fish, as well as fresh and frozen cod, have contributed to price growth. This is driven by quota reductions and increased demand abroad because of a number of international sanctions against Russian cod. Meaning that the battle for raw materials is continues to intensify for the Norwegian processing industry", says seafood analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

Record high value for exports of quality labelled skrei

So far this year, Norway has produced seafood worth NOK 54.2 billion. This is a slight decrease in value of NOK 200 million compared with the same period last year. Measured in euros, the fall in value is even greater at 3 per cent.

At the end of April, the fishing season for skrei was officially over. This year, exports of quality-marked skrei reached a record high value measured in Norwegian kroner.

"There has been good demand for skrei this year, especially in the Spanish market. In fact, one in four fresh wild-caught cod is now exported as quality-labeled skrei, which is the highest ever proportion", explains Eivind Hestvik Brækkan.

Seafood exports in April

• The largest markets for Norwegian seafood exports in April were Poland, Denmark, and the USA
• Poland had the highest value growth, with an increase in export value of NOK 216 million, or 19 per cent, compared to the same month last year
• The export volume to Poland ended at 14,329 tonnes, which is 8 per cent lower than the same month last year
• Seafood was exported to a total of 107 countries in April. Three fewer than in April last year

Value growth and volume decline for salmon

• Norway exported 80,126 tonnes of salmon worth NOK 9.9 billion in April.
• The value increased by NOK 222 million, or 2 per cent, compared to the same month last year.
• Volume fell by 1 per cent.
• Poland, Denmark and the US were the largest markets for salmon in April.

Poland had the highest value growth in April, with an increase in export value of NOK 265 million, or 26 per cent, compared with the same month last year. The export volume to Poland ended at 10,875 tonnes, which is 13 per cent higher than the same month last year.

"The price of fresh whole salmon is at a record high of NOK 121 per kg. This is NOK 3 per kg higher than the previous record month, which was March 2023", says Seafood Analyst Paul T. Aandahl with the Norwegian Seafood Council.

Exports of fresh salmon fillets increase

In April, fresh salmon fillets worth NOK 2.2 billion were exported. This is 42 per cent higher than in April last year.

Fresh salmon fillets accounted for 22 per cent of total salmon exports. The corresponding share in April last year was 16 per cent.

Exports of frozen fillets increased by 10% in value to NOK 857 million. The share of frozen fillet of total salmon exports has remained stable over time at between 8 and 9 per cent.

Strong growth for trout

• Norway exported 4,177 tonnes of trout worth NOK 485 million in April.
• The value increased by NOK 165 million, or 51 per cent, compared to the same month last year.
• This represents a growth in volume of 56 per cent.
• Ukraine, USA and Thailand were the largest markets for trout in April.

Ukraine had the highest value growth in April, with an increase in export value of NOK 83 million, or 376 per cent, compared to the same month last year.

The export volume to Ukraine ended at 984 tonnes, which is 299 per cent higher than the same month last year.

At NOK 161 per kg, the price of fresh trout fillets is at a record high. This is NOK 5 higher than the previous record month, which was in June 2023.

Fall in volume and value for fresh cod

• Norway exported 4,972 tonnes of fresh cod worth NOK 317 million in April.
• The value fell by NOK 57 million, or 15 per cent, compared to the same month last year.
• Volume fell by 27 per cent.
• Denmark, the Netherlands, and Spain were the largest markets for fresh cod in April.

While the volume of fresh wild cod continues to fall in line with lower quotas and landings, the volume of fresh farmed cod continues to increase in April.

The export volume of fresh wild cod fell 35 per cent to 3,800 tonnes, while the export value fell 26 per cent to NOK 241 million.

Farmed cod had a volume growth of 16 per cent, to 1,200 tonnes, and a value growth of 52 per cent, to NOK 76 million. 24 per cent of fresh cod exports in April, measured in value, were farmed cod.

Good month for the value of skrei exports

• Norway exported 631 tonnes of quality labelled skrei worth NOK 39 million in April
• The value increased by NOK 2 million, or 6 per cent, compared to the same month last year.
• Volume fell by 3 per cent.
• Denmark, Spain and Sweden were the largest markets for skrei in April

Summarizing the 2024 cod season

• Norway exported 4,709 tonnes of skrei with a value of NOK 318 million in the 2024 skrei season.
• The value increased by NOK 37 million, or 13 per cent, compared with the cod season last year.
• Volume increased by 12 per cent.
• Denmark, Spain and Sweden were the largest markets for skrei in 2024.

Even with a large decrease in the cod quota, the export volume of quality labeled skrei increased in this year's season.

"We have to go all the way back to 2020 to find a higher volume of cod, and then with far higher quotas. As much as 26 per cent of exports of fresh wild cod were skrei, compared with only 18 per cent in last year's skrei season", says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

Strong development to Spain

Spain stands out with the strongest development this year. The export volume to Spain amounted to 1,600 tonnes, which is 42 per cent higher than last year. In addition, significant volumes go to Spain via the transit country Denmark, which had a stable export volume of 2,600 tonnes.

"Skrei is consolidating its position as the king of the fresh counter during the skrei season. The Spaniards love cod, and over the years, cod has strengthened its position among consumers, supermarkets, and fishmongers. This year, even more grocery chains have included skrei in their range, and it's gratifying to see such strong growth in exports of skrei to Spain", says Tore Holvik, the Norwegian Seafood Council's envoy to Spain.

Good April for frozen cod

• Norway exported 7,051 tonnes of frozen cod worth NOK 447 million in April
• The value increased by NOK 125 million, or 39 per cent, compared to the same month last year.
• That's a growth in volume of 30 per cent.
• China, the UK and Vietnam were the largest markets for frozen cod in April.

"Landings of frozen cod in April were roughly at the same level as last year, and the strong volume growth in April may be due to stock changes or lower sales to the Norwegian onshore industry", says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

Largest increase to China

China had the highest value growth in April, with an increase in export value of NOK 112 million, or 485 per cent, compared to the same month last year.

The export volume to China ended at 2,300 tonnes, which is 212 per cent higher than the same month last year. With the strong volume growth in April, the export volume to China this year is now slightly higher than last year.

Affected by import bans

"The increase is a result of the recent US import ban on Russian cod. Since the Chinese processing industry exports large volumes of frozen cod fillets to the US, largely based on Russian raw material, they now have to use cod from other countries to continue producing for the US market", explains Brækkan.

Volume growth to the UK

Volumes to the UK also increased in April, and with an export volume of more than 2,000 tonnes, this resulted in volume growth of 59 per cent from April last year.

"We have to go back to 2002 to find a single month with a higher export volume of frozen cod to the UK", says Eivind Hestvik Brækkan.

Strong month for saithe clipfish

• Norway exported 5,318 tonnes of clipfish worth NOK 325 million in April.
• The value increased by NOK 14 million, or 5 per cent, compared to the same month last year.
• This is a growth in volume of 22 per cent.
• Portugal, the Dominican Republic and Congo-Brazzaville were the largest markets for clipfish in April.

The export volume for cod clipfish ended at 1,300 tonnes, which is a decrease of 15 per cent from April last year.

Export value fell 7 per cent to a total of NOK 156 million. The volume of saithe clipfish increased by 58% to 3,800 tonnes, while the export value increased by 35% to NOK 152 million.

Growth to the Dominican Republic

"As a result, our largest market for saithe clipfish, the Dominican Republic, saw the greatest growth in value in April, with an increase in export value of NOK 19 million, or 46 per cent, compared with the same month last year", says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

The export volume to the Dominican Republic ended at 1,613 tonnes, which is 74 per cent higher than the same month last year.

Portugal biggest on cod clipfish

For cod clipfish, Portugal dominates as usual, accounting for 77 per cent of total export value in April. Export volume to Portugal fell 17 per cent to 1,000 tonnes, while export value fell 12 per cent to NOK 120 million.

Record month for salted fish

• Norway exported 3,820 tonnes of salted fish worth NOK 381 million in April.
• The value increased by NOK 8 million, or 2 per cent, compared to the same month last year.
• Volume fell by 9 per cent.
• Portugal, Spain, and Italy were the largest markets for salted fish in April.

This is a record high export value for salted fish in a single month, NOK 7 million higher than the previous record month, which was in May 2023.

Portugal had the highest value growth in April, with an increase in export value of NOK 10 million, or 3 per cent, compared to the same month last year.

The export volume to Portugal ended at 3,312 tonnes, which is 12 per cent lower than the same month last year.

Value growth for stockfish

• Norway exported 405 tonnes of stockfish worth NOK 83 million in April
• The value increased by NOK 24 million, or 41 per cent, compared to the same month last year.
• Italy, USA, and Nigeria were the largest markets for stockfish in April.

Italy had the highest value growth in April, with an increase in export value of NOK 16 million, or 43 per cent, compared to the same month last year.

The export volume to Italy ended at 172 tonnes, which is 41 per cent higher than the same month last year.

Uncertain forecasts

So far this year, the export volume for cod stockfish is now at the same level as last year, with 1,100 tonnes.

"Since this year's stockfish production will not reach the markets for a few months, it is too early to assess how this year's decline in cod quotas will affect the production and export volume of stockfish", says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.

Fall in volume and value for herring

• Norway exported 9,653 tonnes of herring worth NOK 181 million in April.
• The value fell by NOK 3 million, or 2 per cent, compared to the same month last year.
• Export volume fell by 14 per cent.
• Poland, Egypt, and Lithuania were the largest markets for herring in April.

April is not the fishing season for either Norwegian spring-spawning herring (NVG herring) or North Sea herring, so exports are affected by previous catches.

"With a 34 per cent reduction in the NVG herring quota, lower export volumes are expected. Prices are also at a high level, and a record was set for frozen NVG fillets without skin, both in Norwegian kroner and euros", says Jan Eirik Johnsen, Head of Pelagic species at the Norwegian Seafood Council.

Low supply and high demand

At NOK 20.66 per kg compared with NOK 16.87 per kg, the price is 22 per cent above the same period last year. For the same period, the price in euros was EUR 1.77 per kg compared to EUR 1.46 per kg, an increase of 21 per cent.

"In general, the picture for herring is characterized by low supply and good demand. In addition, a weak Norwegian krone results in high price levels against the most important Euro markets", says Johnsen.

Good April for mackerel

• Norway exported 8,227 tonnes of mackerel worth NOK 211 million in April.
• The value increased by NOK 43 million, or 25 per cent, compared to the same month last year.
• This is a growth in volume of 9 per cent.
• Vietnam, USA, and Japan were the largest markets for mackerel in April.

Although exports of mackerel from Norway increased slightly in April this year compared with the same month last year, mackerel exports are well behind last year at the same time.

"With a frozen product, the time of export will vary according to customer demand and storage capacity in Norway. So far this year, 55,000 tonnes of mackerel have been exported, compared with 75,000 tonnes in the same period last year, a decrease of 27 per cent. This is because 27 per cent less mackerel has been landed so far this year than in the same period last year", says Jan Eirik Johnsen, Head of Pelagic Species with the Norwegian Seafood Council.

New price record

A new price record was set in NOK for frozen mackerel under 600 grams, which is the product that dominates exports. An average of NOK 23.41 per kg compared with NOK 20.58 per kg in the same period last year represents an increase of 14 per cent.

"The previous record was NOK 22.61 per kg in February this year. In dollar terms, we have seen higher price levels, but then we must go back to 2012", says Johnsen.

Strong month for capelin

• Norway exported 24,000 tonnes of capelin worth NOK 209 million in April.
• The value increased by NOK 158 million, or 310 per cent, compared to the same month last year.
• Volume increased by 700 per cent.
• Iceland (direct landings), China and Japan were the largest markets for Norwegian capelin in April.

This year, Norwegian boats did not fish for capelin in Icelandic waters. However, the quota for capelin in the Barents Sea increased from 37,000 tonnes last year to 117,000 tonnes.

The most important consumer markets for capelin are China and Japan.

Volume growth for capelin roe

Exports of capelin roe amounted to 217 tonnes in April, compared with 384 tonnes in the same month last year. So far this year, however, there has been a clear increase in exports of capelin roe. A total of 1,000 tonnes have been exported with a value of NOK 41 million. This is a doubling in volume from 500 tonnes.

"However, due to large quantities of Icelandic capelin roe in the markets, the price has fallen sharply from last year, so that the value so far this year is on a par with 2023", says Jan Eirik Johnsen, Head of Pelagic Species with the Norwegian Seafood Council.

Decline for king crab

• Norway exported 44 tonnes of king crab worth NOK 22 million in April.
• The value fell by NOK 14 million, or 39 per cent, compared to the same month last year.
• Volume fell by 31 per cent.
• The US, Denmark and Japan were the largest markets for king crab in April.

The decline in export value is due to lower volumes and lower prices for frozen king crab.

"April is a closed season, which means there is no catch of king crab. Due to a challenging fishery, an extended closed season, and lower catches so far this year, there was less king crab in stock in April than last year. As a result, there was a volume decline of 31 per cent in April", says Marte Sofie Danielsen, Head of Shellfish with the Norwegian Seafood Council.

Weak start to the year

So far this year, the decline is 23 per cent in volume and 15 per cent in value.

The average price of live king crab was NOK 577.7 per kg, which is an increase of NOK 224.7 per kg, or 64 per cent, compared with April last year, which was the weakest month in terms of prices.

Large price drop for frozen king crab

"The price of frozen king crab fell by as much as NOK 287 per kg, or 39 per cent, compared with the same month last year. "This price decline is due to the fact that the largest share of frozen king crab has gone to Japan, at an average price of just NOK 246 per kg", explains Danielsen.

The transit market Denmark had the highest growth in value in April, but so far this year it is the USA that is Norway's largest growth market, with a growth in value of NOK 35 million.

Continued positive development for snow crab

• Norway exported 1,285 tonnes of snow crab worth NOK 149 million in April.
• The value increased by NOK 72 million, or 94 per cent, compared to the same month last year.
• This is a growth in volume of 67 per cent.
• USA, Vietnam, and Japan were the largest markets for snow crab in April.

Good fishing and increased landings have led to a good build-up of snow crab stocks.

"In addition, the positive price trend continues, with April being the third consecutive month of growth compared to last year, and the fourth consecutive month of growth compared to the previous month", says Marte Sofie Danielsen, Head of Shellfish at the Norwegian Seafood Council.

Strong growth to the US

The average price for frozen snow crab in April was NOK 116 per kg, which is NOK 16 per kg more than in April last year.

In April, snow crab has mainly exported to the USA, which has seen an increase in export value of 308 per cent compared to April last year.

"The largest Canadian snow crab fishery was postponed again this year and did not begin until the end of April. This has provided good opportunities for exports to the USA in April, where the average price has increased by 25 per cent", says Danielsen.

Prices have increased

So far this year, 5,796 tonnes of snow crab have been exported. This is an increase of 2,200 tonnes compared with the same period last year.

"In addition, the average price has increased from NOK 103 per kg to NOK 111 per kg, which has resulted in a 73 per cent increase in value", explains Marte Sofie Danielsen.

Fall in value for prawn

• Norway exported 1,955 tonnes of prawn worth NOK 102 million in April
• The value fell by NOK 7 million, or 7 per cent, compared to the same month last year.
• This is a growth in volume of 29 per cent.
• Sweden, Canada, and Finland were the largest markets for prawn in April.

There has been a decline in volume for the largest prawn products, apart from fresh, cooked shell prawn and raw, frozen industrial prawn.

694 tonnes of raw, frozen industrial prawn were exported, compared with only 89 tonnes in April last year.

"This has gone to Canada and has contributed to the volume growth of 29 per cent. Nevertheless, this product has a lower price, in addition to the fact that there has been a price drop for virtually all the largest prawn products, which has contributed to the 7 per cent drop in value for prawn", says Marte Sofie Danielsen, Head of Shellfish with the Norwegian Seafood Council.

Decrease in volume for frozen, cooked prawn

Frozen, cooked shell-on prawn, which have seen strong growth so far this year, declined in April with a 25 per cent fall in volume and a fall in price of NOK 19 per kilo.

"Most of this has gone to the transit market Denmark and the hand pill market Morocco", says Danielsen,

So far this year, there has been an increase in volume and value of 12 and 2 per cent respectively.

Sweden is the largest market

Sweden has been the largest market, with value growth of 12 per cent, while Denmark has been the largest growth market, with growth of NOK 35 million.

Peeled prawn, which is the largest product category, has seen a decline in value of 20 per cent.

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