Norway: Seafood exports worth NOK 17.3 billion in November
"We've seen several months in a row of solid growth in seafood exports, and this trend continued in November. Thanks to price growth for salmon, mackerel, cod, haddock and herring, this was the best November ever in terms of value," says Christian Chramer, CEO of the Norwegian Seafood Council.
No currency effect in total
In contrast to previous years, seafood exports have not been helped by a weak Norwegian krone.
“Compared to the same month last year, the Norwegian krone is slightly stronger against the euro, but weaker against the US dollar. In total, there is no currency effect, so the value growth is mainly driven by higher prices and increased volumes for some of our most important species," explains Chramer.
Increased costs and tougher global competition
He emphasizes that although Norwegian seafood exports are increasing in value, this does not mean gold and green forests for industry players.
“On the wild-catch side, many are worried about the consequences of new quota cuts, in the land-based industry the battle for raw materials is intensifying, while many salmon companies are experiencing greater biological challenges as sea temperatures rise. When this is combined with increased cost growth and tougher global competition, many people are facing a more demanding financial situation at the same time as seafood exports are increasing," says Christian Chramer.
Strong growth for shrimp and salmon to China
As usual, the countries in the EU zone bought the most Norwegian seafood. In total, Norway exported seafood worth NOK 10 billion to this market in November.
“Europe is strong and had value growth in November. The USA declined slightly, while Asia is becoming increasingly important. Last month there was strong growth for both shrimp and salmon to China," explains Christian Chramer.
Heading for a new export record
So far this year, Norway has exported seafood worth NOK 160.4 billion. This is NOK 2.3 billion, or 1.5 per cent, higher than at the same time last year.
“So far, 2024 has been a good year for Norwegian seafood exports in terms of value. Higher prices have largely compensated for the quota cuts for cod, herring and mackerel. If the favourable trend continues in December, we will pass last year's export record of NOK 172 billion by the end of the year," says Christian Chramer.
Historically good autumn for herring and mackerel
Salmon, herring and mackerel are three of the species that have contributed to value growth so far this year.
“This autumn has been historically good for mackerel and herring. In the last three months, prices for these species have reached historically high levels, and demand is strong in the most important markets. At the same time, the export value of salmon exceeded NOK 12 billion for the very first time in November, consolidating its position as Norwegian seafood's most important export product," explains Christian Chramer.
Seafood exports in November
Record high value for salmon
This is a record-high export value for salmon in a single month, NOK 224 million higher than the previous record month, which was in October 2023.
Germany had the highest value growth in November, with an increase in export value of NOK 149 million, or 34 per cent, compared with the same month last year.
Exports to Germany totalled 5,881 tonnes, which is 34 per cent higher than the same month last year.
Increased home consumption in Germany
"The growth in value to Germany is mainly due to increased home consumption. "There is both increased frequency and greater volume per purchase of both fresh natural and smoked salmon," says Kristin Pettersen, the Norwegian Seafood Council's envoy to Germany.
In the third quarter, 5 per cent more salmon was sold in the discount chains compared with the same period last year.
“Compared with the price of meat and other seafood, the price of salmon is perceived as more stable than in previous periods. 55 per cent of Germans say they are "flexitarians", i.e. that they alternate between different proteins and reduce their share of meat. Salmon is the closest substitute for meat," explains Pettersen.
Good demand in China
China was the second largest growth market in November, with an increase of NOK 121 million, or 33 per cent. In total, the Chinese bought Norwegian salmon for NOK 490 million last month.
"China received a boost last year after the corona pandemic, and the market was particularly strong at the beginning of 2023. This year, the import volume of Norwegian salmon has continued to increase, and this autumn demand has been significantly stronger than at the same time last year," says Seafood Analyst Paul T. Aandahl of the Norwegian Seafood Council.
Norway is the largest supplier of fresh whole salmon to China and has a market share of around 45 per cent.
Good month for trout
Lithuania had the highest value growth in November, with an increase in export value of NOK 45 million, or 93 per cent, compared with the same month last year.
The export volume to Lithuania ended at 1,142 tonnes, which is 93 per cent higher than the same month last year.
Decline for fresh cod
As usual, export volumes for fresh wild cod fell in line with lower landings. The decline in volume was 28 per cent in November, to 1,007 tonnes, while export value fell 13 per cent, to NOK 72 million.
For fresh farmed cod, the export volume increased by 6 per cent to 1,033 tonnes, while the export value increased by 15 per cent to NOK 65 million.
Farmed cod accounted for 51 per cent of the export value of fresh cod in November.
Fall in volume and value for frozen cod
Lower landings result in lower exports of frozen cod in November.
The USA saw the greatest growth in value in November, with an increase in export value of NOK 11 million, or 185 per cent, compared with the same month last year.
The export volume to the USA ended at 220 tonnes, which is 117 per cent higher than in the same month last year.
Value growth for clipfish
For saithe clipfish, the export volume fell by 27 per cent to 3,635 tonnes, while the export value fell by 17 per cent to NOK 186 million.
For cod clipfish, the export volume increased by 25 per cent to 3,328 tonnes, while the export value increased by 29 per cent to NOK 465 million.
Largest increase to Portugal
Portugal had the highest value growth in November, with an increase in export value of NOK 146 million, or 59 per cent, compared with the same month last year.
Exports to Portugal totalled 2,929 tonnes, which is 54 per cent higher than the same month last year.
"Portugal has seen stronger wage growth than most other European cod markets in recent years, which has helped to maintain demand for clipfish in this important market," says Trond Rismo, the Norwegian Seafood Council's envoy to Portugal.
All-time high export price for saithe clipfish
So far this year, the export volume of cod clipfish is only 3 per cent lower than last year.
“In Portugal, which is by far our largest market for both cod clipfish and all cod, the volume decline has only been 1 per cent so far this year compared with the same period last year," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
November saw the highest ever export price for saithe clipfish, at NOK 51 per kg. This is NOK 3 per kg higher than the previous record month, which was in January 2023.
Volume decline and value growth for salted fish
Portugal had the highest value growth in November, with an increase in export value of NOK 6 million, or 7 per cent, compared with the same month last year.
The export volume to Portugal ended at 818 tonnes, which is 15 per cent lower than the same month last year.
Export record for stockfish
"This is a record high export value for stockfish in a single month. It is mainly driven by cod stockfish, which in November accounted for more than 90 per cent of Norwegian stockfish exports in terms of value," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
Exports of cod stockfish totalled NOK 156 million in November.
“The export value of cod stockfish has never before exceeded NOK 150 million in a single month. Compared with November last year, there was volume growth of 37 per cent and value growth of 49 per cent. The export price was NOK 338 per kg, which is a record," explains Brækkan.
Growth to Italy
Our largest market, Italy, saw volume growth of 24 per cent in November, to a total of 288 tonnes, and value growth of 33 per cent.
A total of NOK 101 million worth of stockfish was exported to Italy in November, also a record high.
"It is gratifying to see that exports have picked up over the past month, although this must be seen in the context of somewhat lower exports earlier this autumn. This is probably because it has taken some time for importers and producers in Italy to get used to a higher price level due to lower quotas and less available stockfish, as well as a shift in exports over time," says Tom-Jørgen Gangsø, the Norwegian Seafood Council's envoy to Italy.
Easy-to-use products boost stockfish sales
The fact that exports are starting to approach last year's level shows that stockfish is still strong in Italy, he says.
“In particular, more easily digestible products, both in the grocery trade and the restaurant sector, are contributing positively to this development," explains the Seafood Council's representative.
Croatia had the highest value growth in November, with an increase in export value of NOK 27 million, or 195 per cent, compared with the same month last year.
The export volume to Croatia ended at 118 tonnes, which is 171 per cent higher than the same month last year.
Historic month for herring
Never has the export value of herring been higher in a single month than it was in November.
The previous record was set in October 2021 and totalled NOK 724 million.
Why export value is increasing
The export value is largely driven by volume growth for whole frozen herring and a continued high price level.
“Over time, favourable prices for the residual raw material used in the production of herring fillets have resulted in low export volumes of whole frozen herring. However, the prices of fishmeal and oil have fallen recently, while Egypt is able to offer competitive prices for whole frozen herring. This has resulted in a shift away from fillets, where demand is described as moderate, to whole frozen herring," says Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council.
Herring is the dominant seafood product in Egypt
Egypt has long been the largest market for frozen whole herring. In November, 30 per cent of the total export volume ended up in this country. In Egypt, herring, especially smoked herring, is the dominant seafood product.
“A low supply of herring due to reduced quotas for Norwegian spring-spawning herring means prices remain high. So far this year, a new export record has been set, with a value of NOK 3.8 billion. The previous record was NOK 9 million lower and dates to 2012. However, the export volume was 77 per cent higher then," explains Johnsen.
Continued value growth for mackerel
"The early start to the mackerel fishing season has resulted in high export volumes in August, September and October, so it was expected that the volume for November would be lower than for the same month last year. At the same time, demand in the markets is good, and for the fifth month in a row a price record has been set for frozen mackerel under 600 grams," says Jan Eirik Johnsen, head of pelagic species at the Norwegian Seafood Council.
The record of NOK 27.83 per kg is 90 øre above the record from October, and the price was 24 per cent higher than in November last year.
Prices pushed up by low supply
Mackerel exports continue to soar, and a new export record of NOK 7.7 billion has been set for 11 months. The previous record was set in 2023 at NOK 6.3 billion, an increase of 23 per cent.
“A generally low supply situation for mackerel globally and in markets where mackerel is strong has driven prices to a new level. In the short term, this is good for exports, but in the long term, low supply may mean that fewer people have access to consuming mackerel. This in turn could lead to fewer consumers in the future," says Johnsen.
Challenging month for king crab
"We are approaching the end of the quota year for king crab, a challenging year with a quota cut of 57 per cent compared to 2023. This has had an impact on king crab exports, month after month," says Josefine Voraa, Head of Shellfish at the Norwegian Seafood Council.
There was also a fall in exports in November. The biggest decline was in exports of live king crab. It ended at 42 tonnes, which is a decrease of 97 tonnes, or 70 per cent, compared with November last year.
Decline to USA
This is the lowest export volume in the month of November since live king crabs were given their own item number in 2017.
"Exports of frozen king crab did not fall as much, ending up at 47 tonnes in November, a decrease of 33 per cent or 24 tonnes," says Voraa.
Exports to the USA, which is the largest market for Norwegian king crab, fell by 56 per cent in value and 62 per cent in volume in November.
Italy is the second-largest market, and in November it was also the market with the highest value growth, with an increase in export value of NOK 3 million, or 85 per cent, compared with the same month last year.
The export volume to Italy ended at 10 tonnes, which is 43 per cent higher than the same month last year.
Volume growth for snow crab
Another strong month for prawn
Processed prawn, or peeled prawn, accounted for more than 67 per cent of the export value in November, at NOK 97 million.
“Peeled prawn were also the product with the highest growth in value in November, with an increase of 39 per cent compared with November last year. The growth is primarily due to increased export volumes to Denmark and the UK. Exports to Sweden fell by 22 per cent in November," says Josefine Voraa, Head of Shellfish at the Norwegian Seafood Council.
Biggest growth in China
Cooked, frozen shell prawn are also experiencing strong growth this month, with an increase in export value of NOK 19 million, or 242 per cent, compared with November last year.
“The growth in value comes because of an increased supply of cooked, frozen shell prawn. More than half of the export volume of frozen shell prawn ended up in the Chinese market in November," explains Voraa.
China was the market with the greatest growth in volume and value this year, with exports of 430 tonnes worth NOK 12 million, compared with nothing last year.
So far this year, prawn fishing in the Barents Sea has been strong, with increased landings. This has had an impact on export statistics.
“From January to November this year, almost 33,000 tonnes of prawn were exported with a value of NOK 1.5 billion. We have to go back to 2000 to find a year with a higher export volume," says Josefine Voraa.
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