Strong September secures solid quarter for Norwegian seafood exports
"Thanks to a historically high export value in September, we have put behind us the best third quarter ever. This time there is virtually no currency effect from a weak Norwegian krone, since we are comparing with the same period last year. High volumes of salmon, trout, mackerel and prawns are driving up the export value", says Christian Chramer, CEO of the Norwegian Seafood Council.
Aquaculture compensates for quota reductions
So far this year, Norway has exported seafood worth NOK 124.7 billion. This is an increase of NOK 626 million, or 1 per cent, compared with the same period last year.
“2024 has been characterised by quota reductions for herring, king crab, mackerel and cod. This is an important and necessary measure to ensure continued sustainable fish stocks, but has naturally resulted in lower export volumes. The fact that the total value of seafood exports nevertheless increased in the third quarter is due to fish from aquaculture compensating for the fall in quotas," explains Chramer.
A challenging year so far
"Salmon is a product that is still very popular with consumers, but there is no doubt that 2024 has so far been a demanding year for many salmon producers. Competition in the market is fierce, while at the same time there has been galloping cost growth. In addition, higher sea temperatures this summer have led to increased biological challenges related to salmon lice", says Christian Chramer.
Fall in food inflation and increased purchasing power
According to the UN, food inflation continues to fall in Norway's most important seafood markets after a long period of strong growth.
"This has strengthened the purchasing power of many consumers. For example, Germany, the UK and China have never traded Norwegian seafood for such high values as in the last quarter", explains Chramer.
Good quarter for trout, mackerel and prawns
The third quarter was the best for trout and prawns. For the first time ever, the export value of trout exceeded NOK 2 billion in a single quarter, while the export value of prawns reached a record high in a single quarter.
"In addition, it has been a particularly good quarter for mackerel, with high prices, strong value growth and good demand in the important Asian markets", says Christian Chramer.
These are the 10 largest destination countries in the third quarter in terms of value:
These are the 10 largest species in the third quarter in terms of value:
Seafood exports in the third quarter
Seafood exports in September
Strong quarter for salmon
Germany had the highest value growth in the third quarter, with an increase in export value of NOK 355 million, or 32 per cent, compared with the third quarter last year.
The export volume to Germany ended at 16,150 tonnes, which is 28 per cent higher than the third quarter last year.
Growth in home consumption in Germany
"Although some of the increased supply of Norwegian salmon to the German market is probably for further processing and export, most of the growth to Germany can be explained by increased domestic consumption," says Seafood Analyst Paul T. Aandahl with the Norwegian Seafood Council.
There is growth in volume for both fresh and frozen natural products and smoked salmon in Germany.
"At the same time, consumer prices are falling compared with the same period last year. This strengthens the competitiveness of salmon compared to other proteins", says Aandahl.
Exports of salmon in September
Historical export value for trout
This is a record high export value for trout in a single quarter, NOK 392 million higher than the previous record quarter, which was in the third quarter of 2023.
Lithuania had the highest value growth in the third quarter, with an increase in export value of NOK 189 million, or 264 per cent, compared with the third quarter last year.
Higher export price for fresh whole trout than for fresh whole salmon
"September is the first month with a higher average price for fresh whole trout than for fresh whole salmon since May 2023. The average price for fresh whole trout was NOK 75.11 per kg, while the average price for fresh whole salmon was NOK 74.04 per kg", says Paul T. Aandahl, Seafood Analyst with the Norwegian Seafood Council.
Exports of trout in September
Volume decline and value growth for fresh cod
For fresh wild cod, the export volume fell by 35 per cent to 3,699 tonnes, while the export value fell by 26 per cent to NOK 222 million.
For fresh farmed cod, the export volume increased by 119 per cent to 2,457 tonnes, while the export value increased by 115 per cent to NOK 152 million.
Largest value growth to the Netherlands
The transit market, the Netherlands, had the highest value growth in the third quarter, with an increase in export value of NOK 70 million, or 148 per cent, compared with the third quarter last year.
“The export volume to the Netherlands ended at 1,996 tonnes, which is 163 per cent higher than in the third quarter last year. There was also an increase in exports of farmed cod to the transit markets of Poland and Denmark," says Seafood Analyst Thomas Jakobsen with the Norwegian Seafood Council.
Historically high share of farmed cod
Farmed cod accounted for 41 per cent of the export value of fresh cod in the third quarter of 2024.
"This share has never been so high in a third quarter before. The previous record was in the third quarter of 2010. At that time, farmed cod accounted for 38 per cent of the total value of fresh cod exports", explains Jakobsen.
Exports of fresh cod in September
New milestone in September
"In September, farmed cod accounted for 52 per cent of total exports of fresh cod. "This is the first time in recent times that farmed cod has accounted for more than half of the export volume for fresh cod", says Thomas Jakobsen.
Decline for frozen cod
The processing market China had the highest value growth in the third quarter, with an increase in export value of NOK 82 million, or 127 per cent, compared with the third quarter last year.
Exports to China totalled 2,323 tonnes, which is 52 per cent higher than in the third quarter last year.
Increased exports to the UK
Against a complex backdrop, the UK continues to take a larger share of frozen whole cod exports from Norway. So far this year, volume growth is 6 per cent.
Exports of frozen cod in September
Fall in volume and value for clipfish
For saithe clipfish, the export volume fell by 3 per cent to 12,316 tonnes, while the export value fell by 10 per cent to NOK 518 million.
Decline to Portugal in the third quarter
Norway's largest market for clipfish from cod, Portugal, had a decline of around NOK 72 million in the third quarter compared with the third quarter of 2023.
"This fall explains most of the total decline in value. However, it is worth noting that although there is a decline in the third quarter, exports so far this year have been as expected", says Seafood Analyst Thomas Jakobsen with the Norwegian Seafood Council.
Value growth to the Dominican Republic
The Dominican Republic had the highest value growth in the third quarter, with an increase in export value of NOK 36 million, or 25 per cent, compared with the third quarter last year.
The export volume to the Dominican Republic ended at 4,460 tonnes, which is 29 per cent higher than the third quarter last year.
"Although the third quarter is slightly up in terms of value, there is an overall decline in the export value of clipfish to the Dominican Republic so far this year", explains Jakobsen.
Good demand to the Caribbean
"Export volumes to the Caribbean have been high all year, and market demand is good. This trend continued in the third quarter, but as prices are lower than last year, there is an overall decline in value so far this year", says Ørjan Kjærvik Olsen, who is responsible for the Caribbean at the Norwegian Seafood Council.
For saithe clipfish, the export volume fell by 3 per cent to 12,316 tonnes, while the export value fell by 10 per cent to NOK 518 million.
Exports of clipfish in September
Value growth for salted fish
Portugal had the highest value growth in the third quarter, with an increase in export value of NOK 47 million, or 28 per cent, compared with the third quarter last year.
Exports to Portugal totalled 2,184 tonnes, which is 17 per cent higher than in the third quarter last year.
Exports of salted fish in September
Decline for stockfish
The USA had the highest value growth in the third quarter, with an increase in export value of NOK 15 million, or 154 per cent, compared with the third quarter last year.
The export volume to the US ended at 77 tonnes, which is 120 per cent higher than the third quarter last year.
Exports of stockfish in September
Weak quarter for herring
Poland had the highest value growth in the third quarter, with an increase in export value of NOK 29 million, or 15 per cent, compared with the third quarter last year.
Export volume to Poland ended at 9,706 tonnes, which is 1 per cent higher than the third quarter last year.
The price of frozen herring fillets is at a record high of NOK 22 per kg. This is NOK 1 higher than the previous record quarter, which was in the second quarter of 2024.
The price of frozen whole herring is at a record high of NOK 18 per kg. This is NOK 1 higher than the previous record quarter, which was in the second quarter of 2024.
Exports of herring in September
Strong mackerel exports
China had the highest value growth in the third quarter, with an increase in export value of NOK 214 million, or 136 per cent, compared with the third quarter last year.
The export volume to China ended at 14,486 tonnes, which is 93 per cent higher than the third quarter last year.
The price of frozen whole mackerel is at a record high of NOK 26 per kg. This is NOK 2 higher than the previous record quarter, which was in the second quarter of 2024.
Good demand in South Korea and Japan
Fishing has been good recently, and most of the mackerel quota has now been taken.
"We are experiencing good demand in the most important Asian markets. A decline in their own mackerel fisheries in both South Korea and Japan has meant that their processing industries are buying Norwegian mackerel to an even greater extent", says Johan Kvalheim, the Norwegian Seafood Council's envoy to Japan and South Korea.
Exports of mackerel in September
The quota cut affects the export of king crab
"If it hadn't been for good fishing in the unregulated area, the decline would have been even greater. In the third quarter, the supply from the unregulated area was actually, greater than from quota-regulated fishing", says Josefine Voraa, Head of Shellfish with the Norwegian Seafood Council
USA is Norway's most important market
"With Russia out of the US market and only a small quota in Alaska, the US remains the most important market for both live and frozen Norwegian king crab", says Josefine Voraa.
Live king crab dominates
Live king crab accounted for 73 per cent of the export volume in the third quarter, with 430 tonnes. This is a decrease of 36 per cent compared with the same period last year.
In terms of value, exports totalled NOK 202 million, which is 32 per cent lower than last year.
King crab exports in September
"In the US and Canada, demand tends to pick up in the autumn and towards the Christmas season in the markets. In September, North America grew by 23 per cent in volume and 31 per cent in value. While Asia, which is flooded with Russian crab, declined by 74 per cent in volume and 78 per cent in value", explains Josefine Voraa.
Low exports of snow crab
Japan had the highest value growth in the third quarter, with an export value of NOK 4 million, compared with nothing the previous year. The export volume ended at 32 tonnes.
Snow crab exports in September
Historically strong quarter for prawns
"Prawn exports have had a historically strong quarter. With the decline in cod quotas, activity in the prawn fishery in the Barents Sea has increased. Landings so far this year are 37 per cent higher than they were at the same time last year", says Josefine Voraa, Head of Shellfish at the Norwegian Seafood Council.
Highest value growth for raw, frozen industrial prawns
Raw, frozen industrial prawns accounted for 56 per cent of the export volume in the third quarter. It is therefore the product with the highest volume growth, with an export volume of 6,409 tonnes.
"This is 5,288 tonnes more than in the third quarter of last year. The value of exports is NOK 137 million, an increase of 494 per cent compared with the same period last year", explains Voraa.
Iceland and Canada top the export charts
Iceland and Canada are the largest recipients of industrial prawns, both in the third quarter and so far this year.
"While Iceland has been a major importer of raw materials from Norway for many years due to low self-catch, Canada, as one of the largest catching nations for cold-water prawns, has faced challenges in obtaining enough raw materials for its onshore industry", explains Josefine Voraa.
So far this year, more than 6,098 tonnes of industrial prawns have been exported to Canada, and in the third quarter alone 2,438 tonnes were exported.
China was the largest growth market
"In addition to increased landings of raw, frozen prawns, the proportion that is cooked and frozen on board vessels in the Barents Sea has increased significantly. This has contributed to a historically strong third quarter for frozen, cooked shell prawns, with exports of 2,517 tonnes, worth NOK 108 million", explains Voraa.
Measured in terms of export value, China was the largest growth market in the third quarter with an export value of NOK 21.6 million. This is 56 per cent higher than in the same period last year. In terms of volume, exports totalled 481 tonnes.
So far this year, 26,537 tonnes of prawns have been exported with a value of NOK 1.23 billion. This is 11,641 tonnes more than at the same time last year.
Prawn exports in September
In the past month, the gap between the National Mutton Indicator and the National Heavy Lamb Indi...
New product ideas with the U.S. Boston butt were launched with importers, distributors and proces...
The Australian Food and Wine Collaboration Group, which includes MLA, along with Dairy Australia,...