Norway’s seafood export value increased year over year, marking a reverse of the historic drop in value the country experienced in June.
The latest trade data shared by the Norwegian Seafood Council (NSC) indicates the country exported seafood worth NOK 13 billion (USD 1.12 billion, EUR 1.07 billion) in July 2024, an increase of NOK 727 million (USD 66 million, EUR 60 million), or 6 percent, compared to the same month last year. That number is also an increase month over month, as the country’s export value reached NOK 12.1 billion (USD 1.09 billion, EUR 1 billion) in June 2024.
That gains came in large part thanks to strong salmon export volume growth and a weaker krone compared to the U.S. dollar and euro, according to Norwegian Seafood Council CEO Christian Chramer.
According to the NSC, the price of salmon continued to drop in July, but the species saw “significant volume growth.”
Norway exported 107,442 metric tons (MT) of salmon in July 2024, an increase of 13 percent compared to July 2023. That increase in volume led to an increase in value of 3 percent, or NOK 262 million (USD 23.7 million, EUR 21.7 million), to NOK 9.6 billion (USD 870 million, EUR 794 million).
"Despite the fall in prices, the value of exports to several of the major markets is increasing," NSC Seafood Analyst Paul T. Aandahl said.
Multiple countries saw growth in value in July, with Germany taking the top spot in terms of growth, according to Aandahl.
“Germany saw the greatest growth in value in July, with an increase in export value of NOK 142 million [USD 12.9 million, EUR 11.8 million], or 46 percent, compared with the same month last year. The export volume to Germany ended at 4,800 [MT], which is 53 percent higher than the same month last year,” Aandahl said. “This development must be seen in the context of low supplies at the beginning of the year, as well as the currency situation, which is favorable from an export perspective.”
Norway’s trout exports also jumped in July 2024, increasing in volume by 38 percent to 8,025 MT and in value by 36 percent to NOK 695 million (USD 63 million, EUR 57 million) compared to July 2023.
Other species also saw big gains, according to the NSC.
"In a quieter period with relatively low volumes for the remaining major species exported, July broke records for herring and mackerel,” Chramer said.
Herring saw record prices in the month, and that helped boost Norway’s herring export value despite a fall in volume. The country exported 10,734 MT of herring worth NOK 211 million (USD 19 million, EUR 17 million), a decrease of 2 percent and an increase of 19 percent, respectively.
The increase is atypical, as normally July sees the lowest export volume of herring all year. However, according to the NSC, this year, July’s export volume was higher than April, May, and June – which it attributed to lower quotas of spring-spawning herring and higher quotas of North Sea herring.
“In July, frozen whole North Sea herring was the largest export product. This also includes the sought-after maiden herring, known as matjessild, which is demanded by the Dutch," NSC Manager for Pelagic Species Jan Eirik Johnsen said.
At the same time, frozen skinless fillet of herring hit a record price of NOK 21.97 (USD 1.99, EUR 1.81) per kilogram.
“A weak Norwegian krone contributes to the price level of herring but is not the main explanation,” Johnsen said. “For July, we see that currency contributes by 4 percent, while increased prices contribute by as much as 12 percent, when compared with July last year. A low total quota for herring is the most important factor behind the high prices.”
Mackerel also had a strong month, according to the NSC. Norway exported 9,260 MT of mackerel worth NOK 220 million (USD 19.9 million, EUR 18.2 million) in July 2024, a year-over-year increase of 39 percent and 50 percent, respectively.
One species that did not see improved numbers year over year was cod. Norway exported 2,384 MT of fresh cod worth NOK 137 million (USD 12.4 million, EUR 11.3 million) in July, a drop of 19 percent and 6 percent, respectively.
The decrease is largely related to lower quotas and landings, which have followed a multi-year trend.
Amid the decrease ...
