While the Norwegian seafood industry is celebrating record sales this year, Icelandic exporters also have every reason to be cheerful.
The export value of Icelandic seafood production last month is up 25% over the same period last year in ISK terms, and 32% in overseas currency terms as the Icelandic króna has been stronger last month that it was a year ago.
According to SFS, it’s a decade since Icelandic seafood exports saw a month of November as strong as this one.
Herring has been a noticeably strong product, while there has been a 34% lift in the value of exported cod products that are reported to be worth ISK8.5 billion last month.
Figures from Statistics Iceland indicate that there has been growth across the board for all products, with the exception of a small reduction in salted and dried goods, and a roughly 43% reduction in fish oil, while the value of exported fishmeal is up 50% in comparison to November a year ago.
Year to date
Over the year as a whole to date, seafood export values are put at ISK268 billion, equivalent to a 9% increase in ISK terms and 11% in overseas currency terms.
The ‘other seafood products’ category for this year is worth ISK29 billion, and this category hasn’t been so high for a decade – and the explanation is likely to lie in capelin roe produced during the short 2021 capelin season.
Exports of fresh products are up 12% to around ISK79 billion and this category has never been higher. Export values of frozen goods are up 3% over the year to date.
Salted and dried seafood products are down 5% in value compared to the first eleven months of 2020 and there is a 7% fall in the value if shrimp exports, which are at their lowest point in a decade.
Fishmeal exports for the year to date have also hit a record low for the last decade and are roughly 8% down on last year – although the ongoing capelin season, the first for some years is expected to change this to some extent as a larger proportion of a big quota is expected to go for meal and oil production.
