A total of 2.8 million tonnes of seafood worth NoK175.4 billion were last year shipped to export markets by Norwegian producers, making 2024 the best year ever for Norway’s seafood exports.
‘2024 was characterised by quota cuts for cod, significant production challenges for salmon, geopolitical fluctuations and economic turmoil in the global market. When the value of seafood exports nevertheless rises to a historically high level, it is incredibly strong,’ said Christian Chramer, CEO of the Norwegian Seafood Council. The NoK175 billion total is 2% up on the 2023 figure, which was also a record year.
‘In the period from 2020 to 2024 alone, the value increased by around NoK70 billion. This shows what a strong global position our seafood has. Last year, we exported more than 60 different species to over 150 countries around the world,’ Christian Chramer commented.
‘Once again, Norwegian seafood exports have set new records, and I am impressed by everyone who has contributed. The Norwegian seafood trade is a fantastic example of how sustainability can be combined with economic value creation,’ said Minister of Fisheries and Oceans Marianne Sivertsen Næss.
‘The new year will bring new challenges, but also new opportunities, and I believe the seafood industry will continue to develop and create jobs and value across the country.’
While in 2023 there was price growth for the main species, last year there was a more nuanced picture.
‘Factors such as price and volume affected the species differently. Food inflation fell last year, and both salmon and trout experienced price declines. At the same time, quota reductions contributed to price growth for important wild-caught species,’ Christian Chramer said, adding that there were major fluctuations in value during the year, and the trend was particularly strong in the fourth quarter.
‘This is because salmon, trout, prawn, herring and mackerel received a boost in the final months of the year. The currency effect, which has been an important contributor to growth in recent years, declined last year, but was still the main reason for the growth in value in Norwegian kroner. Measured in euros, which is our most important export currency, the value is unchanged compared to 2023.’
Norway exported salmon to a value of NoK122.9 billion in 2024. This is a new value record and accounted for 70% of the total.
The largest markets for Norwegian seafood exports in 2024 were Poland, Denmark and the USA. China had the highest growth in value, with an increase in export value of NOK 887 million, or 10 per cent, compared with the previous year.
For wild-caught species, 2024 was a challenging year for cod and king crab due to quota reductions. On the other hand, the export value of mackerel increased by 24% and the value of shrimp by 30%.
‘We are in a period of reduced access to the all-important cod, but lower volumes last year were to some extent compensated for by higher prices. This has happened thanks to a strong position for clipfish in particular. Together with the industry, we will continue to promote saithe as a good supplement to cod in countries such as Sweden, France and Germany,’ Christian Chramer said.
