Values are up and tonnages are down for the Norwegian seafood industry, which saw a record year in 2023 with exports valued at NoK172 billion. That’s 14% up on the 2022 figure, and is driven partly by the weakness of the Norwegian currency – and the Norwegian Seafood Council states that in terms of dollars and euros, the growth was significantly less.
‘Although the weak krone is the main reason for the increase in value, this shows that Norwegian seafood is strong abroad. The seafood industry has every reason to be proud of that – from the smallest coastal fisherman to the people at the largest aquaculture facilities,’ said Minister of Fisheries and Ocean Policy Cecilie Myrseth.
Export volumes totalled 2.80 million tonnes in 2023, 5% less than the year before, and with the key species of cod and salmon showing a decline. Exports from Norway’s pelagic sector were also the lowest since 2016.
‘2023 was the best value year ever for Norwegian seafood exports. Seafood is still one of Norway’s most sought-after global trade goods and has firmly established itself as the country’s second-largest export product, behind oil and gas,’ said Norwegian Seafood Council managing director Christian Chramer.
‘The weak Norwegian krone and the general price increase in the markets lifted the value to a record high level. In total, the devaluation of the krone contributed to increasing the export value by almost NOK 15 billion in 2023.’
He commented that quotas for some catch species, including cod and mackerel, resulted in lower landing figures, hence reduced exports for those species.
‘In 2023, there was a 20% reduction in the cod quota, resulting in lower catches. Despite this, the export value for most cod categories increased. A similar situation was observed for mackerel, with lower catches but a record-high export value. Salmon remains the main contributor to Norwegian seafood exports. In 2023, Norway exported 1.2 million tonnes of salmon, valued at NOK 122.5 billion, which accounted for 71% of the total value of all seafood exports,’ he explained.
‘It is important to remember that this does not equate to solid bottom lines for the seafood companies. For many of them, these are still challenging times with increased costs, weakened consumer purchasing power and a changing global competitive landscape. Norwegian seafood still does not sell itself,’ he added.
Alongside this, Fisheries Minister Cecilie Myrseth highlights falling seafood consumption in Norway a further challenge.
‘We must step up our efforts here at home because we have never eaten less fish than today. Seafood is both sustainable and healthy, so we must reverse the trend and eat more of it,’ she said.
In 2023 Norwegian exporters shipped products to 153 countries around the world, with the largest markets in Poland, Denmark and the USA. Notably, the largest increase last year was the Polish market, with a volume of 277,745 tonnes, a 4% increase in volume compared to the previous year, but up 21% in NoK terms.
Salmon remains the keystone of Norwegian seafood exports, valued at NoK122.50 billion – and up 16% over 2022. Next is cod, worth NoK12.20 billion, and this is the same value as the previous year, despite the lower volume. Mackerel exports were valued at NoK6.70 billion, up7% and trout came to NoK5.50 billion, an increase of 10%.
Other fisheries resulting in export values of more than a billion NoK are herring, saithe, haddock, shrimp and king crab.
