In August Norwegian salmon had its strongest month so far this year, both in terms of value and volume, while high mackerel prices have pushed August’s growth up, and mackerel prices have remained high since last autumn.
Last month Norwegian exporters shipped 12,500 tonnes of herring worth NoK 148 million in August, a 36% reduction in volume, while export values for herring fell by 23%. During last month 8900 tonnes of mackerel were exported, a 100% increase in volume and a 148% increase in value.
So far this year Norway has exported 86,000 tonnes of mackerel worth NoK 1.1 billion.
‘Although there has been a doubling in the volume of mackerel exports in August this year, this growth is from relatively low volumes. We anticipate the largest volumes of mackerel over the next two to three months when the mackerel season starts,’ said Norwegian Seafood Council analyst Ingrid K. Pettersen.
‘As we now enter this year’s season, we see that Norwegian mackerel exports to China are experiencing a marked increase. Mackerel to China is mainly used for processing and further export to markets such as Japan and Korea. At the same time, we are experiencing an increased interest in Norwegian mackerel in the Chinese market. Norwegian mackerel is aligned with consumer food trends in China with an increased focus on healthy and nutritious food and this shows considerable potential for increased consumption going forward,’ commented Victoria Braathen, Fisheries Envoy with the Norwegian Seafood Council in China.
Volume falls, seafood export values rise
Overall, Norway exported 182,000 tonnes of seafood with a total value of NoK 8.6 billion in August. Volume decreased by 4%, while export values increased by NoK 678 million, a 9% rise compared with August last year.
So far this year, Norway has exported 1.6 million tonnes of seafood worth NoK 68 billion. Export volume has fallen by 10%, while growth in value so far has been NoK 4.5 billion, up 7.2%.
‘The growth in value in August is largely driven by increased prices where a weak Norwegian krone has made an important contribution,’ said the Norwegian Seafood Council’s Director of Market Insight and Market Access Tom-Jørgen Gangsø.
‘At the same time, good demand in several markets is also an important factor. For example, we are experiencing increased demand from the Chinese market, both for Norwegian salmon and for mackerel. For whitefish, especially cod, we see that growth in value continues, and in August frozen cod and clipfish were particularly strong performers.’
King crab down, shrimp up
372 tonnes of king crab valued at N0K 115 million were exported in August. This is a 20% reduction in volume, while export value fell by NoK 17 million, or 13%. So far this year, 1,444 tonnes of king crab have been exported with a value of NoK 446 million, corresponding to a volume growth of 3% and a value growth of 11%. South Korea, China and the United States were Norway’s largest markets for king crab in August.
‘There has been a significant rise in prices both in August and for the year so far. King crab is sold primarily to the dollar market, and a weak Norwegian krone against the dollar is an important explanation for price growth. While inflation in the Norwegian krone has been at 9% so far this year, inflation against the US dollar is approximately 2%,’ said Frank Isaksen, Chief Analyst at the Norwegian Seafood Council.
1,100 tonnes of shrimp were exported with a value of NoK 88 million in August, a 34% jump in volume and a 21% value increase.
So far this year, Norway has exported 9200 tonnes of shrimp worth NoK 688 million. Sweden, the United Kingdom and Finland were key shrimp markets in August.
‘Each month in 2019, except for July, shrimp fishing has been at higher levels than the same months in 2018. The fact that more shrimp are being landed is correlated with lower cod quotas, and the high prices (due to reduced global supply) have given fishermen good incentives to switch to fishing for shrimp,’ Frank Isaksen said.
