Norway exported seafood worth NOK 13.4 billion in April, a 5% drop compared with the same month last year. The decline is mainly due to a significant strengthening of the Norwegian currency.
‘There are several factors affecting the decline in exports in April, such as the tariff dispute with the US and the war in the Middle East. The main explanation for the fall is a sharp strengthening of the Norwegian krone against both the euro and the dollar,’ said Christian Chramer, CEO of the Norwegian Seafood Council.
Compared with April last year, the krone has strengthened by 7% against the euro and by as much as 12% against the dollar. Measured in euros, the value of exports has increased by 2%, whilst it has risen by as much as 6% when measured in US dollars. ‘The war in the Middle East is having a particular impact on the flow of salmon and trout, with higher transport costs, reduced shipping capacity and reduced tourism. Exports fell to all markets in the Middle East in April, as well as to a number of Asian markets,’ Christian Chramer said.
In April, export volumes of salmon and trout fell by over 20% to key markets such as Japan (-33%), Israel (-36%), Vietnam (-24%), Saudi Arabia (-27%), the United Arab Emirates (-44%) and the Philippines (-66%).
‘Lower quotas and landings have characterised exports of several species in April, including cod, saithe, mackerel and prawns. Higher prices helped to cushion the fall in value, but the export value is falling significantly for all wild-caught species,’ he commented.
‘Uncertainty over future tariff conditions and a weaker dollar contributed to the decline in exports to the US continuing in April as well.’
Seafood exports to the US fell by 30% to NOK 973 million, driven by lower volumes of both salmon and trout. So far this year, the export value to the US has fallen by 32%, or NOK 2 billion.
China saw the highest growth in value, with an increase in export value of NOK 324 million, or 36%, compared with the same month last year. Export volume to China stood at 16,217 tonnes, which is 24% higher than the same month last year.
So far this year, Norway has exported seafood worth NOK 57 billion. This represents a 2% drop, compared with the same period last year.
