The weakness of the NoK, combined with high prices for salmon have pushed Norwegian seafood exports to a value of NoK13.3 billion in Janaury this year – a 5% increase on the same period in 2023.
‘2024 seafood exports have got off to a good start. This is primarily due to increased salmon prices. Together with a weakened krone, this has led to the total export value setting a record high for January,’ said Norwegian Seafood Council CEO Christian Chramer, commenting that this represents a 35th consecutive month of growth in export values.
‘We also saw a significant currency effect in January. Compared to the same month last year, the Norwegian krone has weakened by 6% against the euro, which raises export prices in the Norwegian kroner.’
In January, Norway exported 184,000 tonnes of seafood, a 15% decrease compared to January 2023.
‘Quota reductions on cod, herring and mackerel are now really beginning to be felt in the export volume. This year, our largest wild-caught species measured by value, cod, will be subject to a quota cut of 20%. The same is the case for herring. This results in increased competition for the raw material and lower supply to the markets,’ he said.
The EU was the largest importer of seafood from Norway in January this year. NoK7.5 billion worth of seafood was exported to this market. This is an increase in value of 11% compared to the same month last year.
‘Although there is still uncertainty about the economic development in the markets, inflation in recent months has fallen faster than expected. The International Monetary Fund expects an increase in the purchasing power of households in the euro area this year. It will be positive for the demand for Norwegian seafood in a market which in 2023 accounted for 68 per cent of the export value of Norwegian seafood,’ Christian Chramer said.
Despite partly demanding weather conditions in January, winter cod (skrei) fishing is well underway. Last month, quality-marked skrei accounted for 25% of the export value of all fresh wild-caught cod. This is a new record for a single month.
‘Like salmon, skrei has gained a foothold as a quality product among European consumers, and it is gratifying to see an increasing volume of skrei even as the overall cod quota falls,’ he said.