Fish farming earned 78% of Norway’s seafood export income last month

Fish farming accounted for 78% of the value of Norwegian seafood exports last month, the second highest proportion ever, the Norwegian Seafood Council (NSC) said today. The highest proportion was in August 2016.

But although the value of Norway’s seafood exports in April rose by 14% year on year to NOK 12.9 billion, this was due to a weak kroner rather than an underlying value increase.

“For Norway as a seafood nation, it is positive that the value of export products continues to increase, but the growth in April is solely due to a currency effect. Measured in euros, the export value fell by more than 5% and in dollars by 3.7%. The weak Norwegian krone is driving the value up,” said NSC chief executive Christian Chramer.

Salmon

The NOK value of salmon exported by Norway last month increased by 21% compared to the same month last year. Norway, the world’s biggest salmon farming nation, exported 81,498 tonnes of salmon to a value of NOK 9.7 billion (£720.6 million) in April. That volume was the almost same as in April 2022, but the value increased by NOK 1.7bn.

The largest markets for Norwegian seafood exports in April were Denmark and Poland, both of which sell salmon on to other countries, and France.

Denmark had the largest increase in value in April, with an increase in export value of NOK 440m, or 71%, compared to the same month last year. The export volume to Denmark last month was 10,086 tonnes, which is 49% higher than the same month last year.

Transit market

“Denmark is the largest transit market for Norwegian salmon. The fish is taken over by the customer in Denmark before it goes on to other markets, mainly in the EU,” said Paul Aandahl, seafood analyst with the Norwegian Seafood Council.

About a quarter goes to the German market. Other major markets for the Norwegian salmon that go via Denmark are Italy, the Netherlands, France, Spain and Poland.

“The growth to Denmark compensates for the decline in direct exports to these markets,” said Aandahl.

The export price for fresh whole salmon in April was NOK 113.60 per kg, which was NOK 3.98 per kg lower compared to the record set in March this year. Compared to the same month last year, the price was 17% higher due to the weaker NOK.

Fewer trout exports

Norway exported 2,739 tonnes of trout worth NOK 322m last month, a fall of 21% in volume compared to April 2022, although export value increased by NOK 10m, or 3%.

The United States, Thailand, and Ukraine were the biggest markets for trout in April.

The price of fresh trout fillets in April was NOK 152 per kg. This is NOK 4 higher than the previous record month, which was in March 2023.