Currency effects, value growth and volume decline for Norwegian seafood exports in February

Published 2023년 3월 3일

Tridge summary

In February, Norway's seafood exports experienced a significant increase in value, reaching NOK 12.8 billion, despite a decrease in volume, due to high price growth and a weak Norwegian krone. However, the war in Ukraine has led to increased transport costs and closed airspace over Russia, impacting exports to Asia. The country saw a decline in volume for salmon, trout, and herring, but an increase in the value of fresh cod, skrei, saltfish, and prawns. Challenges such as quota cuts, bad weather, and market access issues in Japan and South Korea threaten the future of mackerel exports. Additionally, the export value of live king crab to Hong Kong SAR and snow crab to the USA saw significant growth, despite falling prices for snow crab.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Norway exported seafood worth NOK 12.8 billion in February. This is an increase of NOK 1.6 billion, or 14 per cent, from last year's same month.“Despite war and unrest in several parts of the world, Norwegian seafood exports have enjoyed a good start to the year in value, driven by high price growth and a weak Norwegian krone. However, export volume has fallen six months in a row, and we must go back to 2006 to a February month with a lower export volume of Norwegian seafood”, says Christian Chramer, CEO of the Norwegian Seafood Council. Quota cuts and bad weatherIn total, Norway exported 207,000 tonnes of seafood last month. This is a decrease of 17 per cent compared to February last year.“For certain wild fish species, such as cod, lower quotas and bad weather have contributed to landings being significantly lower than in the same period last year. It has resulted in a weaker raw material supply for the land industry, and we must go back to 2013 to find a February month with a ...

Source: Seafood