Norway exported seafood worth NOK 13,1 billion in May – saved by the weak krone

In May, Norway experienced a 7% increase in seafood exports, totaling NOK 13.1 billion, driven by a currency effect due to the weak Norwegian krone, despite a 8% and 5% decrease in export value when measured in euros and dollars, respectively, compared to the same period last year. The shift towards Asia and North America as major export markets continues, with Europe still maintaining the largest share of export value at 68%. However, the economic development in Europe is expected to be weaker than in the USA and large markets in Asia, and consumers are adjusting their purchasing behaviors by choosing cheaper options. The demand for salmon in China remains strong, while there is a decline in the volume of trout, herring, and prawn exports. Despite the decline in herring landings and the increase in quota guidelines for North Sea herring in 2024, the herring export figures are behind the record-breaking May of 2022. Additionally, the market is seeing increased demand and a weaker krone leading to a 19% higher export price for frozen, cooked peeled prawns, with Ukraine being the largest export market for these prawns in May and so far this year.