Norwegian salmon prices fall as shuttered restaurant trade takes the toll

Published 2021년 2월 9일

Tridge summary

In January 2021, Norway's seafood exports experienced a 16% decrease, totaling NOK 8.1 billion (USD 941.5 million, EUR 786.1 million), due to the ongoing impact of COVID-19, with salmon exports seeing an 11% increase in volume but a 23% drop in value. The pandemic has led to reduced demand and strict restrictions in crucial markets, negatively affecting trout, fresh cod, and other products. Despite these challenges, the pelagic trade, particularly mackerel, saw significant growth. Overall, the export value in 2020 reached NOK 105.7 billion (USD 12.3 billion, EUR 10.3 billion), marking the second-highest trade value in the country's history.

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

Original content

Norway’s seafood exports fell by a double-digit percentage in January 2021 compared to 2020, largely the result of ongoing downturns related to COVID-19.Norway exported NOK 8.1 billion (USD 941.5 million, EUR 786.1 million) worth of seafood products last month, some 16 percent or NOK 1.6 billion (USD 185.8 million, EUR 155.3 million) less than it sold to overseas markets in January 2020, with reduced demand for salmon accounting for much of the downturn. Reduced exports of trout and fresh cod compared to the record month of January 2020 also contributed to the lower earnings.According to the Norwegian Seafood Council (NSC) Director of Market Insight and Market Access Tom-Jørgen Gangsø, there were two factors that proved particularly challenging for Norwegian seafood exports in January.In addition to encountering strict COVID-19 restrictions in many important markets, exporters have been impacted by closed or partially-closed restaurant sectors, he said."In sum, this means lower ...

Source: Seafoodsource