Norwegian seafood exports in November totalled NOK 14.4 billion

In November, Norway experienced a significant surge in seafood exports, with a value of NOK 14.4 billion, marking a 19% increase compared to the same period last year and the third highest value on record. This growth is primarily due to higher prices rather than increased volume, as many seafood species saw a decrease in exports. The USA, Poland, and Denmark were the top markets for salmon, trout, and cod, respectively. The value growth, largely driven by salmon, is expected to surpass NOK 150 billion by year' end if it continues in December. However, the industry faces challenges such as high food inflation, reduced supply, and increased competition, with Norway's domestic salmon consumption declining due to economic pressures. Despite these challenges, there has been a notable increase in exports to Indonesia and Canada, with Canada seeing a 599% increase in value for king crab. Overall, while the seafood industry remains strong, it is navigating through complexities of demand, supply, and market dynamics.