Norway: Decline in seafood exports in the first quarter

Market & Price Trends
Published Apr 4, 2024

Tridge summary

Norway's seafood exports in the first quarter faced a mixed landscape, with a 3% decline in overall value to NOK 40.2 billion, influenced by reduced currency effects, lower volumes of key species due to sustainability quotas, and a lack of significant price increases for salmon. Despite this, there were record exports for skrei, snow crab, and trout, and significant growth in export value to Denmark, Ukraine, and Spain. The Norwegian Seafood Council highlighted a record high for frozen cod exports to Vietnam and an increase in clipfish exports, though saithe clipfish saw a decline. Mackerel and king crab prices hit record highs due to reduced supply, with the US becoming the largest market for these crabs. Meanwhile, frozen peeled prawn exports decreased by 7%, whereas frozen cooked shell-on prawn exports surged, particularly to Denmark. The varied performance across different seafood categories reflects the complex interplay of market demands, sustainability efforts, and global trade dynamics.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Decline in seafood exports in the first quarter – Norway exported seafood worth NOK 40.2 billion in the first quarter. This is a decrease of NOK 1.2 billion, or 3 per cent, compared with the same period last year. “Thanks to a weak Norwegian krone and high prices, export value grew in January and February. However, the currency effect declined in March, while there has been a drop in volume for several species in the first three months of the year. The result was an overall decline in the value of seafood exports in the first quarter”, says Christian Chramer, CEO of the Norwegian Seafood Council. “Three consecutive years of export records clearly show that Norwegian seafood is sought after around the world. Even though we are now seeing a slight decline, there is no doubt that the seafood industry is doing well. It remains one of our largest and most important export industries,” says Cecilie Myrseth (Ap), Minister of Fisheries and Oceans Policy. The first quarter was ...
Source: Fish Focus
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