Norway: Decline in seafood exports in the first quarter

Market & Price Trends
Published Apr 18, 2024

Tridge summary

Norwegian seafood exports faced a mixed first quarter, with a decline in value breaking a three-year growth streak, attributed to lower volumes of key species and a weaker Norwegian krone, among other factors. Despite this, there was growth in the EU market and record values for certain exports like skrei, snow crab, and trout. Notably, Denmark, Ukraine, and Spain saw significant value growths in various seafood categories. The Norwegian Seafood Council reported varied performances across markets, with a decrease in exports to China but a record increase to Vietnam for frozen cod. Challenges included reduced quotas and a weak krone affecting prices for herring and mackerel, while king crab and snow crab exports saw significant value increases, particularly to the US. The export of prawn also showed positive development, with notable growth in smaller pack sizes and cooked shell-on prawn exports to Denmark.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

"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. Lower volume and quota cuts The first quarter was characterized by lower salmon volumes and several quota reductions on the wild catch side. "In the first three months of the year, significantly lower volumes of cod, herring, mackerel, and king ...
Source: EuroMeat
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