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 of the year faced mixed outcomes, with a 3% decrease in overall value to NOK 40.2 billion, influenced by factors such as reduced quotas for sustainability, a weaker Norwegian krone, and lower volumes of key species like salmon, cod, herring, mackerel, and king crab. Despite these challenges, there were notable successes, including record exports of skrei, snow crab, and trout, and significant growth in the EU market. The sector also saw a shift in consumer preferences, with increased demand for frozen fillets over whole fish, and a notable rise in exports of frozen king crab, snow crab, and prawn, particularly to the US market. Challenges such as reduced quotas, high capital costs, and the impact of international sanctions were evident, but the industry also capitalized on opportunities in new markets and product categories.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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.Lower volume and quota cutsThe first quarter was characterized by lower salmon volumes ...
Source: Seafood
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