Norwegian salmon prices fall as shuttered restaurant trade takes the toll

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Published Feb 10, 2021

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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.

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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 demand for a number of the most important seafood products from Norway,” Gangsø said. “A small bright spot compared to the previous closure is that in many markets it seems that seafood counters in grocery chains are being kept open.”The Scandinavian country exported 95,600 metric tons (MT) of salmon worth NOK 5.2 billion (USD 603.9 million, EUR 504.5 million) last month, representing an 11 percent increase in volume but a 23 percent or NOK 1.5 billion (USD ...

Source: Seafoodsource