Norway: Strong seafood exports in January, due to high salmon prices and a weak krone

Herring

Frozen Common Shrimp & Prawn

Published Feb 5, 2024

Tridge summary

Norway's seafood exports in January 2024 hit a record high of NOK 13.3 billion, a 5% increase from the same month in 2023, despite a 15% decrease in export volume due to quota cuts. The growth was driven by increased salmon prices, a weakened krone, and a surge in trout exports, particularly to the USA, Thailand, and Ukraine. However, exports of fresh cod, frozen cod, clipfish, and snow crab saw a decrease. The EU was the largest recipient of Norwegian seafood, with exports worth NOK 7.5 billion. The export of quality-marked skrei, a type of cod, also set a new record, accounting for 25% of the export value of all fresh wild-caught cod.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Norway exported seafood worth NOK 13.3 billion in January. This is an increase of NOK 640 million, or 5 per cent, compared to the same month in 2023."2024 seafood exports have got off to a good start. This is primarily due to increased salmon prices. Together with a weakened krone, this has led to the total export value setting a record high for January", says Christian Chramer, CEO of the Norwegian Seafood Council.Export value grows for the 35th consecutive monthThe value of seafood exports has continuously grown for the last 35 months. One of the reasons for this is the weak Norwegian krone."We also saw a significant currency effect in January. Compared to the same month last year, the Norwegian krone has weakened by 6 per cent against the euro, which raises export prices in the Norwegian kroner", explains Chramer.Quota cuts result in a fall in volumeIn January, Norway exported 184,000 tonnes of seafood, a 15 per cent decrease compared to January 2023."The quota reductions on ...

Source: Seafood