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

Seafood

Norway

Market & Price Trends

Published Feb 6, 2024

Tridge summary

Norway's seafood exports hit a record high in January 2024, reaching 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 EU was the largest recipient of Norwegian seafood, with exports worth NOK 7.5 billion. Ukraine and Spain saw significant increases in the value of trout and farmed cod exports respectively. The UK market experienced a rise in seafood prices, with a decrease in exports for certain products but an increase for others. Norway has set a provisional mackerel quota of 100,000 tonnes for the year, and despite a reduction in the king crab quota, the export value increased due to a rise in the export volume of frozen king crab.

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

Strong seafood exports in January, due to high salmon prices and a weak krone. 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 month The 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 volume In January, Norway exported 184,000 tonnes of ...

Source: Fish Focus