Strong September secures solid quarter for Norwegian seafood exports

Published Oct 21, 2024

Tridge summary

Norway's seafood exports reached record highs in the third quarter of 2024, driven by strong performances in salmon, trout, mackerel, and prawns, despite quota reductions for other species. The export value increased by NOK 626 million compared to the previous year, with aquaculture offsetting reduced quotas. Salmon remains popular despite challenges, while trout and prawns achieved record export values. Falling food inflation boosted purchasing power in key markets like Germany, the UK, and China. Notable trends include a rise in farmed cod exports, significant growth in prawn exports due to increased Barents Sea activity, and strong demand for mackerel in Asia. Challenges were noted in king crab exports to Asia, but growth was seen in North America. Overall, the seafood sector showed resilience and adaptability in the face of market and environmental challenges.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

"Thanks to a historically high export value in September, we have put behind us the best third quarter ever. This time there is virtually no currency effect from a weak Norwegian krone, since we are comparing with the same period last year. High volumes of salmon, trout, mackerel and prawns are driving up the export value", says Christian Chramer, CEO of the Norwegian Seafood Council. Aquaculture compensates for quota reductions So far this year, Norway has exported seafood worth NOK 124.7 billion. This is an increase of NOK 626 million, or 1 per cent, compared with the same period last year. “2024 has been characterised by quota reductions for herring, king crab, mackerel and cod. This is an important and necessary measure to ensure continued sustainable fish stocks, but has naturally resulted in lower export volumes. The fact that the total value of seafood exports nevertheless increased in the third quarter is due to fish from aquaculture compensating for the fall in quotas," ...

Source: EuroMeat