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Press release –
Norway exported seafood worth NOK 16.7 billion in November. This is an increase of NOK 2.4 billion, or 17 per cent, compared to the same month last year.
“On 13 November, seafood exports surpassed the 2022 full-year export total of NOK 151.4 billion. This year, we expect the value of Norwegian seafood exports will exceed NOK 170 billion, for which we can largely thank the weak Norwegian krone”, says Christian Chramer, CEO of the Norwegian Seafood Council.
So far this year, Norway has exported NOK 158.2 billion worth of seafood. This represents a value increase of 15 per cent compared to the same period last year.
“The export value so far this year is approximately NOK 20 billion higher than at the same time last year. Almost two-thirds of this increase in value can be attributed to a weaker Norwegian krone. The euro, which is our most important trading currency, has strengthened by 14 per cent against the Norwegian krone in the past year”, explains Chramer.
Measured in value, November was the second-best month for Norwegian seafood exports. Only the value from October has been higher.
“November was a particularly good month for salmon. Increased volume and higher prices compared to the same period last year prove that there is an increase in demand in the market, says Christian Chramer.
In November, the currency effect was the most important contributor to the increase in export value, both for salmon and all other seafood.
“In addition, higher prices and increased export volume for, among other things, mackerel gave exports a boost in terms of value in November”, says Christian Chramer.
November was a particularly good month for pelagic species, where herring and mackerel make up most of both volume and value.
“Last month, we exported pelagic fish for a total of NOK 1.6 billion, which is a record value for November. This is largely due to high herring prices and strong demand for mackerel in the important Asian markets”, says Christian Chramer.
Poland had the greatest increase in value this month, with an increase in export value of NOK 568 million, or 43 per cent, compared to the same month last year.
The export volume to Poland ended at 22,887 tonnes, which is 20 per cent higher than the same month last year.
The strong increase in value is due to three factors:
“Price increases at the same time as volume growth show that there is still growth in demand for salmon, compared to the same period last year”, says Seafood Analyst Paul T. Aandahl with the Norwegian Seafood Council.
The peak season for the sale of smoked salmon in Europe is approaching, and the large processing market in Poland is leading the way in value growth for salmon.
“After the pandemic, we saw a fall in European home consumption of smoked salmon. Now we are again seeing volume growth for smoked salmon in several of the major countries in Europe”, says Aandahl.
Ukraine had the largest increase in value this month, with an export value of NOK 54 million, or 171 per cent, compared to the same month last year.
The export volume to Ukraine ended at 1,174 tonnes, which is 148 per cent higher than the same month last year.
“It is the first time since the war started that Ukraine is our biggest market for trout”, says Seafood Analyst Paul T. Aandahl of Norway’s Seafood Council.
Salmon is also popular, and together with trout, Ukraine is Norway’s 15th largest salmon fish market in November, with a total export value of NOK 209 million. This is an increase of 44 per cent compared to November last year.
The large decrease in the export value of fresh cod is partly because only 156 tonnes of fresh fillets were exported in November this year, which is a decrease of 188 tonnes, or 55 per cent, compared to November last year.
“Farmed cod continues to increase in volume. With an export of 960 tonnes in November, the volume increased by a whopping 93 per cent compared to last year. With an export value of NOK 56 million, 39 per cent of the export value of fresh cod in November was farmed cod”, says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.
Of wild-caught fresh whole cod, 1,300 tonnes were exported to a value of NOK 66 million, which is a decrease of 38 per cent in volume and 39 per cent in value.
“The decrease in export volume for fresh cod is largely a consequence of the landings in November being far lower than last year”, emphasizes Brækkan.
As usual, Spain was the largest destination country for farmed cod, with 350 tonnes and 37 per cent of the total export volume of farmed cod in November.
For wild-caught cod, the transit country Denmark was the largest destination country, with 76 per cent of the total export volume in November.
China had the largest increase in value in November, with an increase in export value of NOK 22 million, or 52 per cent, compared to the same month last year.
The export volume to China ended at 1,454 tonnes, which is 77 per cent higher than the same month last year.
Even with this increase, only 18 per cent of the export value of frozen cod has gone to China so far this year. The lowest proportion since 2009.
“Vietnam stands out as a large growth market, with as much as 7 per cent of the export value this year, which is the highest ever. Vietnam is mainly a further processing country for frozen cod that processes and re-exports most of it to Europe and the USA”, says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.
The UK is consolidating its position as our largest market for frozen cod. So far this year, 29 per cent of the export value of frozen cod has gone to the UK, which is a growth of 20 per cent compared to the same period last year. This is the highest proportion since 2008.
“This is as expected after the UK introduced increased export tariffs on imports of Russian whitefish last summer”, explains Brækkan.
In November, the export volume of frozen whole cod to the UK increased by 43 per cent, to a total of 990 tonnes, while the export of frozen fillets fell by 26 per cent, to 184 tonnes.
2,660 tonnes of cod clipfish worth NOK 362 million were exported in November. This is a reduction in volume of 36 per cent, or 1,500 tonnes. This is a reduction in value of 23 per cent, or NOK 109 million.
“With significantly lower cod quotas and landings this year, it is possible that production has been lower and that there is starting to be little clipfish left in stock at the Norwegian producers”, says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.
The export volume for cod clipfish to our largest market, Portugal, was halved in November to only 1,860 tonnes and an export value of NOK 247 million. So far this year, the export volume to Portugal has fallen by 3,100 tonnes, or 15 per cent, to 17,900 tonnes.
For pollock clipfish, the volume increased by 1,170 tonnes, to 4,950 tonnes, while the export value increased by NOK 50 million, to a total of NOK 225 million.
“Congo was the largest market for pollock clipfish in November, with an increase in volume of 12 per cent, while the export volume to Brazil increased by a whopping 266 per cent in November and was our second largest market for pollock fish in November”, says Brækkan.
Brazil had the largest increase in value for all clipfish categories this month, with an export value of NOK 71 million, or 179 per cent, compared to the same month last year.
The export volume to Brazil ended at 1,758 tonnes, which is 182 per cent higher than the same month last year.
“Brazil continues the positive development that we have seen throughout the year. The export of pollock, cod and tusk to Brazil has increased in volume and value so far this year”, explains Eivind Hestvik Brækkan.
The total export value of clipfish to Brazil during the first 11 months of the year is the highest since 2011.
Portugal had the largest increase in value for salted fish this month, with an export value of NOK 29 million, or 49 per cent, compared to the same month last year. The export volume to Portugal ended at 986 tonnes, which is 24 per cent higher than the same month last year.
The largest products for salted fish in November were salted whole cod, salted fillet of ling, and salted whole pollock, with export values of NOK 102, 19 and 9 million, respectively.
“For salted whole cod, Portugal was, as usual, the largest market, with an export volume of 900 tonnes, and 84 per cent of the total export volume of salted whole cod. This is an increase of 182 tonnes, or 25 per cent, compared to November last year”, says Seafood Analyst Eivind Hestvik Brækkan with the Norwegian Seafood Council.
Italy was the largest market for salted long fillets, with 266 tonnes and 88 per cent of total exports. Salted whole pollock was mostly exported to Canada.
“Almost 500 tonnes of salted pollock have been exported to Portugal so far this year. This is an increase of almost 50 per cent from last year and the highest volume since 2012”, explains Brækkan.
Italy had the largest increase in value this month, with an increase in export value of NOK 22 million, or 41 per cent, compared to the same month last year.
The export volume to Italy ended at 231 tonnes, which is 12 per cent higher than the same month last year.
So far this year, 1,816 tonnes of whole dried cod have been exported to Italy. This is a 5 per cent increase compared to the same period last year but is still significantly lower than two years ago. The export volume to our second largest dried fish market, Croatia, has also increased by 5 per cent to 223 tonnes.
The USA stands out negatively, with a decrease of 39 per cent in export volume and a total export so far this year of 187 tonnes.
Weaker herring catches in October resulted in lower exports in November. 88,000 tonnes of Norwegian spring-spawning herring (NVG) were landed in October this year, compared to 117,000 tonnes last year. This is a decrease of 25 per cent.
“So far this year, 14 per cent less NVG herring have been landed, which reflects the quota reduction of 15 per cent compared to last year”, says Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council.
In November, there was a price record for the two largest products, frozen skinless fillet of NVG herring and frozen round NVG herring, both in Norwegian kroner and euros. Then, the average price for skinless fillets was NOK 20.27 per kg and EUR 1.72 per kg.
“This is 38 per cent and 21 per cent higher than the corresponding prices in November last year, respectively. Good demand in important fillet markets, lower catches this autumn, and a sharp cut in the quota for next year will send the prices of several products upwards”, explains Johnsen.
Because mackerel fishing started late this year, exports were expected to peak in October and November, compared to September and October last year.
“There is good demand in the important Asian markets, with Japan and South Korea at the forefront. Although total exports are about 30,000 tonnes (9.2 per cent) behind last year due to lower quota and catch, direct exports to Japan have increased by over 10,000 tonnes, and South Korea is on par with last year”, says Manager for Pelagic Species with the Norwegian Seafood Council, Jan Eirik Johnsen.
So far this year, 67 per cent of the mackerel exported from Norway has gone to Asia. At the same time last year, the figure was 63 per cent.
“No higher prices have been recorded for whole frozen mackerel under 600 grams. In November, it ended at NOK 22.38 per kg, which is 11 per cent higher than in November last year”, says Johnsen.
In dollars, the price in November was $2.05 per kg, which is the third highest price achieved, behind February and March last year with $2.11 per kg and $2.13 per kg, respectively.
As Alaska reopened king crab fishing in September, exports to the United States have decreased compared to the previous month. Nevertheless, the USA is the biggest growth market this year because of sanctions against Russian crab.
“The USA also had the largest increase in value in November, with an increase of NOK 8 million, or 20 per cent, compared to the same month last year. The increase in value is volume-driven, as the price in Norwegian kroner of both frozen and live king crab has fallen by 28 per cent and 20 per cent, respectively”, says Marte Sofie Danielsen, Manager for Shellfish with the Norwegian Seafood Council.
The export volume to the USA ended at 105 tonnes, worth NOK 50 million. 73 tonnes of this were live king crab, at an average price of NOK 395 per kg.
King crab exports to Europe have increased by NOK 14 million, or 79 per cent, compared to November last year. The volume has increased by 43 tonnes or 152 per cent.
“We must return to 2018 to find a higher volume of king crab for Europe in November. The EU also has sanctions against Russian crab, and there is now some self-catch in the USA. This may explain some of the twisting of king crab exports from the US to Europe this month”, says Danielsen.
After the USA, Spain was the biggest growth market in November, with an increase of NOK 7 million. 12 tonnes of king crab were exported to Spain in November, compared to 400 kg in the same month last year.
“The increase in value is volume-driven, as the price of frozen king crab has fallen by as much as NOK 268 per kg, to NOK 588 per kg in November this year. France, Denmark, and Italy also had good development in value and volume in November”, explains Marte Sofie Danielsen.
Exports to Asia were low in November due to a lot of Russian king crab in the market. Compared to a weak year for king crab last year, exports to Asia in November increased by 42 tonnes and NOK 11.7 million. This has gone to Hong Kong and Vietnam.
“So far this year, Hong Kong has been our second largest market for king crab, and November is no exception. This month, 25 tonnes were sold with a value of NOK 8 million. This is an increase of 251 per cent measured in volume and 296 per cent measured in value compared to November last year. The increase in value is due to both an increase in volume and a weakened Norwegian krone”, says Danielsen.
The snow crab quota was already fished in April, and the stocks are starting to run out. Therefore, only 3 tonnes of snow crab were exported in November.
“The main reason for the weak month is due to a decrease in the export of industrial prawn to Iceland, both in terms of volume and price”, says Marte Sofie Danielsen, Manager for Shellfish with the Norwegian Seafood Council.
In November, 688 tonnes of industrial prawn were exported to Iceland, compared to 1,338 tonnes in the same month last year. This is a decrease of 49 per cent in volume. The price has fallen by 21 per cent to NOK 20.5 per kg. The value ended at NOK 14 million, a decrease of NOK 21 million, or 60 per cent.
“At the same time, there has been an increase in value for both frozen peeled prawn, frozen boiled prawn in shell and fresh prawn in shell this month, due to higher volume and a weak Norwegian krone”, explains Danielsen.
The biggest market for prawn in November was Sweden, with 311 tonnes worth NOK 29 million. This is an increase of 7 per cent in value and 3 per cent in volume compared to November last year.
The largest product was frozen peeled prawn, with 209 tonnes worth NOK 20 million. This is an increase of 11 per cent in both volume and value. Fresh peeled prawn had the greatest increase in value to Sweden in November, with an increase of NOK 3.5 million, or 87 per cent.
Lithuania had the greatest increase in value, with an increase in export value of NOK 4 million, or 932 per cent, compared to the same month last year.
“This is because 43 tonnes of frozen cooked shell prawns have been exported, compared to nothing last year. In addition, there is an increase in the export of frozen peeled prawns, from 4 tonnes in November last year to 23 tonnes this year”, says Marte Sofie Danielsen.
NB: The statistical baselines used in this press release have been provided by Statistics Norway. The Norwegian Seafood Council points out that these figures are unaudited. Adjustments may occur after they have been audited.
The Norwegian Seafood Council works with the Norwegian fisheries and aquaculture industries to develop markets for Norwegian seafood through local market intelligence, market development and reputational risk management. The Seafood Council is headquartered in Tromsø and maintains local representatives in twelve of Norway’s most important international markets. The Norwegian seafood industry finances the activities of the Norwegian Seafood Council via a tariff on all Norwegian seafood exports.
The Norwegian Seafood Council is a public company owned by the Ministry of Trade, Industry and Fisheries.
The Norwegian Seafood Council works with the Norwegian fisheries and aquaculture industries to develop markets for Norwegian seafood through local market intelligence, market development and reputational risk management. The Seafood Council is headquartered in Tromsø and maintains local representatives in twelve of Norway’s most important international markets. The Norwegian seafood industry finances the activities of the Norwegian Seafood Council via a tariff on all Norwegian seafood exports. The Norwegian Seafood Council is a public company owned by the Ministry of Trade, Industry and Fisheries.
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