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Large value increase in seafood exports in May – 8 per cent up on last year

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Norway exported NOK 14 billion worth of seafood in May, an increase of 8 percent from the same month last year. The growth is due to both increased volume and more expensive salmon. Photo: Gorm Kallestad / NTB

Of NTB | 06/05/2024 06:03:02

Economy and business: The growth comes despite a weak month for cod exports and a strengthened krone exchange rate, says Norway’s Seafood Council.

– In May, the Norwegian krone strengthened, and thus there was no positive currency effect last month. Despite that, the value of Norwegian seafood exports has never been higher in a month of May before. Although there are demanding economic times for many consumers, Norwegian seafood is still a highly sought-after food product, says managing director Christian Chramer of Norway’s Seafood Council.

The largest export markets were Denmark, Poland and the USA. The biggest increase in value was in exports to Spain. It landed at NOK 163 million, 25 percent up from the same month in 2023.

There was growth in both volume and value for salmon exports. A total of 82,662 tonnes were exported for NOK 10.1 billion, an increase of 8 per cent from last year. At the same time, the volume grew by 2 per cent.

May was a historically good export month for trout. 5,561 tonnes were exported for NOK 587 million, a value increase of as much as 65 per cent from the same month last year. The volume growth was 83 per cent. The export value is a record high, NOK 20 million higher than the previous top listing in August 2023.

Cod exports were weak in May. 3,023 tonnes were exported for NOK 189 million, 22 per cent lower than last year. The volume fell by 28 percent.

So far this year, Norwegian seafood worth NOK 68.5 billion has been exported, 2 per cent more than in the same period last year.

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