Norwegian seafood exports have once again demonstrated their resilience and value on the global market, showcasing three consecutive years of growth in export value. In February alone, Norway exported seafood worth NOK 13.3 billion (USD 1.26 billion), marking a substantial increase of NOK 339 million (USD 32.03 million), or 3 percent, compared to the same period last year.

Unprecedented Growth

According to Christian Chramer, CEO of the Norwegian Seafood Council, this continuous growth trend over three years is unprecedented in the industry’s history.

Despite facing challenges like the coronavirus pandemic, geopolitical tensions, and economic fluctuations, Norwegian seafood has continued to thrive in the international market. Chramer highlights the robust demand for Norwegian seafood amidst these adversities, coupled with favorable global price growth and a weakened Norwegian krone, as contributing factors to the sustained value growth.

Currency Dynamics Impact Export Performance

While export volumes have remained relatively lower, the value growth measured in Norwegian kroner has been consistently positive. However, the export value measured in euros has experienced a decline for three consecutive months, shedding light on the significant influence of currency dynamics on export performance.

In February, Europe retained its position as the primary market for Norwegian seafood, accounting for 67 percent of total exports by value. Following closely behind were Asia (22 percent) and the USA (8 percent). Particularly noteworthy was the shift in salmon exports towards more processed products, with fillet exports reaching unprecedented levels in February.

Dynamics of the Prawn Market

In the realm of prawn exports, February saw mixed trends. While the overall value increased by 23 percent compared to the previous year, there was a slight decline in volume by 3 percent. Denmark, Sweden, and the UK emerged as the leading markets for prawn during this period.

Frozen, cooked prawn experienced remarkable growth, with a staggering increase of 778 percent in value compared to the same period last year. This growth was particularly pronounced in the Danish market, showcasing a 413 percent increase in value and contributing significantly to the overall positive performance of prawn exports.