Billion Dollars for Norwegian Seafood – E24

A sudden ban on seafood exports in March. Crown, Easter and salmon price crime.

Every month for the past three years, Norwegians have been provided with records from seafood exports. In March, the long boom ended.

Norway exported NOK 13.6 billion worth of seafood in March, according to the Seafood Council of Norway.

This is 14 percent or 2.2 billion less than the same month last year.

In total, NOK 40.2 billion worth of seafood was exported in the first three months of the year. A decrease of three percent or NOK 1.2 billion from the first quarter of 2023.

The Seafood Council cited currency effects, a drop in volume among many species, a weak increase in salmon prices and earlier Easter explanations.

– What is the most important explanation?

– When you have so many markets and such a large product, it's the summation of the results for the first quarter, says Christian Kramer, chairman of Norway's seafood council E24.

Fisheries and Oceans Minister Cecile Mirceth is satisfied with the export figures.

– Three consecutive years of export records clearly show the worldwide demand for Norwegian seafood. “Although we are seeing a slight decline now, there is no doubt that the seafood industry is doing well and it is still one of our largest and most important export industries,” he said in a news release.

Earned less in weak Krone

The Norwegian Seafood Council notes that the krone was stronger in March this year than last year. A weak krone makes it cheaper to buy Norwegian fish in foreign currency.

– How much of March's 14 percent decline was due to currency effects?

– To get accurate calculations, we would have to go a little further a year, says Cramer.

– Is this the beginning of a downfall?

– I never thought so, he says, among other things, Easter came earlier this year, so there were more days off.

Strong salmon fall

Salmon was among the species that declined in export value in March. Two-thirds of the exports are fish.

Value fell by NOK 1.8 billion or 16 percent
March last year. In total, Norway exported 81,900 tonnes of salmon worth NOK 9.3 billion last month.

– The decline in value of salmon is primarily due to lower production and lower slaughter levels. The reason is, among other things, that sea temperatures are lower compared to the same period last year, says Paul D. Andal, a seafood researcher at the Seafood Council of Norway.

For the entire first quarter, the value was NOK 709 million, or 2 percent lower than in the first quarter of last year.

Trout, on the other hand, increased exports. The value increased by NOK 273 million or 25 percent compared to the first quarter of last year. Compared to last year in March, the value increased by NOK 20 million or 4 percent.