Norway exported seafood worth NOK16.6 billion (US$1.65 billion) in November 2025. According to the Norwegian Seafood Council (NSC), this is a decrease of NOK608 million (US$60.4 million), or four per cent, compared with the same month last year.
"This is the second month in a row that seafood exports have fallen in value compared to the same month last year," said NSC CEO Christian Chramer. "In November, even historically high prices were unable to compensate for the decline in volume of a number of wild-caught species."
The Norwegian krone has appreciated against the dollar and several Asian currencies compared with November last year. Thus, the year-long currency effect has also been reduced.
"This means that Norwegian seafood has become more expensive to buy in the overseas markets," Chramer explained.
As in October, there was also a sharp decline in the export volume of mackerel in November. Last month, Norway exported 21,655 tonnes of mackerel. This is the lowest November export volume since 2010 and a decrease of 51 per cent compared with November last year.
"Quota cuts are necessary to ensure that our wild catch stocks continue to be managed sustainably, but it also affects seafood exports," said Chramer. "Lower volumes contributed to record-high prices for mackerel, herring and important cod products in November."
There were two price levels in particular that were reached for the very first time in November. The export price for a kilogram of frozen whole cod exceeded NOK100 (US$10) while the export price for a kilogram of frozen whole mackerel exceeded NOK50 (US$5.00).
"It may seem tempting to celebrate such high prices, but the truth is that they come with a demanding backdrop," said Chramer. "For the Norwegian onshore industry, it is challenging to trade raw materials and hope that the market is able to absorb them. For customers, this means that they have to pay more for the fish in the store."
The largest markets for Norwegian seafood exports in November were Poland, Denmark and the USA. China had the largest growth in value, with an increase in export value of NOK196 million (US$19.5 million), or 23 per cent, compared with the same month last year.
"The positive development of the Asian market continued in November," added Chramer. "China, Vietnam, Thailand and South Korea are examples of countries that now account for a larger share of the total Norwegian export value. This is happening at the expense of Europe and the United States."
In November, Norway exported fish from aquaculture worth NOK12.1 billion (US$1.2 billion). This accounted for 73 per cent of the total export value of Norwegian seafood last month.
So far this year, Norway has exported seafood worth NOK165.4 billion (US$16.4 billion). This is an increase of NOK5.2 billion (US$520 million), or three per cent, compared with the same month last year.
According to NSC, in the entire record year 2024, Norway exported seafood worth NOK175.2 billion (US$17.4 billion).