Norway's seafood exports reached highest ever values in 2024
A total of 2.8 million tonnes of Norwegian seafood worth NOK175.4 billion (US$15.36 billion) was exported last year, making it the highest ever value achieved by the country's seafood exports, the Norwegian Seafood Council said earlier this week.
"2024 was characterised by quota cuts for cod, significant production challenges for salmon, geopolitical fluctuations and economic turmoil in the global market," said Christian Chramer, CEO of the Norwegian Seafood Council. "When the value of seafood exports nevertheless rises to a historically high level, it is incredibly strong."
Adventurous growth
The export value of NOK175.4 billion reflects an increase of NOK3.7 billion (US$320 million), or two per cent, compared with Norway's previous record year of 2023.
"Norwegian seafood exports have experienced marvelous growth," added Chramer. "In the period from 2020 to 2024 alone, the value increased by around NOK70 billion (US$6.1 billion). This shows what a strong global position our seafood has. Last year, we exported more than 60 different species to over 150 countries around the world."
A more nuanced picture in 2024
While in 2023 there was price growth for the very largest species, last year there was a more nuanced picture.
"Factors such as price and volume affected the species differently," said Chramer. "Food inflation fell last year, and both salmon and trout experienced price declines. At the same time, quota reductions contributed to price growth for important wild-caught species."
Currency effect
There were major fluctuations in value during the year, and the trend was particularly strong in the fourth quarter.
"This is because salmon, trout, prawn, herring and mackerel received a boost in the final months of the year," Chramer explained. "The currency effect, which has been an important contributor to growth in recent years, declined last year, but was still the main reason for the growth in value in Norwegian kroner. Measured in Euros, which is our most important export currency, the value is unchanged compared to 2023."
Strong development to Asia for salmon
Norway exported salmon to a value of NOK122.9 billion (US$10.76 billion) in 2024. This is a new value record and accounted for 70 per cent of total Norwegian seafood exports.
"The exciting and strong development for salmon continued in Asia, where it is considered an everyday luxury by consumers in countries such as Thailand, China, Vietnam and Korea." said Chramer. "In addition, salmon has strongly established itself in the fast-food trends of sushi, sashimi and poke around the world and in the everyday food segment in Europe."
A challenging year for many salmon producers
At the same time, Chramer emphasised that 2024 was demanding for many Norwegian salmon producers due to a number of factors:
Higher sea temperatures this summer posed biological challenges
Increased costs
Earlier culling led to lower average weight of the fish
"There was volume growth last year, but at the same time salmon prices fell. The strong growth in value that we have seen in recent years came to a halt in 2024."
Poland, Denmark and USA largest
The largest markets for Norwegian seafood exports in 2024 were Poland, Denmark, and the USA. China had the highest growth in value, with an increase in export value of NOK887 million (US$77.7 million), or 10 per cent, compared with the previous year.
For wild-caught species, 2024 was a challenging year for cod and king crab due to quota reductions. On the other hand, the export value of mackerel increased by 24 per cent and the value of prawn by 30 per cent.
Lower volumes and higher prices
"We are in a period of reduced access to the all-important cod, but lower volumes last year were to some extent compensated for by higher prices," said Chramer. "This has happened thanks to a strong position for clipfish in particular.
"Together with the industry, we will continue to promote saithe as a good supplement to cod in countries such as Sweden, France and Germany."
