Norwegian seafood exports hit a record high in October and are expected to top NOK 150 billion this year

In the first 10 months of this year, Norwegian seafood exports have surpassed the total value of the whole of last year, with October exports hitting a record high.

According to statistics from the Norwegian Seafood Board (NSC), Norwegian seafood exports in October reached NOK 15.4 billion, up 27 percent from the same month last year and the highest monthly export on record.

NSC CEO Christian Chramer said: "Norwegian seafood exports experienced a historic increase in October. Nok 15 billion is a solid record, which means we are exporting as much as NOK 500 million per day, which is a huge number and shows how important the industry is to Norway."

In the first 10 months of this year, Norwegian Marine exports totaled NOK 123.9 billion, up NOK 27.1 billion from the same period in 2021.

"With a good growth trend in the last two months of the year, Norwegian seafood exports will exceed NOK 150 billion in 2022, which would represent a nearly three-fold increase in exports over 10 years, which is very impressive." Chramer said.

Exports of salmon, trout, hake, haddock and cold-water shrimp have all set annual records, according to NSC data, but Chramer said: "We live in turbulent times, with high food inflation, intense competition in the global protein industry and seafood prices in Norway at an all-time high. A weaker Norwegian krone in October also helped boost exports, making Norwegian products more expensive. At the same time, seafood consumption has declined in some countries and the catering market is facing severe challenges, casting a shadow over the future outlook."

Norway exported 133,105 tonnes of salmon in October, up 5% from a year earlier, while exports totaled NOK 10.6 billion, up 34% from a year earlier.

NSC analyst Paul Aandahl said: "The increase in salmon exports was mainly driven by higher prices, while exports also increased, with the depreciation of the Norwegian krone and the development of the Norwegian salmon processing industry not contributing positively to export growth, with fillet percentages inching up from 14% to 15% in October."

Poland remained the largest salmon market by export volume, with sales of 23,460 tonnes, up 9% year-on-year; Sales of NOK 472 million were up 41 per cent year-on-year. The US was second, with sales of NKR458m, up 86 per cent year-on-year, thanks to a strong dollar and rising demand.

Anne-Kristine Oen, NSC's U.S. regional director, said the pandemic has led to a shift in U.S. consumers' lifestyles and a greater focus on healthy eating. Research shows that 29 percent of U.S. residents want to reduce their consumption of red meat and replace it with other tasty, marketable proteins. Norwegian salmon fits this trend well.