Dynamic Shifts in Norwegian Seafood Exports: Mackerel Prices Ascend, Herring Fillets Witness a Decline

In the 47th week of 2023, the Norwegian Seafood Council (NSC) reported significant fluctuations in the export dynamics of Norwegian mackerel and herring fillets. Notably, while mackerel export volumes continued to decrease, prices exhibited an upward trajectory. In contrast, herring fillet exports experienced a decline in both volume and price during this period.

In October 2022, Norway, transitioning from overall frozen herring exports, notably increased its export of herring fillets by 27%, reaching 14,400 tons—compared to 11,300 tons the previous year. However, this surge in herring fillet exports was accompanied by an 18% average price increase.

During the 47th week of 2023, herring fillet prices experienced a sharp decline of 15.4%, settling at 17.87 Norwegian kroner (approximately US$1.67) per kilogram. This decline was coupled with a substantial decrease in export volume to 1,725 tons. Despite this week's dip, the year's overall herring fillet exports totaled 56,081 tons, showcasing an average price of NOK 18.35 per kilogram. The European Union imported 1,688 tons during week 47, with an average price of NOK 17.75 per kilogram.

In contrast, mackerel exports witnessed a consistent decline in volume but a continuous rise in prices. Frozen fish prices for mackerel reached NOK 22.86 (approximately US$2.13) per kilogram in week 47, marking the highest level since the beginning of 2022. Mackerel exports for the year totaled 261,940 tons, with an average price of NOK 21.01 per kilogram.

South Korea emerged as the largest importer of Norwegian mackerel during week 47, importing 2,396 tons at an average price of NOK 22.80 per kilogram. Other notable importers included China, Japan, Vietnam, the European Union, the United States, and Belarus, each with varying prices per kilogram.

In the herring category, prices experienced a 6.7% increase in week 47, reaching NOK 14.53 (approximately US$1.35) per kilogram. However, overall herring exports for the year amounted to 68,591 tons, with an average price of NOK 13.50 per kilogram. Despite the lower export volumes compared to the previous year, the current year's prices are approximately NOK 5.5 per kilogram higher.

The NSC highlighted that this year's spring spawning herring quota is largely utilized, hinting that the final weeks of 2023 may not witness a surge in export volumes. Nevertheless, the industry remains dynamic, with various factors influencing pricing and trade dynamics in the Norwegian seafood market.