Aquaculture makes up 75% of Norway's total seafood exports in terms of value, and 46% in terms of volume. In 2023, Norway exported 1.3 million tonnes of seafood from aquaculture. The value of these exports was NOK 128.7 billion (USD 12.5 billion). Salmon accounted for 71% of the total value of all seafood exports.
This means that every single day last year, 16 million Norwegian salmon meals were served worldwide. “On a day where we are celebrating a new value record for seafood exports, it is important to remember that this does not equate to solid bottom lines for the seafood companies. For many of them, these are still challenging times with increased costs, weakened consumer purchasing power and a changing global competitive landscape. Norwegian seafood still does not sell itself,” said Christian Chramer, managing director of the Norwegian Seafood Council.
The volume of seafood exports from aquaculture fell by 1.1% compared to the previous year. However, the value of these exports increased by NOK 17.6 billion (16%) compared to 2022.
As of 2022, the Norwegian krone has weakened, resulting in solid seafood export growth when measured in NOK. However, the growth in euros and dollars, which are our most important trading currencies, was significantly less.
“The weak Norwegian krone and the general price increase in the markets lifted the value to a record high level. In total, the devaluation of the krone contributed to increasing the export value by almost NOK 15 billion in 2023”, explained Chramer.
Salmon achieves an all-time high for export value
Norway exported 1.2 million tonnes of salmon to a value of NOK 122.5 billion (USD 11.9 billion) in 2023. The value increased by NOK 16.9 billion (16%) compared to the previous year. The volume fell by 2%. Poland, France, and the USA were the largest markets for salmon in 2023.
This is a record-high export value for salmon, NOK 16.9 billion higher than the previous record year, which was in 2022. “We see several positive trends in home consumption in Europe, which is positive for processing finished products in Poland. In addition, in 2023, there was an increase in exports from Poland to countries outside the EU, including to the US,” said seafood analyst Paul T. Aandahl with the Norwegian Seafood Council.
Good year for trout and farmed cod
Norway exported 56,900 tonnes of trout to a value of NOK 5.5 billion (USD 534 million) in 2023. The value increased by NOK 485 million (10%) compared to the previous year. There is a growth in volume of 4%. The US, Ukraine and Thailand were the largest markets for trout in 2023. This is a record-high export value for trout, NOK 485 million (USD 47 million) higher than the previous record year, which was in 2022.
For fresh farmed cod, the export volume increased by 125% to 8,700 tonnes. The export value finally ended at NOK 463 million (USD 45 million). Sixteen percent of the export value of fresh cod in 2023 was farmed cod.
