The export value of Norwegian seafood rose sharply in the first quarter of this year compared with 2021. 

Never before has the value of Norwegian seafood sold abroad been greater. Norway exported seafood worth NOK 34 billion in January, February, and March. That is a 22% of growth in value, corresponding to NOK 6.2 billion, from the same period the year before.

“A strong global demand for Norwegian seafood led to record high value in the first quarter,” Norwegian Seafood Council chief Renate Larsen noted in a press release.

March was the strongest single month ever for Norwegian seafood exports, with a value of NOK 12.4 billion – an increase of 13% from March last year.

The effect of the Ukraine war

Larsen also emphasized that these are demanding times for the seafood industry. The war in Ukraine has made it more expensive to transport goods abroad.

Challenging weather, quota reduction, and low sea temperatures have also led to lower export volumes of pollock, mackerel, and salmon. The export of these fish species was lower than before – the export volume for the first quarter of this year was the lowest in a first quarter in the last six years.

“The value record is therefore driven by strong price growth for many species. The salmon price has remained at a high level, at the same time as we have a record value for cod and pollock so far this year,” Larsen stated. 

The value for Norwegian salmon exports was also the highest ever registered.

US record

Larsen added that the closed airspace over Russia and new shutdowns in China led to challenges with goods delivery and that the flow of goods changed in the first three months of the year.

“High salmon prices and increased costs for shipping to Asia have led to a shift in the flow of goods from Asia to the EU in March. This is the opposite of the trend from January and February,” analyst Paul T. Aandahl in the Norwegian Seafood Council stated.

However, growth was greatest in the United States, where it increased by NOK 785 million to a total of NOK 2.6 billion. 

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

Do you have a news tip for Norway Today? We want to hear it. Get in touch at [email protected]