Seafood exports from Norway totaled NOK41.4bn(EUR3.6bn) in the first quarter. When compared to the same period in the previous year, this represents a rise of NOK7.4bn, or 22%.
The first quarter’s export value climbed by about NOK3bn mostly due to the weak krone, with a NOK6bn contribution from higher market pricing. The export value was down by about NOK1.8bn due to the volume decline.
“Norwegian seafood exports have come through a historically strong quarter in terms of value. A significantly weaker Norwegian krone and price growth in the markets for species such as salmon, cod, trout, pollock and herring is the main explanation for the growth. This led, among other things, to the export value in March being the highest ever in a single month”, says Christian Chramer, managing director of the Norwegian Seafood Council.
“Many value records have been set in the first quarter, for example for salmon and in the whitefish category, but when we look behind the numbers, the picture is not as so positive. Strong food inflation and the weak krone explain a large part of the increase in value, and in addition the export volume of cod and salmon is falling, which helps to raise prices,” he adds.
The largest rise in export value during the first quarter was to the United States, where it increased by NOK1bn, or 40%, over the same time last year. As a result, the recent robust development is still going on. The rising export value to the US market is being driven by salmon, but trout and frozen snow crab have also had a successful first quarter.
Find out more at: https://en.seafood.no/