Weak krone drives Q3 salmon export record for Norway

The value of Norway’s salmon exports rose by 13% to NOK 31bn (£2.3bn) during the July to September quarter, the latest figures from the Norwegian Seafood Council show.

The volume of 347,000 tonnes was marginally lower (-1%) on Q3 last year.

While this represents a third quarter record, once again currency exchange rates played a big part, says the Council.

Seafood council analyst Paul T. Aandahl said: “The value development follows a pattern of growth over a long period of time, and September was the 31st month in a row with an increase in value.

“Unfortunately, it is not the growth in demand that is the most important contribution to this, but the weak Norwegian krone.”

Poland and Denmark, both major salmon processing countries, along with the United States were once again the largest markets.

China was the market showing the second largest growth during the quarter. This is largely due to the reopening of society after the corona pandemic. It is the restaurant market in particular that has given the salmon a boost. Larger quantities of fresh salmon have never been supplied to China than this year – whether from Norway or in total.

The September only salmon export figure fell 5% in volume to 130,700 tonnes while the value last month increased by 14% to NOK 11.2bn (£833,000).

Farmed trout exports continue to perform well and hit a new record during Q3 the volume rising by 15% to 18,900 tonnes. The value was up by 10% to NOK 1.6 bn (£121m) .

Overall Norwegian seafood exports, including white fish, pelagics and shellfish, also hit a Q3 record. They totalled NOK 42.1 bn (£2.42bn) a rise of 10% on Q3 last year.

Seafood Council CEO Christian Chramer said: “In terms of value, Norwegian seafood exports are still doing well.

“Salmon, trout, cod and pollack have had a historically strong third quarter behind them, but it is still the weak Norwegian krone that is the most important driver of value growth.”