Salmon and trout drive Norwegian seafood exports to May record

Norway exported seafood worth NOK 14 billion (just over £1bn) last month, largely thanks to increased volumes of salmon and trout.

This new May record, which also includes volume growth, represents an increase of 8% by value on the same month last year.

Christian Chramer, the Norwegian Seafood Council’s CEO, said that in the first four months of this year, the Norwegian krone was weaker than the corresponding months last year, which raised export prices measured in Norwegian krone. That has now changed.

“In May, the Norwegian krone strengthened, and thus there was no positive currency effect last month,” he added.

“Despite that, the value of Norwegian seafood exports has never been higher in a month of May before.

“Although there are challenging economic times for many consumers, Norwegian seafood is still a highly sought-after food item.”

Exports to three EU countries – Spain (up 19%), Portugal (up 22%) and the Netherlands (up 15%) – saw the greatest growth.

So far this year, Norway has exported seafood worth NOK 68.5bn (£5 bn), 2% higher than the corresponding period in 2023.

Salmon remains by far Norway’s most important species exceeding NOK 10 billion (£740m) in May.

Chramer said there was growth in salmon for the first time this year and it was also an historic month for trout with the value the highest it has ever been in a single month.

Farmed trout exports totalled 5,561 tonnes and were worth NOK 587 million (£43m) representing a value increase of 65% on a year ago. The volume growth, year on year, was 83%.

Salmon exports totalled 82,662 tonnes (up 2%) and the NOK 10 billion value represented growth of 8% on May last year.