US market dominates as Norwegian seafood exports hit February record

The latest export figures represent an increase of NOK 853m (£60m) or 6% on the same month last year, with farmed salmon once again dominating the market.

 

The United States, where the spectre of tariffs continues to hang over the seafood sector, showed the largest increase.

 

Christian Chramer, Chief Executive of the Norwegian Seafood Council, said: “ We have never before experienced such a high export value in a February month. This is due to the combination of a weak krone measured against the euro and dollar, high salmon volumes and strong value growth to the USA.”

 

Chramer also warned that the (still ongoing) uncertainty related to the introduction of customs barriers continued to be great.

 

“Together with the Norwegian authorities, we are closely monitoring developments,” he added.

 

Exports to the US had the largest value growth in February, with an increase in export value of NOK 548m (£38m) , or 52%.

 

In the first two months of the year, the value growth to the United States has therefore been NOK 985m (£69m).

 

As usual, there was strong volume growth for salmon with exports totalling 89,177 tonnes and worth NOK 9.1bn (£640m), equivalent to volume growth of 14% and value growth of 2%.

 

It seems Americans cannot get enough salmon, consuming 6,539 tonnes from Norwegian farms, 57% higher than a year ago. The value was up by 50% or NOK 340m (£40m) on February last year.

 

The UK, China and Vietnam were the main markets for frozen cod with the value up by 30% to NOK 407m (£28m).

 

Fresh cod export volumes fell by 35% and the value was down by 14% to NOK 398m (£28m).