Norwegian seafood exports hit August record

Seafood exports from Norway achieved the highest August result yet last month, totalling NOK 12.6bn – or just over £1bn in sterling terms. Despite lower prices, once again salmon was at the forefront, with overseas sales totalling NOK 10.8bn or £770m. The country’s salmon farmers sold 125,251 tonnes of salmon during August, a volume increase of 3% and a value increase of 4% or NOK 374m (£26m). Germany saw the largest increase in value in August, with an increase in export value of NOK 133m (£9.5m) or 37%, compared to the same month last year. The export volume to Germany totalled 5,556 tonnes, which is 26% higher than a year ago. Seafood Council analyst Paul T. Aandahl said: “Although it is a record strong export month for Norwegian salmon, both in terms of price and volume, the trend in the market is uncertain. “In the global market, we see that the import value in local currency is weakening in several of the countries”. He added: “A lower import price in 2024 has not been compensated with corresponding growth in volume. This applies, for example, to the USA, China and Thailand.” The growing popularity of farmed trout continued impressively last month. Norway’s trout farmers exported 9,673 tonnes at a value of NOK 771m (£55m). The figure represents value increase of 36% or NOK 205m (£14.6m) and a value rise of 44%. Once again the United States, Ukraine and Lithuania were the main markets. Trout is now Norway’s second largest exported species after salmon, overtaking popular whitefish such as cod and haddock.