Norway seafood exports rise in March as salmon volumes climb

NORWAY – Norway’s seafood exports reached about US$1.47 billion (NOK 15.5 billion) in March, an increase of roughly US$49.6 million (NOK 522 million), or 3%, compared with the same month last year.

Industry officials attributed the rise to higher salmon volumes, stronger pricing across several species, and expanding sales in Asian markets despite weaker demand in the United States and a stronger Norwegian krone.

Year-to-date exports stood at about US$4.16 billion (NOK 43.8 billion), down roughly US$42.7 million (NOK 449 million), or 1%, from the same period last year.

Logistics challenges linked to the ongoing conflict in the Middle East affected air freight routes and fuel costs, creating operational pressure for exporters even as overall demand remained stable.

Poland, China, and the United States were the largest destination markets in March, with China recording the strongest growth as export value increased by about US$52.4 million (NOK 552 million), or 68%, to around US$133 million (NOK 1.4 billion).

Asia’s share of exports increased to 23% from 18% a year earlier, while Europe remained unchanged at 63% and the United States fell to 9%, reflecting shifting demand patterns across regions.

A stronger Norwegian krone also reduced export value in local currency terms, with appreciation of nearly 10% against the US dollar and 3% against the euro weighing on reported earnings.

Salmon dominates gains while whitefish volumes contract

Salmon exports rose to about US$1.00 billion (NOK 10.5 billion) in March after 106,000 tonnes were shipped, with value increasing by roughly US$59 million (NOK 622 million), or 6%, supported by a 4% rise in volume.

Demand growth in Asia remained strong, particularly in China, Thailand, South Korea, and Taiwan, even as shipments to parts of the Middle East dropped sharply due to disrupted logistics routes.

Trout exports fell to around US$48.6 million (NOK 512 million), down US$3.1 million (NOK 33 million), or 6%, with volumes decreasing by 15% over the same period.

Fresh cod exports dropped to about US$38.4 million (NOK 404 million), a decline of US$4.7 million (NOK 49 million), or 11%, as reduced landings pushed volumes down by 31% and tightened supply conditions.

Fresh wild cod prices reached a record high of about US$10 per kilogram (NOK 105), reflecting limited quotas and stronger demand, although higher costs strained processors and downstream buyers.

Frozen cod exports also weakened to roughly US$22.5 million (NOK 237 million), falling US$5.4 million (NOK 57 million), or 19%, with the United Kingdom accounting for a steep decline in shipments during the month.

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