Solid seafood quarter after a strong September

In fact, this was the third best quarter ever, according to managing director Christian Chramer of the Norwegian Seafood Council.

– This time there is, so to speak, no currency effect from a weak Norwegian krone, since we are comparing with the same period last year. There are high volumes for salmon, trout, mackerel and prawns which increase the export value, he says in a press release.

Aquaculture covers quota cuts

So far this year, Norway has exported seafood worth NOK 124.7 billion, up 1 percent. According to the seafood manager, 2024 has been characterized by quota reductions for herring, king crab, mackerel and cod.

– It is an important and necessary move to ensure continued sustainable fish stocks, but has naturally given us a lower export volume, says Chramer.

It is fish from aquaculture that compensates for the drop in quota so that seafood exports nevertheless increase in the third quarter.

Climate follows

Another change in the sea has been salmon lice, which are flourishing due to warmer seas.

– There is no doubt that 2024 has so far been a demanding year for many salmon producers. Competition in the market is fierce, while at the same time there has been galloping cost growth, says Christian Chramer.

At the same time, food inflation has fallen in many of the most important seafood markets after a long period of growth. Thus, consumers in countries such as Germany, Great Britain and China have never bought Norwegian seafood for so much money. China traded Norwegian seafood for 2.5 billion alone, a growth of 16 per cent.

Trout, mackerel and prawns

For trout and shrimp, the third quarter was the best ever. The export value of trout exceeded NOK 2 billion in a quarter for the first time, and the increase was as much as 68 per cent.

– In addition, it has been a particularly good quarter for mackerel, with high prices, strong value growth and good demand in the important Asian markets, says Christian Chramer.

In total, mackerel was exported for NOK 2.3 billion, an increase of a whopping 68 per cent.

Shrimp exports have been historically high in the third quarter, largely due to reductions in cod quotas. As a result, shrimp fishing in the Barents Sea has picked up and delivered 37 per cent more so far this year than at the same time last year.