Strong growth in Norwegian seafood exports in February
"We have never before experienced such a high export value in the month of February. This is due to the combination of a weak Norwegian krone measured against the euro and dollar, high salmon volumes and strong value growth to the USA", says Christian Chramer, CEO of the Norwegian Seafood Council.
Largest increase to the US
The USA had the highest value growth in February, with an increase in export value of NOK 548 million, or 52 per cent, compared with the same month last year. In the first two months of the year, value growth to the USA has thus totalled NOK 985 million.
"February was the best ever month for exports to the USA. This was primarily due to increased value for salmon, snow crab, king crab, trout and mackerel. Although the fear of the introduction of tariff barriers is causing some unease in the market, this is not the main reason for the strong growth", says Chramer.
Several factors at play
He highlights the following factors that helped to boost the value of Norwegian seafood exports to the US in February:
Continued uncertainty around increased tariffs
"There is still a great deal of uncertainty surrounding the introduction of customs barriers. Together with the Norwegian authorities, we are closely monitoring developments", says Christian Chramer.
A total of 11 per cent of Norwegian seafood exports in February went to the USA. This is the highest share in a single month since the 1980s. In comparison, 62 per cent of seafood exports went to the EU, while 21 per cent went to Asia.
Exports of Norwegian seafood in February
Strong volume growth for salmon
The USA saw the greatest growth in value in February, with an increase in export value of NOK 340 million, or 50 per cent, compared with the same month last year.
Exports to the USA totalled 6,539 tonnes, which is 57 per cent higher than the same month last year.
Better production conditions
"We must see the volume growth in the context of improved production conditions in Norway. Higher sea temperatures and fewer winter ulcers have resulted in increased harvesting volumes and a higher quality of fish compared with February last year. This has had a positive effect on exports to overseas markets such as Asia and the USA", says Seafood Analyst Paul T. Aandahl of the Norwegian Seafood Council.
China was the second largest growth market for salmon in February. Compared with the same month last year, the increase was NOK 109 million, or 25 per cent. In total, salmon exports from Norway to China totalled NOK 537 million in February
Norwegian salmon has gained market share in China
"There is underlying growth in the Chinese market. In addition, Norwegian salmon has gained market share, partly because there is more availability of large salmon from Norway. The Chinese salmon market is growing particularly strongly in the grocery trade and in medium-sized cities where salmon is still a relatively new and exotic product", says Sigmund Bjørgo, the Norwegian Seafood Council's envoy to China.
Strong month for trout
Poland had the highest value growth in February, with an increase in export value of NOK 23 million, or 102 per cent, compared with the same month last year.
The export volume to Poland ended at 546 tonnes, which is 94 per cent higher than the same month last year.
"The lower price of trout compared with salmon makes it more attractive as a raw material for both smoked and fresh products in Poland. However, trout only accounted for 4 per cent of total salmon exports to Poland in February", says Seafood Analyst Paul T. Aandahl of the Norwegian Seafood Council.
Big fall for fresh cod
Although landings of fresh cod picked up well during the month, the volume fell by more than 30 per cent compared with February last year.
"Lower landings combined with a Norwegian onshore industry that is fighting an increasingly tough battle for raw materials for the production of fillets, salted fish, clipfish and stockfish contributed to a sharp decline in the export volume of fresh wild cod in February", says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
Expected volume decline
For fresh wild cod, the export volume fell by 48 per cent to 3,301 tonnes, while the export value fell by 27 per cent to NOK 296 million.
"Although there is a drastic decline in volume, it is not surprising in light of the large reduction in cod quotas this year", explains Brækkan.
For fresh farmed cod, the export volume increased by 37 per cent to 1,514 tonnes, while the export value increased by 69 per cent to NOK 102 million. Farmed cod accounted for 26 per cent of the export value of fresh cod in February.
Major decline for quality labelled skrei
The decline in landings is also reflected in the export volume of quality labelled skrei.
"As usual, the transit market Denmark is the largest destination market. From there, the cod is repackaged and sent on to important markets in countries such as Spain, Germany and France", says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
As in previous years, export volumes increased significantly from January to February. The export price follows the same seasonal pattern as last year, with a decrease compared to January.
Strong value growth for frozen cod
China had the highest value growth in February, with an increase in export value of NOK 76 million. This is a tenfold increase from very low volumes in the same month last year.
Exports to China totalled 1,072 tonnes, an increase of 181 tonnes compared with February last year.
A significant proportion of the Norwegian cod exported to China is processed and re-exported to the USA.
Large fluctuations are common
"With the US introducing increased tariffs on imports from China, it may seem surprising to see such strong growth to China in February. However, large fluctuations in export volumes in individual months are common", says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
In January, there a sharp decline in exports to China, and so far this year, the export volume of frozen whole cod to China has fallen by 4 per cent.
"We therefore need to see developments over a longer period of time in order to be able to assess the consequences of the increased tariffs", explains Brækkan.
Good development to the UK
The UK is also continuing its strong development, with 9 per cent volume growth and 46 per cent higher export value in February. A total of 1,631 tonnes of frozen cod were exported to the UK in February, with an export value of NOK 150 million
"Lower inflation and somewhat improved wage growth may have helped to boost demand for frozen cod in the UK", says Eivind Hestvik Brækkan.
"The UK is a market where our whitefish species of cod and haddock are strongly anchored in both the grocery trade and food service with fish & chip. Despite significantly lower quotas, the February figures show the very important position that this market has for cod, and frozen whole cod in particular", says Victoria Braathen, the Norwegian Seafood Council's envoy to the UK.
Growth for clipfish
For saithe clipfish, the export volume increased by 34 per cent to 4,401 tonnes, while the export value increased by 78 per cent to NOK 233 million.
For cod clipfish, the export volume fell 9 per cent to 1,709 tonnes, while the export value increased 9 per cent to NOK 232 million.
Brazil had the highest value growth in February, with an increase in export value of NOK 78 million, or 376 per cent, compared with the same month last year.
The export volume to Brazil ended at 1,176 tonnes, which is 262 per cent higher than the same month last year. The increase to Brazil was spread across all species, with increased volumes of clipfish from cod, saithe, ling and tusk in February.
Weak February for salted fish
The quota reduction is also reflected in lower export volumes of salted cod fish.
The export volume of salted whole cod in February was only 656 tonnes, which is almost half that of the same month last year.
Never before has an export volume of less than 1,000 tonnes been recorded in the month of February.
Cod is losing ground to other species
"So far this year, as much as 40 per cent of the export value of salted fish is from species other than cod. Never before have other species accounted for such a high proportion of salted fish exports after the first two months of the year," says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
Ling stands out as the second largest species, with an export value of NOK 61 million in January and February, representing 32 per cent of the total export value of salted fish so far this year.
Decline in value and volume for stockfish
Italy had the highest value growth in February, with an increase in export value of NOK 3 million, or 4 per cent, compared with the same month last year.
The export volume to Italy ended at 223 tonnes, which is 11 per cent lower than the same month last year.
At NOK 352 per kg, the price of whole stockfish from cod is at a record high, NOK 7 per kg higher than the previous record month, which was the month before
Demanding for the stockfish industry
"Even with record-breaking stockfish prices, the situation for the stockfish industry is demanding. A sharp increase in raw material prices has created considerable uncertainty as to whether it will be possible to achieve an adequate price for stockfish in the markets. It is therefore uncertain how much stockfish will be produced this year", says Seafood Analyst Eivind Hestvik Brækkan of the Norwegian Seafood Council.
Solid growth for herring
The volume growth is linked to increased landings so far this year and a periodisation of deliveries.
"Major contracts were delivered to the German canning industry in February, resulting strong growth in exports to Germany. There was an increase of 533 per cent in volume and 564 per cent in value compared with February last year", says Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council.
Price decrease from January to February
There was a reduced average price, as it is frozen flaps (two fillets that are connected) of North Sea herring that are delivered at a lower price than the main product (frozen skinless fillets of Norwegian spring-spawning herring).
"Otherwise, prices for several fillet products fell from January to February, and exporters are reporting that they are encountering resistance at the current price levels for herring products", says Johnsen.
Export growth for marinated herring products continues
The growth in exports marinated herring products in January also continued in February.
"Since the customs agreement with the EU came into force on 1 January, there has been a gratifying increase in exports after they had been hampered for a long time. In February, there was an increase in exports of vinegar-marinated products of more than 300 per cent in volume and more than 400 per cent in value compared to the same period last year", says Jan Eirik Johnsen.
Large value increase for mackerel
Norwegian mackerel exports are characterised by a tight supply of both Atlantic and Pacific mackerel in the largest recipient countries, while demand is good.
"This is driving prices upwards, and in February the average price for mackerel under 600 grams, which accounts for the vast majority of exports, passed NOK 30 per kg. This has never happened before", says Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council.
High prices are challenging in Japan and South Korea
In Japan and South Korea, the two most important markets for Norwegian mackerel, the high prices have now become demanding.
"Not only has the price of imported Norwegian mackerel increased significantly, but local mackerel has increased even more as a result of low catches and small sizes that are not suitable for local consumption. That's why many people are worried that mackerel is becoming too expensive an everyday food for most people", says Johan Kvalheim, the Norwegian Seafood Council's envoy to Japan and South Korea.
Historic month for king crab
The 55 per cent quota increase and strong demand for Norwegian king crab in the US market have led to an increase in landings in the first two months of the year.
Exports in February were one of the strongest ever for king crab, with an export value of more than NOK 183 million, only beaten by NOK 600,000 in August 2023. In comparison, 395 tonnes were exported then, compared with 223 tonnes this year.
Record-high export prices
The limited availability of king crab in the US market has led to record-high export prices for frozen king crab in February," says Josefine Voraa, Head of Shellfish at the Norwegian Seafood Council.
On average, the price was NOK 985 per kg, which is NOK 72 higher than the previous record month of January 2025.
The export volume increased by 61 per cent to 143 tonnes, and as much as 96 per cent of the export volume of frozen king crab ended up in the US market.
"Americans don't seem to be losing their appetite for king crab, even with sky-high prices and much turmoil in the market. Many would probably like to secure volumes from Norway before we enter a two-month break in regulated fishing before it resumes in May". says Anne-Kristine Øen, the Norwegian Seafood Council's envoy to the USA
Volume decline and strong value growth for snow crab
Snow crab exports had the strongest single month ever, with an export value of NOK 188 million higher than the previous record month in February 2024.
"In comparison, both landings and export volumes were 26 per cent higher in February last year than this year, but prices were nowhere near their current level", says Josefine Voraa, Head of Shellfish at the Norwegian Seafood Council.
Shortage of snow crab in stock in the US
Never before have such large volumes been exported at an average export price of NOK 246 per kg, a price increase of 127 per cent compared to February last year
"A shortage of snow crab in stock in the US and an expected quota reduction in Canada have contributed to increased demand for Norwegian snow crab in the US market and higher prices for all sizes," says Anne-Kristine Øen, the Norwegian Seafood Council's envoy to the US.
Norway and Alaska are the only suppliers to the US
Until the start of the Canadian season, Norway and Alaska are the only suppliers of snow crab to the US market.
"The first volumes from this year's fishery have now arrived on the market, but the large volumes from Norway won't arrive until around mid-March", explains Voraa
The USA was both the largest recipient of snow crab in February, with a share of 51 per cent, and the largest growth market with an increase in export value of NOK 108 million, or 85 per cent compared with the same month last year.
The export volume to the USA ended at 971 tonnes, which is 11 per cent lower than the same month last year.
Solid February for prawn
February was another strong month for prawn exports. Exports of frozen raw industrial prawns to Iceland and Denmark showed the greatest growth in volume and value.
"With declining supplies in Greenland, an increasing proportion of Danish imports and exports are being replaced by cold water prawns from other supplier countries. Large parts of the export of frozen, cooked shell-on prawns were also sent to Denmark before most went on to other markets", says Josefine Voraa, who is Head of Shellfish at the Norwegian Seafood Council.
Peeled prawns were the largest product segment
The largest product in terms of value is processed prawns, also known as peeled prawns. The export value totalled NOK 71 million, which is an increase of NOK 19 million compared with February last year.
The export volume ended at 722 tonnes, with the UK being the largest recipient with 271 tonnes, an increase of 82 tonnes or 43 per cent from February last year.
"This means that the UK continues to grow as a prawn market and is now the largest market for Norwegian peeled prawns so far this year", says Voraa.
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