Norwegian seafood exports hit new NOK value record in Q1
Norway exported seafood worth a record NOK 44 billion (£3.24bn) in the first quarter of this year, the Norwegian Seafood Council (NSC) said today. This is an increase of NOK 3.5bn, or 9%, compared with the same period last year.
“The first quarter has been characterised by increased export volumes for salmon, high prices for cod, mackerel and snow crab and strong value growth to the United States and China,” said NSC chief executive Christian Chramer.
“In addition, the Norwegian krone was weaker in the first quarter than in the same period last year, which has also helped to increase the value of exports measured in Norwegian kroner.”
Salmon was the most valuable export, worth NOK 29.5bn, an increase of 6% compared with Q1 2024.
“The start of 2025 has been very positive for Norwegian salmon. Increased harvest volumes and more available superior fish have boosted exports to some of our largest and most important markets,” said Chramer.
Big growth in United States
In the first quarter, Norway exported seafood to the US totalling NOK 4.9 billion. This was an increase of NOK 1.8 billion (56%), compared with the same period last year.
The value of salmon exported to the US in Q1 increased by NOK 1.1bn (47%) and the volume reached 22,183 tonnes (up 56%).
The US was the largest growth market in terms of value and accounted for 11% of total seafood exports in the first quarter.
The total export volume to the US ended at 35,591 tonnes, which is 34% higher than in Q1 2024.
Salmon and crab
“Despite a great deal of uncertainty related to the introduction of tariff barriers, growth in seafood exports to the US has been very strong in the first three months of the year. In addition to salmon, this is driven by snow crab and king crab. For the first time ever, the value of shellfish exports to the US is higher than to the EU market in a first quarter,” said Chramer.
Norway exported NOK 2.7bn worth of seafood to China in Q1, a 37% increase in NOK-value compared to Q1 2024.
16% more salmon
All told, Norway exported 285,163 tonnes of salmon in Q1, a volume increase of 16%. The fish was worth NOK 29.5bn, an increase of 6% compared to Q1 2024.
“Favourable biological conditions, including seasonally high sea temperatures, have resulted in strong growth in salmon production compared with the first quarter of last year. However, the growth in volume has led to a fall in export prices of 11%in Norwegian kroner, to NOK 95.39 per kg,” said Paul T. Aandahl, seafood analyst for the NSC.
Strong for trout
It was a strong quarter for trout, with export volumes up by 39% to 19,164 tonnes and value up by 33% to NOK 444m.
Ukraine, the US, and Thailand were the largest markets for trout in the first quarter, and Poland had the highest volume growth of 139% to 1,770 tonnes.
“Trout has been priced lower than salmon in the first quarter, which makes it more attractive as a raw material in the processing industry in Poland. Trout is processed into both smoked and natural products, both for domestic consumption in Poland and for export,” explained Aandahl.
Farmed cod
Reduced fishing quotas led to fall in the volume of wild cod exports, leading to record a high export volume of farmed cod which increased by 45% to 4,710 tonnes. Export value increased by 72% to NOK 312m.
Farmed cod accounted for 28% of the export value of fresh cod in the first quarter.
“This is the highest export volume of farmed cod ever in a single quarter, 22% higher than the previous record quarter, which was in the fourth quarter of 2009,” said NSC analyst Eivind Hestvik Brækkan.
