Record-High Norwegian Seafood Exports Show Resilience Amid Challenges
Norwegian seafood exports reached staggering new heights in 2024, establishing records against the backdrop of significant challenges. The Norwegian Seafood Council reports export volumes soared to 2.8 million tonnes valued at NOK 175.4 billion, equaling approximately 38 million meals each day throughout the year.
Christian Chramer, CEO of the Norwegian Seafood Council, remarked on the various factors influencing these results. "2024 was characterized by quota cuts for cod, significant production challenges for salmon, geopolitical fluctuations, and economic turmoil... When the value of seafood exports nevertheless rises to a historically high level, it is incredibly strong," he stated, hinting at the underlying resilience of the fishing industry.
Indeed, the export value saw an increase of NOK 3.7 billion compared to the previous record year of 2023. "Norwegian seafood exports have experienced marvellous growth... This shows what a strong global position our seafood has," Chramer added.
Factors impacting the seafood markets included rising food inflation, which tapered compared to 2022, as well as variations in supply affecting different species. Salmon and trout exports represented prime contributors, with the former accounting for about 70 percent of the total seafood export value. This totalled NOK 122.9 billion, continuing to reinforce salmon's significance.
Asia played an increasingly important role for salmon exports, where it is viewed as both luxurious and commonplace. Countries like Thailand, China, Vietnam, and Korea have come to delight in salmon, making it staple fare within their culinary landscapes. "The exciting and strong development for salmon continued in Asia, where it is considered an everyday luxury by consumers..." noted Chramer.
Despite this growth, challenges persisted. The Norwegian seafood producers faced higher sea temperatures during the summer and increased operational costs, which hampered volume production. "Higher sea temperatures this summer posed biological challenges..." Chramer cautioned, shedding light on the juggling act of ensuring quality and output.
Poland, Denmark, and the USA emerged as Norway's largest seafood export markets. Nonetheless, China displayed spectacular growth within its seafood importing capabilities, realizing nearly NOK 887 million—an increase by 10% compared with 2023.
Other species provided contrasting narratives; the export figures for wild-caught cod demonstrated tough times. Cod and king crab encountered quota reductions, affecting accessibility and pricing. While mackerel soared to new heights with significant increases, prawn exports also surged, climbing by 30% totaling NOK 1.6 billion.
Particularly noteworthy was the demand for prawns, driven by excellent fishing prospects within the Barents Sea and shifts from cod to prawns over recent years. The export of 34,421 tonnes of prawns marked record-high export values.
The dynamics of the fishery sector proved both challenging and rewarding. Although the seafood industry recognizes reduced access to cod and increased prices for key wild-caught species like mackerel, the overall performance demonstrated how sustainability can align with economic success.
Marianne Sivertsen Næss, Minister of Fisheries and Ocean Policy, expressed optimism for the Norwegian seafood future. "The new year will bring new challenges, but also new opportunities, and I believe the seafood industry will continue to develop and create jobs and value across the country," she stated. This encapsulates the dual narrative of triumph and responsiveness shaping the industry.
2024's performance also showed how fluctuations—both economically and politically—can play major roles. "There were major fluctuations... the currency effect, which has been an important contributor to growth... declined last year. Measured in euros, which is our most important export currency, the value is unchanged compared to 2023," Chramer elaborated, highlighting international trade interdependencies.
The mix of these factors illustrated the seafood industry's tenacity amid volatility. While challenges remain, the Norwegian seafood sector clearly shows its capacity for remarkable adaptation and growth. Indeed, as it dives headfirst toward 2025, the industry continues to look for new heights, nudged on by the waves of global demand and domestic resilience.
This potential, as Chramer affirmed, points toward avenues of development and local job creation. With responsible management and high-quality seafood, as Næss put it, Norway can take pride in exporting its products across the globe. Bringing together sustainability and vibrant markets has proven to be the key to unlocking this extraordinary chapter of Norway's seafood narrative throughout 2024 and beyond.