In a remarkable achievement, Norway’s seafood exports marked a historic milestone, reaching a record NOK 172 billion (£13 billion) for the past year. The figures, released by the Norwegian Seafood Council, revealed a notable increase of NOK 20.7 billion (almost £1.6 billion), representing a substantial 14% growth compared to 2022.
Seafood continues to be a cornerstone of Norway’s global trade, firmly securing its position as the country’s second-largest export product, following closely behind oil and gas, as highlighted by Christian Chramer, the managing director of the Seafood Council.
The depreciation of the Norwegian krone against the euro and US dollar throughout the year, contributing to a robust growth in value, played a significant role in this achievement. Chramer explained, “It is the weak Norwegian krone and the general price increase in the markets that lifted the value to a record high level. In total, the devaluation of the krone contributed to increasing the export value by almost NOK 15 billion (£1.14 billion) in 2023.”
Farmed salmon emerged as the flagship product, solidifying its status as Norway’s “king” fish. The country exported a staggering 1.2 million tonnes of salmon in the past year, with a total value of NOK 122.5 billion (£9.3 billion), constituting an impressive 71% of the total value of all seafood exports. Notably, salmon continued to be the driving force behind Norwegian seafood exports, equivalent to an astonishing 16 million meals of Norwegian salmon served every single day.
The aquaculture sector, as a whole, experienced robust growth, contributing to 75% of all seafood exports measured in value and 46% in volume. In 2023, Norway exported 1.3 million tonnes of seafood from aquaculture, amounting to a total value of NOK 128.7 billion (almost £10 billion). While there was a slight decline in volume, the value witnessed a notable 16% increase, reaching 17.6 billion (£1.3 billion).
This outstanding performance underscores Norway’s prowess in the global seafood market, with aquaculture, and particularly salmon, leading the charge in driving economic success and enhancing the country’s international trade standing.