NORWAY

Stronger Norwegian krone curbed seafood exports in April

Fish & Seafood

There are several factors affecting the decline in Norwegian seafood exports in April, such as the tariff dispute with the US and the war in the Middle East. The main explanation for the fall, however, is a sharp strengthening of the Norwegian krone against both the euro and the dollar.

Posted on May 28 ,00:30

Norway exported seafood worth NOK 13.4 billion in April, a decline of NOK 742 million (5 per cent) compared with the same month last year. The decline is mainly due to a significant strengthening of the Norwegian krone.

“There are several factors affecting the decline in exports in April, such as the tariff dispute with the US and the war in the Middle East. The main explanation for the fall, however, is a sharp strengthening of the Norwegian krone against both the euro and the dollar”, says Christian Chramer, CEO of the Norwegian Seafood Council.

Compared with April last year, the krone has strengthened by 7 per cent against the euro and by as much as 12 per cent against the dollar. Measured in euros, the value of exports has increased by 2 per cent, whilst it has risen by as much as 6 per cent when measured in US dollars.

“The war in the Middle East is having a particular impact on the flow of salmon and trout, with higher transport costs, reduced shipping capacity and reduced tourism. Exports fell to all markets in the Middle East in April, as well as to a number of Asian markets”, says Chramer.

In April, export volumes of salmon and trout fell by over 20 per cent to key markets such as Japan (-33%), Israel (-36%), Vietnam (-24%), Saudi Arabia (-27%), the United Arab Emirates (-44%) and the Philippines (-66%).

Lower volumes from fisheries

“Lower quotas and landings have characterised exports of several species in April, including cod, saithe, mackerel and prawns. Higher prices helped to cushion the fall in value, but the export value is falling significantly for all wild-caught species, says Chramer.

Tariffs and a weaker dollar continue to drive decline to the US

“Uncertainty over future tariff conditions and a weaker dollar contributed to the decline in exports to the US continuing in April as well”, says Chramer.

Seafood exports to the US fell by 30 per cent to NOK 973 million, driven by lower volumes of both salmon and trout. So far this year, the export value to the US has fallen by 32 per cent, or NOK 2 billion.

China saw the biggest growth in value in April

The largest markets for Norwegian seafood exports in April were Poland, China and the US.

China saw the highest growth in value, with an increase in export value of NOK 324 million, or 36 per cent, compared with the same month last year. Export volume to China stood at 16,217 tonnes, which is 24 per cent higher than the same month last year.

57 billion so far this year

So far this year, Norway has exported seafood worth 57 billion kroner. This represents a decline of 1.4 billion kroner, or 2 per cent, compared with the same period last year.

Salmon: exchange rates and costs are affecting the flow of goods

• Norway exported 104,894 tonnes of salmon worth 9.3 billion kroner in April
• The value fell by NOK 348 million, or 4 per cent, compared with the same month last year
• The average export price for fresh whole salmon was NOK 82.02 per kg, 1 per cent lower than in April last year
• There was a 1 per cent increase in volume

“Higher freight costs, customs duties and a weaker dollar have contributed to a shift towards the European market in April,” says seafood analyst Paul Aandahl at the Norwegian Seafood Council.

Regional breakdown of Norwegian salmon exports in April by value (changes from April 2025 in brackets):

Europe: 66 per cent (+3 percentage points)

Asia excluding China: 16 per cent (-2 percentage points)

China: 10 per cent (+3 percentage points)

USA: 7 per cent (-4 percentage points)

Poland, China and Spain were the largest markets for salmon in April.

China was the exception, recording the highest growth in value, with a 30 per cent increase in export value to NOK 925 million. Export volume to China stood at 10,430 tonnes, which is 28 per cent higher than the same month last year.

In April, salmon exports to the Middle East as a region fell by 40 per cent to NOK 226 million, exports to the US fell by 39 per cent to NOK 636 million, whilst exports to the EU increased by 2 per cent in value to NOK 5.5 billion.

“Overall, it is the currency effect that is the main reason for the negative trend in salmon exports in April”, says Aandahl.

So far this year, Norway has exported salmon worth NOK 38.7 billion. This represents a decrease of NOK 265 million, or 1 per cent, compared with the same period last year. Volume has increased by 7 per cent to 417,000 tonnes.

Trout: sharp price rise

• Norway exported 5,863 tonnes of trout worth NOK 551 million in April
• The value fell by NOK 4 million, or 1 per cent, compared with April last year
• Volume fell by 7 per cent
• The USA, Poland and Ukraine were the largest markets for trout in April

Poland saw the largest increase in value in April, with a rise in export value of NOK 27 million, or 57 per cent, compared with the same month last year. The volume of exports to Poland stood at 898 tonnes, which is 53 per cent higher than in the same month last year.

In April, the average export price for fresh whole trout was 14 per cent higher than in the same month last year. The average export price for fresh whole trout stood at NOK 89.39 per kg in April.

Fresh cod: the decline continues, lowest volume since 2009

• Norway exported 3,129 tonnes of fresh cod worth NOK 305 million in April
• The value fell by NOK 13 million, or 4 per cent, compared with the same month last year
• The volume fell by 23 per cent
• Denmark, the Netherlands and Poland were the largest markets for fresh cod in April

“Lower quotas and landings have characterised the entire cod season, and this is clearly reflected in the export figures for April as well”, says seafood analyst at the Norwegian Seafood Council, Eivind Hestvik Brækkan.

For fresh wild cod, export volume fell by 24 per cent to 2,048 tonnes, whilst export value fell by 3 per cent to NOK 220 million.

For fresh farmed cod, export volume fell by 22 per cent to 1,080 tonnes, whilst the export value fell by 7 per cent to NOK 85 million. Farmed cod accounted for 28 per cent of the export value of fresh cod in April.

“Although the export volume of farmed cod has now fallen for three months in a row, figures from the Directorate of Fisheries show that the biomass has increased significantly, and we therefore expect that the export volume will eventually also increase as the year progresses”, says Hestvik Brækkan.

So far this year, 14,200 tonnes of fresh cod have been exported; this is the lowest export volume since 2009.

Quality-labelled skrei: the season is marked by record prices, but historically low volumes

• Norway exported 1,862 tonnes of quality-labelled skrei worth NOK 206 million in 2026
• The value fell by NOK 36 million, or 15 per cent, compared with last year
• The volume fell by 29 per cent
• Denmark, Spain and the Netherlands were the largest markets for skrei in 2026

Quality-labelled skrei is skrei of the highest quality that meets the quality standard for the skrei label, and must be caught between January and April.

“This year’s skrei season was heavily influenced by lower quotas and a decline in landings, and there has never been a lower export volume of quality-labelled skrei than this year”, says seafood analyst Hestvik Brækkan.

In 2026, 22 per cent of the export volume of fresh whole wild cod was exported as quality-labelled skrei. This is slightly lower than in the last two years, but higher than in previous years.

The average export price for the quality-labelled skrei ended at 111 kroner per kg, which is a clear record and a full 19 per cent higher than last year.

“Low quotas mean that cod has become increasingly expensive, and for many it has become a fish for special occasions. This has probably contributed to fewer people being willing to pay an even higher price for quality-labelled skrei this year”, says Hestvik Brækkan.

“The rise in skrei prices has significantly dampened consumption in our largest skrei market, Spain. However, feedback from the market indicates that skrei remains strong, and we can expect consumption to grow if there is an increase in quotas and prices ease somewhat by next year’s skrei season”, says the Seafood Council’s representative in Spain, Tore Holvik.

Skrei quality label: volume decline also in April

• Norway exported 233 tonnes of skrei worth NOK 26 million in April
• The value fell by NOK 8 million, or 24 per cent, compared with the same month last year
• Volume fell by 42 per cent
• Denmark, Spain and Sweden were the largest markets for skrei

Frozen cod: 45 per cent drop in volume in April

• Norway exported 1,919 tonnes of frozen cod worth NOK 193 million in April
• The value fell by NOK 83 million, or 30 per cent, compared with the same month last year
• Volume fell by 45 per cent
• The UK, China and Vietnam were the largest markets for frozen cod in April

The sharp decline in exports must be seen in the context of the fact that landings of frozen cod also fell by 45 per cent in April, which resulted in lower export volumes to all our key markets.

“All our key export markets for frozen cod saw a decline in export volumes in April,” says Hestvik Brækkan.

To our largest frozen market, the UK, volume fell by 35 per cent to 664 tonnes, whilst the export value fell by 15 per cent to NOK 78 million. The decline is due to lower volumes of frozen whole cod. Exports of frozen cod fillets (including blocks) to the UK rose by 41 per cent to 86 tonnes, whilst the export value increased by 58 per cent to NOK 16 million.

Clipfish: decline in raw material supply affected exports

• Norway exported 3,080 tonnes of clipfish worth NOK 325 million in April
• The value fell by NOK 72 million, or 18 per cent, compared with the same month last year
• The volume fell by 41 per cent
• Portugal, Congo-Brazzaville and the Dominican Republic were the largest markets for clipfish in April

“Lower availability of raw materials resulted in lower export volumes for both saithe and cod clipfish in April. Export volumes fell to all our largest markets”, says Hestvik Brækkan.

For clipfish made from saithe, export volume fell by 41 per cent to 1,730 tonnes, whilst the export value fell by 25 per cent to NOK 122 million.

For clipfish made from cod, export volumes fell by 33 per cent to 960 tonnes, whilst the export value fell by 9 per cent to NOK 170 million.

“Mexico, which is our largest market for clipfish made from ling, stands out with increased volumes for both ling and cod clipfish in April”, says Hestvik Brækkan.

Total export volume to Mexico stood at 225 tonnes, up 99 per cent from last year, and an increase in export value of 180 per cent to a total of NOK 26 million.

Salted fish: record-high export price in April

• Norway exported 2,399 tonnes of salted fish worth NOK 380 million in April
• The value fell by NOK 51 million, or 12 per cent, compared with the same month last year
• The volume fell by 30 per cent
• Portugal, Italy and Canada were the largest markets for salted fish in April

Salted cod accounted for 93 per cent of the total export volume of salted fish in April. As a result, the salted fish sector is also being affected by lower cod quotas and reduced access to raw materials.

“Record-high raw material prices, combined with continued strong demand in our largest market, Portugal, have contributed to the export price of salted cod in April also being higher than ever. The average export price stood at NOK 165 in April, a full 26 per cent higher than in April last year”, says Hestvik Brækkan.

Dried fish: 71 per cent increase in value

• Norway exported 208 tonnes of dried fish worth NOK 64 million in April
• The value increased by NOK 26 million, or 71 per cent, compared with the same month last year
• This represents a 24 per cent increase in volume
• Italy, Croatia and the USA were the largest markets for dried fish in April

“The volume growth is probably mainly due to very low volumes in April last year. So far this year, the export volume of stockfish has fallen by 6 per cent. As usual, cod stockfish accounts for the majority of stockfish, with 792 tonnes out of a total of 1,121 tonnes of stockfish exported so far this year”, says seafood analyst at the Norwegian Seafood Council, Eivind Hestvik Brækkan.

Our largest stockfish market, Italy, was also the market with the highest growth in value in April, with an increase in export value of NOK 22 million, or 113 per cent, compared with the same month last year. Export volume to Italy stood at 98 tonnes, which is 68 per cent higher than the same month last year.

Herring: sharp increase – frozen fillets dominate

• Norway exported 13,871 tonnes of herring worth NOK 290 million in April
• The value increased by NOK 100 million, or 53 per cent, compared with the same month last year
• There was a 51 per cent increase in volume
• Poland, Belarus and Lithuania were the largest markets for herring in April

Strong momentum for herring exports

“Herring exports are maintaining a strong momentum in April as well. The good herring catch last autumn and this winter is resulting in strong export volumes. With good price levels, a solid record for export value has been set for the month of April at NOK 290 million”, says Jan Eirik Johnsen, Head of Pelagic Species at the Norwegian Seafood Council.

From whole frozen to fillet

While exports in the previous three months have mainly consisted of whole frozen herring, frozen fillets dominate exports in April. Exports of skinless fillets of NVG herring account for 80 per cent of fillet exports, with Poland leading the way, followed by Belarus and Lithuania.

The North Sea herring season is now underway
The North Sea herring season began on 29 April this year. This year’s quota stands at 80,500 tonnes, a decrease from 2025 when it was 115,000 tonnes. At the end of April, the International Council for the Exploration of the Sea issued its quota advice for 2027 for North Sea herring, and that advice stands at just under 400,000 tonnes, an increase of 38 per cent from the advice for 2026.

“It is positive that the results from completed surveys provide a basis for higher quotas. For the pelagic industry, and particularly the onshore processing sector, the low quotas for many key species are challenging, so any positive news is welcomed”, says Johnsen

Mackerel: decline despite high prices

• Norway exported 3,952 tonnes of mackerel worth NOK 217 million in April
• The value fell by NOK 111 million, or 34 per cent, compared with the same month last year
• The volume fell by 60 per cent
• The US, Ukraine and Vietnam were the largest markets for mackerel in April

Low volumes, stable high prices

“The trend of low export volumes continues, whilst the price remains stable at around NOK 50 per kg for whole frozen mackerel. With just under 4,000 tonnes, we must go back to 2011 to find lower export volumes”, says Johnsen.

401 tonnes of mackerel fillets were exported in April, down from 1,490 tonnes in the same period last year. At the same time, a new price record has been set at 102 kroner per kg, which is 7 kroner higher than the previous record month, which was in February 2026.

Europe ahead of Asia

Asian markets are usually the main destination for Norwegian mackerel. In April, however, more was exported to Europe (1,550 tonnes) than to Asia (1,050 tonnes). It is not unusual for this to happen in individual months, particularly in the summer, but it is quite unusual for the month of April.

Eastern Europe leads the way

In Europe, Ukraine, Lithuania, Romania and Bulgaria account for the largest volumes, and it is reported that these markets sometimes pay better than the Asian markets.

“This is likely largely linked to currency developments, where the krone has strengthened more against the dollar than against the euro. The Asian markets are largely tied to trade in dollars, whilst the Norwegian krone has strengthened significantly against both the Korean won and the Japanese yen recently”, says Jan Eirik Johnsen, head of pelagic species at the Norwegian Seafood Council.

King crab: low season and high willingness to pay for frozen crab in the US

• Norway exported 47 tonnes of king crab worth NOK 30 million in April
• The value fell by NOK 10 million, or 25 per cent, compared with the same month last year
• The volume fell by 50 per cent
• The US, Canada and Tunisia were the largest markets for king crab in April

“Exports of king crab were significantly lower in April, both in terms of volume and value, compared with April last year. The fishery is now in the off-season, with a closed season in the quota area and fewer volumes available for export”, says Josefine Voraa, head of shellfish at the Norwegian Seafood Council.

Exports of both live and frozen king crab were lower than in the same month last year.

“The US remains the most important market for frozen king crab, despite reduced export volumes. At the same time, prices for frozen king crab to the US remain at a high level, particularly for large crabs, which indicates continued strong demand in the market. For live king crab, there were very limited volumes exported to the US in April”, says Voraa.

“The trend suggests that the decline in exports is largely due to limited supply and the fact that it takes longer to gather the right volumes and sizes, rather than a weakening of demand in individual markets”, says Voraa.

Snow crab: US remains main market for snow crab – Asia also important

• Norway exported 1,080 tonnes of snow crab worth NOK 197 million in April
• The value fell by NOK 21 million, or 10 per cent, compared with the same month last year
• There is a 3 per cent increase in volume
• The US, Canada and the Netherlands were the largest markets for snow crab in April

Despite the snow crab season being underway in Canada and volumes beginning to arrive in neighbouring USA, the USA remained the most important market for Norwegian snow crab, also in April. Total export volume was on a par with April last year.

Export prices for frozen snow crab to the US in April were slightly lower than last year when measured in Norwegian kroner, but when measured in US dollars, the price level was higher than last year.

“Demand in the US remains good overall, even during a period of increased supply from Canada, which has zero tariffs. At the same time, a larger proportion of the volumes is going for processing in Asia, which helps to drive down the average price,” says Voraa.

So far this year, Norway has exported 5,646 tonnes of snow crab worth NOK 991 million. Exports so far this year show a 17 per cent increase in volume, whilst the value has fallen by NOK 127 million, due to lower prices and a stronger Norwegian krone against the dollar.

Prawns: strong demand and high prices despite lower volumes

• Norway exported 1,531 tonnes of prawns worth NOK 126 million in April
• The value fell by NOK 39 million, or 23 per cent, compared with the same month last year
• The volume fell by 48 per cent
• China, Sweden and Denmark were the largest markets for prawns in April

The decline in prawn exports in April was 48 per cent by volume compared with the same month last year, and is mainly due to lower available volumes. At the same time, strong demand, high prices and a changed product mix are helping to mitigate the fall in value.

“Developments in the prawn market must also be viewed in the context of an international situation characterised by lower available volumes of cold-water prawns and increased costs in the fishing sector. Export prices for frozen, peeled prawns remain at a record high, but export volumes to the main markets are falling. The biggest decline was in exports to the UK, with a 71 per cent drop in volume”, says Josefine Voraa, head of shellfish at the Norwegian Seafood Council.

April was nevertheless a strong month for prawn exports to China, particularly in terms of value. Export volumes to China rose by 8 per cent, whilst the export value increased by 51 per cent, even though total shrimp export volumes from Norway were almost halved during the same period.

“The growth in value is driven both by higher prices in the Chinese market and a clear shift towards raw-frozen consumer prawns for the sashimi segment. Demand for this type of raw prawn is currently very strong, with a significantly higher willingness to pay than in other segments”, says the Norwegian Seafood Council’s representative in China, Sigmund Bjørgo.

So far this year, prawn exports to China have increased by 43 per cent in volume and 87 per cent in value. At the same time, peeled shrimp still account for the largest share of total export value, whilst the share of raw-frozen consumer shrimp has risen sharply at the expense of raw-frozen industrial prawn.

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