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Q1 2022 Norway's prawn exports under pressure from weak European sales

April 12, 2022

1 mins read

Norway exported 797 tonnes of prawns in March 2022 worth NOK 65 million (EUR 6.7 million), according to data released by the Norwegian Seafood Council (NSC). This marked a volume decline of 358 tonnes (-31%) y-o-y, while the aggregate export value fell substantially by NOK 22 million (-25%) over the same period, or by EUR 1.9 million (-23%).

The volume of frozen peeled prawns shipments to Europe fell by almost 60% y-o-y in March 2022, which was partially offset by firm y-o-y sales during Jan-Feb ’22. Consequently, total Norwegian prawn exports fell by 87 tonnes (-3%) y-o-y in Q1 2022 to 2,800 tonnes. At NOK 207 million (EUR 21.3 million), the Q1 2022 export value contracted by NOK 11 million (-5%) y-o-y, or by EUR 454,000 (-2%) over this period.

Despite comparatively weak sales to the EU during Q1 2022, Norway recorded strong growth in value added prawn exports to the UK during the same quarter, increasing volumes of frozen, peeled prawns to the latter by 42% y-o-y. The value of these exports increased by 63% y-o-y, attributed to higher costs of production and delivery. Europe remains overwhelmingly the major market for Norwegian prawns, accounting for around 70% of exports in 2021. Iceland, Sweden and the UK are projected to drive intra-European coldwater prawn demand during the current calendar year.

Topics: Fish & Seafood
Ibi Idoniboye
Ibi Idoniboye

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