Norway exported NOK 12.5 billion of seafood in August 2022, representing an all-time high monthly record, according to data released by the Norwegian Seafood Council (NSC) in mid-September. This export figure surpassed the previous record for July 2022 by NOK 0.9 billion (+7.8%) month-on-month (m-o-m), while also increasing more substantially by NOK 2.9 billion (+30.2%) year-on-year (y-o-y). The growth was driven by historically high prices, reflective of persistent inflation across global commodities’ supply chains.
Despite the global cost-of-living crisis weighing on consumer spending power, the NSC notes robust demand for Norwegian seafood during August 2022. Compared to the same period of 2021, at-home consumption is falling, in contrast to rising demand at restaurants, hotels and other foodservices vendors. This is consistent with more people travelling, taking holidays, and eating outside of the home.
Salmon was the main driver for Norwegian seafood exports in August. At 120,700 tonnes, Norwegian salmon exports increased by 7,896 tonnes (+7.1%) y-o-y in August 2022. Export value increased by NOK 2.3 billion (+34.2%) during this time, driven by strong shipments to the European processing hubs of the Netherlands, Poland and Denmark. Despite retreating by NOK 47.16/kg (-41.8%) from the record highs of April 2022, the weighted average price of Norwegian salmon (3-6kg) in August 2022 remained NOK 10.75/kg higher (+19.6%) y-o-y.