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Norwegian seafood exports hit milestone

This is the best ever export month for Norwegian seafood.

Norwegian seafood exports had their best-ever month in October, with the country exporting 251,000 metric tons of seafood worth NOK 9.9 billion (€1 billion/$1.2 billion), according to the latest figures from the Norwegian Seafood Council (NSC),

Compared with October 2017, volume was down by 12 percent, but the export value increased by 10 percent or NOK 884 million (€92.8 million/$105.7 million).

So far this year, Norway has exported 2.2 million metric tons of seafood with a total value of NOK 80.7 billion (€8.5 billion/$9.6 billion). Export volumes increased by 6 percent, and export value increased by 4 percent or NOK 3.2 billion (€335.8 million/$382.5 million) compared to the same period last year.

"This is the best ever export month for Norwegian seafood," said Renate Larsen, CEO of the NSC. "An export value of nearly 10 billion is a fantastic milestone, and clearly shows how important Norwegian seafood industry is, both globally and nationally,"

This export value is NOK 600 million (€63 million/$71.7 million) -- more than 6 percent -- above the previous value record, which was reached in October 2016.

"At the same time, October 2018 is also historic for the salmon. It has never been recorded higher values or volumes in a single month. We have also seen a positive trend for clipfish and saltfish for a long time, which is very pleasing," she said.

All time high for Norwegian salmon exports

During the month, Norway exported 104,000 metric tons of salmon with a value of NOK 6.5 billion (€682 million/$777 million).

This is a volume increase of 8 percent and a value increase of 15 percent or NOK 827 million (€86.8 million/$98.9 million) compared with October 2017.

So far this year, Norway has exported 862,000 metric tons of salmon worth NOK 55.8 billion (€5.9 billion/$6.7 billion). This is a volume increase of 7 percent, and a value increase of 5 percent or NOK 2.5 billion (€262.3 million/$298.9 million) compared with the same period in 2017.

The average price for whole fresh salmon in October was NOK 58.39 (€6.10/$7) per kg against NOK 54.50 (€5.70/$6.50) per kg in October 2017.

Poland and France were the largest salmon markets in October.

"October has beaten all records and there are several reasons for this," said Paul T. Aandahl, seafood analyst at NSC.

"We saw a slightly weak September, but exports have risen sharply in October. Poland and the Netherlands, both of which are primarily forwarding nations, had a volume growth of 43 and 29 percent respectively.

"This gives an indication of a positive consumer trend in other markets, such as Germany. The price increases and volume growth indicate that we are seeing a real growth in demand for Norwegian salmon."

Cod exports plunge but prices stay strong

Norway exported 1,600 metric tons of fresh cod, including fillets, worth NOK 73 million (€7.7 million/$8.7 million) in October.

This is a volume decline of 26 percent and a decline in export value of 20 percent or NOK 18 million (€1.9 million/$2.2 million) compared with October last year.

Denmark and Sweden were the largest markets for fresh cod in October.

So far this year, Norway has exported 59,000 metric tons of fresh cod, including fillets, with an export value of NOK 2.1 billion (€220.3 million/$251 million).

Cod has seen a volume decline of 5 percent but a value increase of 2 percent or NOK 49 million (€5.1 million/$5.9 million) compared to the same period in 2017.

"Exports of fresh cod have been reduced so far this year, but the reduction has been significantly less than the quota reduction," said Ingrid Kristine Pettersen, seafood analyst at NSC.

"At the same time, we are seeing that the export of frozen whole cod is the category that has seen the largest volume contraction. Both categories have had significant price rises," she said.

Norway exported 5,600 metric tons of frozen cod, including fillets, worth NOK 232 million (€24.3 million/$27.7 million) in October.

Export volume fell by 34 percent while export value fell by 10 percent or NOK 25 million (€2.6 million/$3 million) compared with October last year.

China and the UK were the largest markets for frozen cod in October. So far this year, Norway has exported 57 000 metric tons of frozen cod, including fillets, to a total value of NOK 2.1 billion (€220.3 million/$251 million).

There has been a volume decline of 15 percent and a decline in export value of 2 percent or NOK 46 million (€4.8 million/$5.5 million) compared to the same period last year.

Growth trend for clipfish, and a strong month for salted fish

Norway exported 10,400 metric tons of whole clipfish worth some NOK 500 million (€52.5 million/$59.8 million) in October. This is a volume increase of 3 percent, and a value increase of NOK 25 million (€2.6 million/$3 million) or 5 percent from October 2017.

Portugal and Brazil were the largest markets for clipfish in October.

So far this year, Norway has exported 75,000 metric tons of clipfish worth NOK 3.5 billion (€367.2 million/$418.4 million). This is a volume increase of 3 percent and a value increase of 5 percent or NOK 157 million (€16.5 million/$18.8 million) from the same period in 2017.

Norway exported 2,000 metric tons of salted fish with a value of NOK 99 million (€10.4 million/$11.8 million) in October. This is a volume increase of 17 percent and a 21 percent increase in value, or NOK 17 million (€1.8 million/$2 million) compared to October last year. Portugal and Italy were the largest saltfish markets in October.

So far this year, Norway has exported 27,000 metric tons of salted fish totalling NOK 1.3 billion (€136.4 million/$155.4 million). This is a volume increase of 6 percent, and a value increase of 18 percent or NOK 197 million (€20.7 million/$23.5 million) from the same period in 2017.

"So far this year, the price increases in both clipfish and salted codfish has been formidable, with price growth of 13 percent and 12 percent respectively," said Ingrid Kristine Pettersen.

The high volumes of saithe are the reason why the clipfish category has seen volume growth.

In addition, the volumes of saltfish have been higher than last year, and especially now in October.

"In sum, we are seeing a value increase in the conventional category. Portugal is the largest market here, and the Portuguese are almost “obsessed with” the Norwegian clipfish. This market appears to withstand price growth better than other markets," said Pettersen.

Herring exports increase by 7 percent

Norway exported 16 600 metric tons of herring to a value of NOK 183 million (€19.2 million/$21.9 million) in October.

This is a decline in volume of 6 percent but an increase in value of 7 percent or NOK 12 million (€1.3 million/$1.4 million) compared with October 2017.

Poland and Lithuania were the largest markets for herring in October.

So far this year, Norway has exported 216,000 metric tons of herring worth NOK 1.9 billion (€199.4 million/$227.1 million). This is a volume increase of 10 percent, and a decline of 5 percent or NOK 93 million (€9.8 million/$11.1 million) compared to the same period last year.

Norway exported 68,000 metric tons of mackerel with a value of NOK 1.1 billion (€115.4 million/$131.5 million) in October. This is a volume decline of 35 percent and a value reduction of 12 percent or NOK 148 million (€15.5 million/$17.7 million) compared to October 2017.

In October, Japan and China were the largest export markets for mackerel. So far this year, Norway has exported 162,000 metric tons of mackerel worth NOK 2.4 billion (€251.8 million/$286.9 million). This is a volume decline of 33 percent, and a decline in export value of 21 percent or NOK 611 million (€64.1 million/$73 million), compared to the same period last year.

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