Norway:  Europe drops behind US as the leading market for Norwegian seafood

by Eurofish
fresh salmon fillets on the counter

Salmon is the second most consumed seafood species after shrimp in the US. According to NOAA, annual per capita consumption of salmon in 2020 reached 2.83 pounds (1.28 kilos).

A large jump in US salmon imports has caused Europe to fall to 2nd place as a market for Norwegian seafood exports. Data for January 2023 from the Norwegian Seafood Council (NSC) indicates exports of all seafood from Norway to the US jumped by 41% over the same month a year earlier, to NOK 1.15 billion (EUR 103.6 billion). Most of this increase in export value consisted of salmon. The growth in export value to the US appears attributable to currency exchange rates, among other causes. Both the US dollar and the euro have risen against the Norwegian krone in the last year, and the impact of the rising value of these currencies is demonstrated by the fact that the quantities of Norwegian exports to the US and EU have actually fallen in recent months. The dollar rose against the Norwegian krone in 2022, with the latter recovering only slightly in December; the euro/krone exchange rate followed a similar path. The decline in the krone helps offset generally rising seafood prices in many markets abroad, making Norwegian product more affordable to American and European customers that use either the dollar or euro, or currencies linked to them.

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Yet another cause of high Norwegian exports to the US is reduced US supply from other sources, namely Chile and Canada. Combined with growing post-pandemic US consumption of restaurant seafood, the resulting demand-supply gap in the US market has been readily accommodated by Norway.

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