Norway holds a significant position in the global seafood market, especially in aquaculture products. In 2023, aquaculture seafood accounted for 75% of Norway's total seafood export value and 46% of the total export volume. This equates to 1.3 million tons of aquaculture seafood being exported, valued at 128.7 billion Norwegian kroner (approximately 12.5 billion USD). While the export volume of aquaculture seafood decreased by 1.1% compared to the previous year, its export value increased by 17.6 billion Norwegian kroner, representing a 16% growth.

This growth trend can be partly attributed to the depreciation of the Norwegian krone, which made seafood exports more robust when calculated in Norwegian kroner. However, despite a slight decline in export volume, Norway's seafood exports continue to show strong growth, especially in the high-value cod products.

Cod: Norway's "Star" Seafood Export

Norway's cod exports have performed exceptionally well in 2023, particularly in the categories of fresh cod, frozen cod, and cod fish products. In 2023, Norway exported 49,000 tons of fresh cod, with a total export value of 2.8 billion Norwegian kroner. Although the export volume fell by 10%, the export value still saw a 4% increase compared to the previous year. Denmark, the Netherlands, and Spain are the largest markets for fresh cod.

Notably, the export of farmed fresh cod in 2023 saw significant growth, with a volume of 8,700 tons and an export value of 463 million Norwegian kroner, accounting for 16% of the total fresh cod export value. In contrast, the export of wild-caught fresh cod saw a decline, with a 20% drop in volume and a 6% decrease in export value to 2.4 billion Norwegian kroner.

Frozen Cod and Dried Cod Products Trends

In 2023, the demand for frozen cod was relatively weaker, with Norway exporting 62,300 tons, valued at 3.5 billion Norwegian kroner. Compared to 2022, both the export volume and value dropped by 23% and 16%, respectively. Nevertheless, the UK, China, and Poland remain the largest markets for frozen cod.

On the other hand, cod fish products (dried cod) reached a record export value in 2023, with 84,500 tons exported, valued at 6 billion Norwegian kroner. Despite a 1% decline in export volume, the export value still grew by 9%. The main markets for dried cod were Portugal, Brazil, and the Dominican Republic. The export value of dried cod exceeded the previous record by 480 million Norwegian kroner.

Meanwhile, the export of cod fillets saw a slight increase in export value, reaching 3.3 billion Norwegian kroner, despite an 8% decline in volume.

Major Export Countries for Norwegian Cod

In 2023, Denmark remained the largest market for Norwegian cod, although the Netherlands experienced the most significant growth, making it the key market for cod exports. The Netherlands is also an important transit country, where much of the cod is processed before being re-exported to other markets. Spain saw a decline in its import of wild cod, with fresh wild cod exports to Spain decreasing by 17%.

Brazil, as an emerging market, showed significant growth in 2023, with cod exports increasing by 28%, reaching 19,136 tons. The quantity and value of cod, dried cod, green mussels, and other cod products all saw increases, with cod being the most notable growth segment. Seafood analyst Eivind Hestvik Brækkan noted that Brazil performed particularly well in terms of cod exports.

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Conclusion

In 2023, Norway's seafood exports, particularly aquaculture products and cod, continued to perform strongly. Despite fluctuations in global trade conditions, Norway's diversified product portfolio and targeted market positioning allowed it to achieve remarkable results in cod exports. By leveraging platforms like Tendata, companies can gain a deeper understanding of market demands, optimize customer development strategies, and successfully expand in international markets.