Norwegian seafood exports hit a new high in 2024, with China becoming the fastest growing market

In 2024, Norway's seafood exports hit a record high of 2.8 million tons, generating revenue of NOK 175.4 billion, marking a 2% increase from the previous year. Despite the record growth, the increase was not as significant as in previous years due to challenges such as reduced Atlantic cod quotas and issues in salmon production. The fastest-growing markets were China, South Korea, and the United Kingdom, with growth rates of 10%, 14%, and 7% respectively. Norway's salmon exports, which contributed NOK 122.9 billion, saw a 1% increase from the previous year, but faced challenges such as rising sea temperatures, increased production costs, and a decrease in king crab exports. However, the market performed well in December, with a 13% increase in exports. Rainbow trout exports also saw a significant increase of 32% to NOK 6.8 billion.

According to the latest data from the Norwegian Seafood Council (NSC), Norway's seafood exports in 2024 have once again set a new record, with annual exports reaching 2.8 million tons, generating revenue of NOK 175.4 billion, up 2% from 2023. Compared with the growth in previous years, the growth rate in 2024 is relatively mild, mainly characterized by the reduction of Atlantic cod quotas, challenges in salmon production, and a decline in exports in the first half of the year, which rebounded sharply in the second half of the year. In the fourth quarter, Norway exported seafood worth NOK 50.8 billion, a year-on-year increase of 6.7%. In absolute terms, the fastest-growing markets in 2024 were China, South Korea and the United Kingdom, with growth rates of 10%, 14% and 7% respectively. Last year, China and the United Kingdom were Norway's sixth and seventh largest trading partners, respectively. Poland remained the largest market, but exports fell by 3%. In 2024, Norway's salmon ...