Norwegian seafood exports faced another challenging month in May 2026, recording a 1% year-on-year decline in total value to NOK 13.4 billion. This result marks the fourth time in 2026 that the industry has seen a monthly decrease in export value compared to the previous year.
Market Challenges and Currency Pressure
The industry’s struggle to maintain value is attributed to a combination of lower export volumes for key species and a significantly stronger Norwegian krone against major currencies like the U.S. dollar and the euro. When the krone strengthens, export prices appear lower in Norwegian currency terms, weighing on overall returns.
Christian Chramer, CEO of the Norwegian Seafood Council, noted that the industry is navigating a “turbulent geopolitical backdrop,” alongside trade barriers and reduced availability of raw materials. Additionally, the ongoing conflict in the Middle East continues to disrupt trade logistics, leading to a drop in salmon and trout volumes of more than 20% to major markets in that region.
The U.S. Market Decline
The United States remains the most troubled market for Norwegian seafood. In May 2026, exports to the U.S. fell by NOK 363 million, a 27% decline compared to May 2025, bringing the total value to NOK 992 million.
- Year-to-Date Impact: During the first five months of 2026, export value to the U.S. dropped by NOK 2.4 billion compared to the same period in 2025.
- Primary Causes: The decline is largely driven by a reduction in fresh and frozen salmon fillet exports, fueled by market access uncertainties, the introduction of tariffs, and a weaker U.S. dollar.
Wild-Caught Species and Volume Issues
Seafood exports this year have also been significantly impacted by quota reductions for wild-caught species. Landing volumes for several key species were notably low in May; for instance, cod landings were the lowest recorded for a May month this millennium.
Despite these broader challenges, certain markets—particularly Poland and China—have shown growth. Poland saw a strong increase in salmon export value, while demand for seafood for raw consumption remains robust in China.
