Norwegian seafood exports in February 2026 fell to NOK 13.8 billion due to exchange rate pressure.
Norway's seafood exports fell by 2% in February 2026, marking the second consecutive month of decline as demand from the US weakened and the local currency strengthened.
According to the latest figures from the Norwegian Seafood Association (NSC), the country's seafood exports in February 2026 reached NOK 13.8 billion (equivalent to USD 1.43 billion or EUR 1.23 billion). This figure represents a decrease of NOK 262 million (approximately 2%) compared to the same period in 2025, marking the second consecutive month of decline since the beginning of the year.
In the first two months of 2026, Norway's total seafood exports reached NOK 28.5 billion (USD 2.956 billion), a decrease of NOK 777 million compared to the same period last year. This decline reflects the major challenges facing the Nordic seafood industry, from exchange rate fluctuations to cuts in fishing quotas.
Pressure from quotas and a strong domestic currency.
Christian Chramer, CEO of NSC, stated that the main reason for the sharp decline in the supply of shellfish and wild-caught fish due to quota cuts is the sharp drop in supply. In addition, global instability and trade barriers are driving up product prices, but this increase is not enough to offset the shortfall in production.
Notably, the volume of fresh wild-caught cod exports in February fell to its lowest level since 2009. Similarly, mackerel exports also decreased by more than half compared to last year. The strengthening of the Norwegian krone against major currencies also reduced the competitiveness of Norwegian goods in the international market.
The reversal of positions between the US and Chinese markets.
The US market, a crucial destination, has seen a record decline. In February 2026, Norway exported only 1 billion NOK worth of seafood to the US, a 36% decrease (equivalent to 568 million NOK) compared to the same period in 2025. Key products such as fresh salmon fillets, king crab, and snow crab all recorded significant drops.
Conversely, China is emerging as a new growth engine. Exports to this populous nation increased by 54%, reaching a growth of 430 million NOK. This surge was partly driven by demand for salmon during the Lunar New Year, with export volumes reaching 11,512 tons, a 126% increase.
Details of price fluctuations by product category.
| Item | Weight (Tons) | Mass fluctuations | Value (Million NOK) | Value fluctuations |
|---|---|---|---|---|
| Salmon | 97,463 | +10% | 9,400 | +5% |
| Trout | 4,557 | -23% | 446 | -21% |
| Fresh cod | 4,006 | -15% | 392 | Stable |
| Frozen cod | 1,690 | -66% | 176 | -57% |
| Mackerel | 8,311 | -56% | 423 | -31% |
| Herring | 44,475 | +67% | 703 | +40% |
Despite a decline in overall export value, salmon remains a cornerstone, reaching 9.4 billion NOK. However, declines in other segments such as cod and mackerel are putting pressure on the entire industry. In particular, the farmed cod segment now accounts for 29% of the value of fresh cod exports, while wild cod is becoming increasingly scarce due to low quotas.
Short-term prospects and challenges
Forecasts for 2026 indicate that competition for raw materials will intensify as companies strive to maintain production amid continued quota tightening. The shift in supply chains away from China, the primary center for cod fillet processing, to other countries such as Vietnam is also creating significant changes in the structure of the global seafood trade.
A rare bright spot came from herring, with a 40% increase in value. In the first two months of the year, Norway caught 170,000 tons of herring, a 64% increase compared to the same period last year, helping to alleviate some of the growth pressure on the country's fisheries sector.