Norwegian seafood exports in January 2026 decreased by 3%, reaching 14.8 billion NOK.
Norway's seafood exports in the first month of 2026 reached NOK 14.8 billion, a decrease of NOK 416 million due to lower salmon prices and a weaker US dollar.
In January 2026, Norway's seafood exports reached NOK 14.8 billion, a decrease of NOK 416 million (equivalent to 3%) compared to the same period in 2025. According to the Norwegian Seafood Council, this decline was mainly due to falling salmon prices, a weakening US dollar, and cuts in fishing quotas for certain wild fish species.
Challenges in the US market and the rise of China
Christian Chramer, CEO of the Norwegian Seafood Council, said that intense competition and difficult trade conditions in the US have significantly impacted overall results. In January 2026, the value of exports to the US fell sharply by 37%, causing the country to lose its leading position and be overtaken by Poland, the Netherlands, and China.
Conversely, the Chinese market recorded a historic milestone when the value of salmon exports exceeded 1 billion NOK in a single month for the first time. Strong demand from that country, especially during the Lunar New Year, helped partially offset the decline from the US market.
Developments in key markets
Exports to Europe increased their share from 62% to 66% of total export value. Poland consolidated its position as the largest market with impressive growth thanks to both increased processing demand and domestic consumption.
| Market | Value (billion NOK) | Variation (%) |
|---|---|---|
| Poland | 1.9 | +55% |
| China | 1,2 | +8% |
| Netherlands | 0.943 | +8% |
| USA | 0.937 | -37% |
| France | 0.913 | +1% |
Notably, the strengthening of the Norwegian krone against the USD and several Asian currencies has directly reduced the value of exports in exchange rates, making Norwegian seafood more expensive in markets such as the US and Japan.
Analysis by key product groups
Salmon and trout
Norway exported 112,092 tonnes of salmon in January 2026, valued at NOK 10.4 billion. While the volume decreased by 20%, the value only declined slightly by 1%. However, market access was weakened as the proportion of processed salmon decreased from 26% to 20%, affected by the 15% tariff in some competitive markets.
For salmon fillets, export volume reached 5,942 tons with a value of 560 million NOK, a decrease of 18% in value compared to the same period last year.
Fresh and frozen cod
The fresh cod segment saw a surge in value, reaching 316 million NOK (a 20% increase). Notably, high-quality labeled cod increased by 25%, setting a new price record at 113 NOK/kg. Spain was the largest market for high-quality cod, experiencing a threefold increase in growth.
Conversely, exports of frozen cod decreased by 7% in value. However, Vietnam emerged as a bright spot with a 235% increase in export value compared to last year. Currently, Vietnam plays a crucial role as an important processing and re-exporting center for cod fillets to the US and UK.
Dried fish and salted fish
The salted fish segment saw a dramatic 119% increase in value, reaching NOK 144 million, driven by the Portuguese market. Meanwhile, dried fish reached a value of NOK 649 million (an 18% increase), despite a 15% decrease in volume. The strongest growth was concentrated in the dried cod segment in traditional markets such as Brazil and Portugal.
