Russia’s invasion of Ukraine affects the flow of Norwegian Seafood to Asia

Although Norway exported seafood worth NOK 11.3 billion in February which is an increase of NOK 2.6 billion compared with February last year, Russia’s invasion of Ukraine will affect the flow of Norwegian Seafood to Asia.

While reporting on the robust growth for Norwegian seafood exports in February, CEO Renate Larsen of the Norwegian Seafood Council says that “this is the highest value of Norwegian seafood exports ever registered in February. However, the war in Ukraine overshadows this. The dramatic situation affects us first and foremost strongly on the human level, but also affects the flow of seafood”

Russia’s invasion of Ukraine “entails several logistical challenges. Many airlines have, among other things, been banned from flying over Russia in recent times. This affects the flow of goods to Asia, especially for fresh and live products,” Renate Larsen says.

February was still a record month for Norwegian seafood exports however and as in January, there was also a shift in exports from Europe to Asia in February.

“Salmon remains the export engine, but February was also a good month for cod, trout, snow crab, and several smaller species. Asia takes an increasing share of seafood from Norway. In some of the countries there, the salmon price has increased significantly compared to February last year”, Renate Larsen says.

Amongst other things, the Norwegian Seafood council also notes that Thailand was amongst the three largest markets for Norwegian trout in February. China was amongst the three largest markets for Norwegian frozen cod and Norwegian mackerel which also saw good demand in Asia.

Jan Eirik Johnsen, Manager for Pelagic Species with the Norwegian Seafood Council says, “At the same time, the demand for Norwegian mackerel is good, especially in the Asian markets. They caught 75 percent of the exported mackerel from Norway in February. Tight supply and good demand have raised prices. The average price of all exported mackerel ended in February at NOK 19.50 per kg. This is the highest export price in a single month for mackerel.”

Read the full article with more on Norwegian Seafood export in February here

 

About Gregers Møller

Editor-in-Chief • ScandAsia Publishing Co., Ltd. • Bangkok, Thailand

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